Many people have an empty flat that’s just collecting dust without realising the benefits of renting it. Here’s why it’s an excellent idea to rent it out and all of the different advantages: from increased cash flow to potential new experiences.
Renting your flat can be a great way to generate a source of income, meaning it could be an unexplored gold mine. Let’s say you have a property that can accommodate two people. You can choose to profit on only one tenant or have two tenants and maximise your earnings. You can also start by setting the cost of your rent through research regarding what similar properties are going for in your neighbourhood.
Why is this important? Potential tenants will be scouting around for the best deal they can find for the duration of their stay, and if you’re aware of this you can easily get ahead and make your place a top contender. Doing things like revamping the interior, adding new furniture, painting a wall to give it a fresh look or improving the overall design are easy ways to make your property more appealing to students and will add value without significant financial cost. Not only will this allow you to charge more for rent, it will also increase the value of the property with minor upgrades.
Plus, keeping the flat more habitable translates into less maintenance care than an empty apartment, so problems such as humidity are less likely to occur. In other words, ways to acquire profit are everywhere, so if you make sure your tenants have a great place to stay, this will make you the perfect host and just like wildfire, the word will quickly spread out. A win-win situation.
If you’re sharing your apartment this is a chance for you to be introduced to new opportunities, exposing yourself to different cultures, ideas and experiences that you might have never heard of. Consider what you didn’t know about a certain place you always wanted to visit until you read about your desired destination in an incredible magazine piece. Now imagine that the piece in question is in fact, a person.
By meeting new people you expose yourself not only to new knowledge and diverse backgrounds but to several talking and walking articles of life right inside your own home. Additionally, you provide the possibility for someone to experience these life changing moments themselves. All of this can benefit you in profound ways, from an unexpected friendship to new horizons or the push you needed to take that trip you always wanted.
At the end of the day, renting your apartment can benefit you financially and more importantly, personally. Opening a gateway of a source of steady income, new experiences and new people.