Whether you’re moving, going on an extended vacation, or purchased or inherited a second home, you can rent it out to make a profit while the property is empty. With high rent, and a very high demand for property of all sizes, it’s easy to rent out property in the Kirkland area, especially if you have a large family sized home capable of supporting job seekers at large tech companies.

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If you’re deciding to rent out your property, there are a few ways to go, and each has its own pros and cons.

Rent to Own – If you want to sell the property but don’t need a large upfront sum, then rent to own is popular. The cons are that you’ll be dealing with the tenant for a long time, and if they decide to break the contract or move, you get to keep the house. The pros are that you’ll be able to get more for the house then you would if you wanted everything upfront, you’ll have a monthly income, and you usually pay a bit less in taxes then for an upfront sale. 

Vacation Rental – Setting your home up as a vacation rental is a great way to profit during certain times of the year. Because you can charge a large portion of monthly rent for a week’s use during a vacation period, you can make as much as 3 months normal rent in a single month, during vacation periods. However, vacation renters are less likely to take care of the property, require more effort, and may be loud or unruly. You’ll also need vacation worth property, in an attractive area, near a tourist attraction, or advertise it in the right places. Seattle is a popular vacation destination, so it’s a great option if you have the time.

Subletting – Very short term renting, to people looking for permanent homes or other solutions can be the way to go. The pros are that you get more money per month, the cons are that you get a lot more hassle.

Lease – A lease can be long or short term, but a traditional long term lease is at least 6-18 months, and requires a contract binding the tenant to pay for that period, or lose their deposit. You’re obligated to handle maintenance, repairs, and other building issues for a lease, but you do get a guarantee of long-term income.

Use a Kirkland Property Manager – If you’re not going to be in the area, have a job, or other responsibilities, then a Kirkland property management company may be the best way to go. Hiring a property manager turns investment property and home rentals into passive income, because you don’t have to do anything. A good property manager will handle marketing, tenant screening, rental contracts, collecting rent, maintenance, repair, and tenant relations, so all you have to do is wait for your monthly check.

Renting your property is a great option if you won’t be using it, but it’s important that you make the right decision based on your home, your needs, and how much time you have. 

Posted by: eirikolsen on November 18, 2015
Posted in: General