If you own property in Los Angeles that you’re not using, you could be sitting on a lucrative money-making opportunity. These options come with their own pros and cons, so it’s up to you to weigh in which one is the best option long-term that will make you the most money with the least effort.
Rent Out Your Property
Becoming a landlord can be a challenging task. But if you’re assertive, careful about screening the people you rent your property to, and understand the legal roles and responsibilities of a landlord, this could be the long-term investment for you.
There are several advantages to being a landlord. If your home is in a good location in California, its rental value can increase over time. Rather than selling your home, you can get steady monthly income indefinitely when your home is occupied.
But of course, this isn’t the choice for everyone with unused property. If you end up with an unruly tenant, you could be responsible for excessive repairs because of their carelessness. And should the worst happen, serving an eviction notice can be a time-consuming process. The alternative option is to have a property management company in Los Angeles to handle your property, but the cost of hiring a property manager will cut a significant chunk of your rental income.
List Your Property on Airbnb
Los Angeles is a hotspot for tourists. Now that things are slowly going back to normal, and tourist sites are reopening, expect an influx of travelers looking for short-term rentals – especially in popular vacation rental sites like Airbnb.
What’s great about Airbnb is that listing your property is free (though Airbnb charges your guests a fee) and you can set your own price and rules. You get to pick which days you’re willing to rent out your property, and you even have the option to screen which guests get to rent your property.
Listing your property on the site, however, comes with its cons. Your property may be vulnerable to damage or theft by your Airbnb guests. Homeowner’s insurance can remedy this, but this may mean a larger premium should you decide to become a host. Also, check with your homeowner’s association if short-term rentals are allowed in your neighborhood, as this can pose a security risk to the area.
Sell Your Home on the Real Estate Market
If being a landlord or Airbnb host sounds like a lot of effort for additional income, your next best option is to just liquidate your property. In the Los Angeles real estate market, this means sprucing up your home, hiring a real estate agent, opening the property to potential buyers to view the home, and then dealing with the closing costs and process of selling a home.
The biggest advantage to selling your home is that you don’t have the long-term responsibilities of a landlord and can transfer the whole property to the buyer. However, the real estate market can get pretty competitive, so there’s no telling if you can sell your property within a few months. You’ll also have to spend money or deduct from the net income of selling your property to pay for renovations, agent’s commission fee, closing costs, and the other hidden costs of selling a house.
Sell to a Professional Home Buyer
If you want to sell your house fast and with minimal hassle, your best option is to skip the listings and sell your home to a professional home buyer. Professional home buyers in California buy houses for cash, meaning you don’t have to wait for a loan to process to close a deal.
Unlike selling the traditional way, you don’t have to pay real estate agent commissions, renovations and repairs, and the other costs of selling a house. Professional home buyers buy a house as-is, handle all the closing costs, and give you a fair price for your home.
This is the best solution for those looking to sell their home with minimal effort or expense on their part. It’s also a fast solution to gain income, rather than renting and waiting years for your income to breakeven the cost of the home.
So, if you have unoccupied property in Los Angeles, these are four of your options to turn your home into a profitable opportunity. For the fastest, hassle-free option of selling your home as-is, contact In House Offer today.
