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Real Estate as a Rental Property

There is a growing need for residential rental properties in Austin. While there are some high-density housing projects currently in development, some people are choosing to use their individually owned homes as rental properties. It may be a secondary property, where you are living in the primary property, or you may be moving out of the area and have no choice but to rent it until it sells. One thing to consider is the use of a furnished or unfurnished rental.

Furnished
Depending on your personal situation, the decision may be made for you. If you have moved into a new home and are unable to sell your old one, you may have taken all of your belongings with you. Some of the appliances may or may not have conveyed. If you are living overseas or in an already furnished dwelling, however, you might consider renting it as furnished. The rental value may be higher, but the wear and tear on furniture will also be higher. Tenants who are in college, are recently divorced or who are moving their belongings into a new home that isn’t ready yet may be interested in renting a furnished Austin home.

Unfurnished
There is an old saying, the more that is given, the more that is taken away. This sometimes holds true in renting a furnished home. The more items there are, the more opportunities there are for damage or loss to occur. If space is a problem, use a storage rental unit for your belongings until your home sells. An unfurnished rental makes more sense as an investment opportunity. It also makes more sense if you have nothing to furnish it with.

When using your Austin home as a rental property for a real estate investment or until you sell it, be sure to put everything in writing and make sure that both parties have copies. If your Austin home is for sale, be sure that the tenants are aware of your situation and set up some ground rules for when the house will be shown.

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