Do you want to rent out your house? Long-term and short-term rentals are desirable areas of the Norfolk market to build a diversified real estate investment portfolio. While both styles can create wealth for your retirement, each is a separate niche that investors should consider carefully in terms of risk and income. In addition, the desirable features for short-term rentals can differ from long-term ones; it is beneficial to determine which sector you’re investing in first and seek out those amenities best suited to your goals when buying Norfolk property.
If you’ve been wondering whether or not you should rent out your house in Norfolk long-term or short-term, read on to learn more.
Long-term rental agreements have long been the standard for real estate investors, and the reasoning for this method of income includes:
While the profits on the property may be smaller in the long run, the payments are reliable when you rent out your house in Norfolk with a long-term lease; renewal is high, especially in family neighborhoods with good schools. In addition, long-term rentals tend to have more minor property damage occurrences because your tenants consider the house their home. As a bonus, other than routine maintenance or significant repairs, your long-term tenants handle maintenance issues, such as replacing light bulbs and lawn care.
Your tenants will pay the utilities, so how much water or electricity they use won’t fall on your shoulders. In addition, there’s less work involved; you won’t need to pay for professionals to clean the unit regularly if you rent out your house in Norfolk long-term. You’ll spend less on marketing expenses because there are fewer vacancies, fewer turnovers occur. You’ll also save money because you will not do much other than routine maintenance or significant repairs.
The short-term rental sector is growing steadily across the globe due to the demand brought on by recent societal changes. Where hotels and motels once served for business or travel for personal matters, such as an ill family member, visitors to Norfolk now turn to short-term rentals for more than vacations, preferring privacy and interactions with as few people as possible. Real estate investors find this method worth their while for the following reasons:
When you rent out your house in Norfolk for the long-term and get stuck with a less than perfect tenant once, you come to appreciate tenants who stay for short-term visits. If the worse should occur, it’s good to know more troublemakers will soon be out of your hair. When you rent for short terms, you’re also free to sell at any time, with no concerns about removing unacceptable tenants from the property.
When you rent out your house in Norfolk short-term, you can charge a higher nightly rate and set minimum stay requirements. Additionally, you can charge higher rates for special days like weekends or significant holidays and special events in Norfolk. You also save money on short-term rentals with lower maintenance costs; typically, turnovers require thorough cleaning and little else; there is less general wear and tear on flooring, fixtures, and appliances.
The pros at can help you determine which is right for you when you rent out your house in Norfolk.
can help you find just the investment you’re looking for; we have a steady inventory of rental properties available. Let walk you through the numbers and see for yourself which rental style meets your bottom line. Our experienced team at can help you rent out your house in Norfolk with as much of the management of your properties as you wish. Contact today at (757) 324-0443.