Reasons for Renting Out a Spare Floor
When someone inherits a property, they may not always know exactly what to do with it. Do you renovate it, live in it, close it up for future use or try to rent it out? In this article, we’ll show you a few good reasons to take advantage and cash in on renting out that spare floor.
It doesn’t matter whether your property is in a big city or a smaller spot, you can always make something comfortable out of an empty dwelling, that will be attractive to people looking for somewhere to live. Of course, you will probably need to make adjustments to make what you want to rent out appealing.
There are many options at your disposal to improve the rentability of an apartment or house. Some of these might be through a renovation, painting, or redecorating the rooms.
If you pay close attention to the details on a rental property, you’ll be able to reach the level of quality you want. The idea is to be able to put good tenants in your property. Keep reading to learn why you should consider renting out that spare floor.
Why rent out a spare floor?
When considering this question, you should take into account the fact that leaving a house empty is the same as abandoning it. If you’re committed to renting it out, on the other hand, it’s assumed that you’ll be keeping it occupied. And as a consequence, you’ll take greater care of the property.
If instead of renting your property you decided to close it up, what would that mean? You’d be doing yourself a disfavor. This is basically because you won’t be paying periodic attention to the property, and in the long run, this will cost you much more for a property you’re not even using.
Renting out is recommended above all so that the house will stay in good shape. A house that’s not used will be much more subject to leaky roofs, cracks in the walls, pest infestations, and general decay than a house that’s in use.
With that in mind, don’t you think it’s best to keep an eye on your property? Keep control over the condition the house is in.
Renting out a spare floor can be beneficial over time.
Economic benefits you would obtain
Renting out a spare floor is synonymous with benefits, principally at an economic level. The paybacks it can offer you can be quite good over time. Let’s examine 5 ways that renting out that spare floor can benefit you:
- When you rent out a dwelling, you can obtain extra income. This will also depend on who your target tenants will be, whether students, families, etc. It’s recommended to put a stable rental price on the floor for both tenant groups, although it may be convenient to reduce the price a little for students. You may also get tax benefits.
- Charges for power, water and rates will be covered by the money you will receive from renting out. Even if you leave a property empty, you will still need to pay rates and these expenses can add up significantly over time. However, renting out a spare floor means you can take advantage and cash in.
- You will also be able to pay for the maintenance of the dwelling with the rent you receive. Wear and tear of the furnishings you install as well as of the house itself can be covered when you rent to tenants long term.
- It’s always good to have a bit of extra cash. There are even people who eventually live solely on the money they earn from rental properties, whether residential or commercial. At the end of the day, it’s a good opportunity to improve your quality of life and secure a bit of extra monthly cash.
- These economic benefits can also help you with renovating and renewing the furnishings. This is one way of keeping the property up to date without having to invest your funds.
Reasons for renting out to a family
Typically, spare floors or apartments are rented out to university students. It’s one way to quickly and easily rent out a residential dwelling so that it’s not sitting empty. But you do have another option.
The alternative is renting out to a family. Sometimes it can be difficult to find the right family to put into your property instead of students. However, there are significant advantages.
The way that you advertise the rental property will have a direct bearing on the tenants you find. You could just put up a sign outside, but the internet is becoming the best way of finding good quality tenants on the lookout for a house. You’ll also be able to reach a greater number of people.
Families generally offer better odds of looking after the place and of protecting the dwelling. Typically, families are more stable and mature when looking after a rental, giving you greater peace of mind.
Renting out a spare floor to a stable family can be a great asset for property owners.
Renting out an empty spare floor
Knowing what to do with an empty property or floor can sometimes be a bit of a headache. Did you know that there’s another option on the cards?
You can always rent out just an unfurnished house, without any furniture included. It’s another way you can take advantage of a property without having the hassle of maintaining furnishings. However, keep in mind that it may also be a little harder to find good tenants.
When you do manage to rent the property out, it will be very satisfying, above all because you won’t have had to furnish the house. Of course, some families have to move around a lot and take all their belongings with them. You do have options for finding good tenants for an empty apartment as well.