For many months in a row, you have struggled to supplement your income the rapid, easy and perfectly legal way. You’ve worked overtime and spent many nights awake, thinking about new, ingenious business ideas that you could pursue to make more money. However, none of these approaches to getting rich have returned the desirable results, so now you are turning your attention to the most valuable asset that you could use to add a significant amount of money to your savings on a monthly basis: your California-based apartment.
Should You Rent Out Your Home to a Complete Stranger?
Since you already have a roof over your head, you can afford the luxury to rent out your property. In this context, the question that you need to answer is this: what kind of strategies should you employ to monetize your slice of real estate in the most effective way? After giving some thought to this matter, you realize that you would very much like to turn your apartment into an attractive short-term rental that could offer you the opportunity to interact with more people, establish fruitful tenant-landlord relationships, offset the costs associated with your property (such as mortgage payments and home improvement expenses) and maybe even set some money aside for a rainy day.
Nonetheless, your decision to do business with complete strangers may pose several risks. To begin with, how would you be able to handle potential complaints made by neighbors, deal with repair/improvement requests, collect rent and manage other responsibilities that experience landlords usually balance with ease? Moreover, what happens if your tenant destroys your property and refuses to cover the losses that he or she has caused? How could you evict a problematic tenant without breaking the law and exposing yourself to further complications?
These are just a few of the most important questions that you should answer before turning yourself into a so-called “accidental” landlord.
3 Key Aspects That You Should Analyze Very Carefully Before Deciding to Rent Out Your Apartment
To get the bigger picture here and make an informed decision in what your future as a potential lessor is concerned, keep reading to analyze the main aspects related to a stress-free apartment leasing experience.
- The Advantages of Turning Your Californian Property into a Cash Cow. Start by listing the main factors that could convince you to become a first-time landlord. More specifically, why would you be inclined to turn your Californian apartment into a short-term rental? Go beyond the obvious monetary advantages, and you’ll realize the fact that you could unlock a series of additional benefits by renting out your property, including flexibility, social connections and a special form of empowerment.
As a landlord who owns a superb piece of real estate in one of the most desirable tenant-friendly Californian cities, you can afford to be flexible when choosing the dates when you would like to rent out your accommodation option. For instance, you could try to find a tenant that could occupy your home while you’re on vacation. This way, you would manage to cover your utility costs, make some extra money and prevent security risks while you’re far away from home.
Furthermore, by meeting many people and allowing them to sleep on your couch or rent your apartment for a short while, you could expand your circle of friends and establish mutually beneficial relationships in the long run. Last but not least, Californian rentals always empower their landlords, by enabling them the opportunity to fulfill their dreams and satisfy a certain need. For example, a landlord could use the income generated by his or her apartment to prevent foreclosure, get out of debt or travel extensively, while another one could use the extra cash to make a down payment for a new house or a car.
- The Risks of Monetizing Your Apartment. After listing all these benefits, it is extremely important to acknowledge the risks associated with your decision to rent out your apartment to a bunch of strangers. We have already discussed the main potential threats; most of them revolve around theft, property damage and financial losses. The good news is that you can always keep risk factors in check by investing in a home insurance policy; also, it wouldn’t hurt to implement a few extra measures of precaution, especially since prevention is better than cure. For example, you could use the info provided by a great local apartment finding service to screen tenants the easy way. Apartment Hunterz lets you communicate with rental seekers in real time, while downloading and uploading forms to simplify the entire transaction. Make the most of this type of support to separate scammers and unreliable candidates with prospects with serious intentions, whom you could never perceive as a potential threat.
- The Simplest Ways to Convert Your Property into a Lovely Short-Term Rental. Now that you can evaluate both the risks and advantages of renting out your house or apartment in California, you are probably wondering: what’s the simplest, safest and most convenient way to find a great tenant for my short-term rental? In other words, how could you promote your home to reduce your costs and effort and maximize your satisfaction?
Here’s an idea worth exploring: instead of relying on traditional media and word-of-mouth to keep your estate in the public eye, make the most of the ever-growing popularity and influence of online channels to reach your target. Start by advertising your listings via Apartment Hunterz and use a great variety of tools especially designed for landlords to improve the visibility of your ad, get in touch with prospects, screen all candidates with ease and find the perfect tenant in only a few days. This type of service has revolutionized the way in which people rent out their properties in California, so if you’re striving to monetize one of your slices of real estate, give it a try to strike gold as a first-time landlord.