Whether you have a condo in Honolulu you use as a vacation home or you are ready to invest in a bigger property, you might be wondering whether or not renting out your condo is a good idea. Many homeowners shy away from the idea of renting out their home because they are nervous about things like property damage and hassles with renters, when the fact of the matter is, many issues can be avoided by careful renter selection.
Lani Properties Corp CPM, a real estate and property management company that has been in business for over 40 years, knows a thing or two about the tenant-landlord relationship and how profitable renting vacation homes and extra properties can be. Today, these experts explain three reasons you should lease your condo and why you won’t regret your decision.
3 Great Reasons to Lease Your Condo
1. Turn Your Vacant Home Into a Revenue Stream
Wouldn’t it be nice if your vacation home could start paying for itself? One of the best things about renting out your condo is rental rates are typically the same or more than your monthly mortgage, giving you the opportunity to generate extra income when you are away. Also, since you choose the length of the rental contracts, you can rent your place out as little or as often as you like.
2. Continue to Build Equity
Owning additional properties is a great way to bolster your financial portfolio, and renting allows you to continue to build equity in your home—even though you aren’t the one paying for it. When you lease your condo, you are essentially allowing someone else to pay down your mortgage while you attend to other things or take a vacation of your own.
3. Gives You Flexibility to Sell Later
Renting out your condo is also ideal when the real estate market is in a slump. If you meet with your broker and they tell you it isn’t a great time to sell, you can rent out your condo for as long as you need to in order to allow the market to recover. When prices are right, you can list your property to get top dollar for your investment.
Don’t miss out on the extra income and flexibility that come with leasing your additional properties. Lease your condo today to start living life to the fullest. With a complete dedication to their clients and a focus on streamlined tenant-landlord relationships, Lani Properties Corp CPM can help you with everything from drawing up contracts to finding your dream home. For more information about their services or current listings, visit them online or call (808)-521-0081.