The tast of being a landlord is not simple but it’s rewards are very sweet. People prefer becoming landlords because it is a long-term form of investment which gives the investor passive incomes. You can consider renting the extra space that you don’t use on a long time net lease basis. Long term net lease properties are advantageous to the landlord because responsibilities such as paying for taxes,insurance and maintenance fee are left for tenants. Unlike other rental properties landlords in long -term net lease properties, will not have to deal with the stressful maintenance issues.
New home buyers have reduced today reason being the huge rising gap between the cost of housing and wage rise. The growth in demand for rental houses can be attributed to this factor. You would not get worried when you have an extra house that is not selling if you believe in that. The income you get from renting your extra space can be used to move to another house if you want to move to a house closer to your job. The short term lease would be best in such situation because you may consider selling the property later.
People prefer renting their houses when they plan to come back later. It would be easier to rent out house if your move is not permanent. A transfer to another city can take a short time after which you will come back. Selling the home and finding another one when you return would be more difficulty than finding a tenant for the home.It would be more easier to find a tenant for the home than selling it and finding another home when you return. It will also prevent you from selling the property at and capital gains.
You can also use the rented space as a wise way of saving for your retirement. Paying tax for the income got from the house can be avoided through the use of mortgage expenses and other maintenance costs. During retirement,you can sell the property and use the money to fund other projects. You can also keep the house if you have not finished paying your mortgage and continue collecting income from it when you retire. You can avoid the stress that most landlords experience if you rent your retirement income generator property on long term lease basis.
You can also consider renting out this extra space as a business building method. One can start by renting out the extra space they have and using the income to buy another property. By doing this for some time ,you can be owning a chain of properties giving you huge returns. Keeping a number of properties that can be easily serviced is a wise way of making sure that your properties business is profitable.