When you own more than one home, and find that it gets harder and harder to spend time at multiple locations and really enjoy each property to the fullest, you might start looking into your options. But if you’ve already broached the subject of renting one of your houses, then there are still decisions to be made. How do you decide whether or not your second residence should be a long-term or short-term rental?
No matter the circumstances, one of the most important considerations tends to be about the return you can anticipate by making your home a rental option. You’ve already decided to rent it out, but need to make a call as to what kind of time periods you want to offer your tenants for their residence. Is it worthwhile to open your home to someone for a longer lease, or is it better suited as a vacation stay? When you sign on with a trusted property management group, the experts can help you run a rental analysis based on market trends, local information, and the value of your home so that you can make an informed decision.
If you’ve never worked with tenants before, it can be a little daunting to think of someone else living, for the foreseeable future, in a house you bought. In that case, opting to list your home as a short-term rental may be a viable option to give the process a try and discover whether or not it works for you. You can talk more with an experienced property manager, but if the short-term arrangement is agreeable and you feel ready to take the plunge into long-term lease agreements, then it should be a fairly easy transition with the right kind of professional assistance.
If at any point you’re concerned about switching what type of rental agreement you have on the house, or if you’d like to take it off the rental market entirely, it’s best to consult with your property manager about possible adjustments you can make to better suit your needs. Perhaps you wish you had more freedom to visit your house when you want without disturbing a tenant, or have decided to downsize your assets. Either way, sit down with your management company representative and have a candid discussion of your expectations.
For your next step in real estate, whether that applies to renting, buying or selling your home in southeastern North Carolina, the expert team at Intracoastal Long-term Rentals can help direct you toward the best solution. Contact us today for a rental analysis and to get started!