Snap images of the townhouse kitchen, baths and any patios. Don't forget the complex amenities, including any gyms, swimming pools and hot tubs. Make notes for an advertisement for your townhouse and research potential places to post your rental information. Make a list of any window coverings and your personal furnishings that will stay for the renters. Research local real estate agents with special rental certifications and professional property management organizations to make the decision to do the marketing and leasing yourself or hire outside professionals to do the work to rent your townhouse.
Lee Grayson has worked as a freelance writer since Mortgage Insurance. By Lee Grayson. Step 1 Read your townhouse association regulations to determine if the group allows you to rent out your unit, and give your city hall a call to make sure your area doesn't have any restrictions on renting your townhouse. Plan the changes with renters in mind. Avoid making costly changes incorporating features easily damaged by renters, including selecting light-colored replacement carpeting for the unit.
While a real estate investor might choose a townhouse for sale and factor in the fixed HOA fees, these fees are subject to change. If an HOA needs extra money for special assessments or is running low on cash reserves for repairs, it can decide to increase the fee. A real estate investor has to keep this in mind for future expenses on the investment property. Many real estate investors turn to detached single family homes over townhomes for rent because of the appreciation.
This is because it is generally the land that single family homes sit on that appreciates. As they have more land than a townhouse for sale, single family homes appreciate more. If you plan on buying and holding your investment property for appreciation, townhomes for rent are not the way to go. It will just appreciate much more slowly than a single family home. Tip: Focus on positive cash flow and a good return on investment rather than appreciation.
Mashvisor can provide you with this information to help you choose the best townhouse for sale. Townhomes for rent can make for a great real estate investment opportunity , and real estate investors have a choice of different townhomes for rent in some of the best real estate markets. In fact, row houses make up about 5. Tenants of row houses typically fall into two categories: young couples looking for a starter home or older couples looking to downsize.
Keep these in mind as you look for a great townhouse complex. Tip: Because townhomes for rent attract older couples, look for a townhouse that has stairs that are convenient to climb, without too much trouble.
There are a few things unique to townhomes for rent that will make them more appealing to tenants. Make sure these floors are not creaky when walked on. Look for townhomes for rent with three bedrooms and extra rooms for living rooms for families. Focus on great interiors that have been upgraded and are modernized as most tenants looking to live close to urban centers prefer this. Make sure the row houses have natural lighting as tenants look for this when choosing townhouses over condos.
Real estate investors can spend less initially and still enjoy a passive income. You will have no short supply of tenants and no real issues with maintenance.
As long as you approach townhomes for rent sensibly, you can succeed with this type of investment property. Wondering where to find the best townhomes for rent? Visit Mashvisor today for real estate listings from across the nation. Sylvia was the Content Marketing Manager at Mashvisor. As a real estate writer, she has been covering topics for the beginner and advanced real estate investor, helping them make smarter decisions as well as real estate agents looking to take their business to the next level.
Rental Property Types. Not only that, but you can often find townhouse communities in both urban and suburban areas, allowing you more options of where, within a city, to live. With all its extra space and features, renting a townhouse can give you the feeling of living in a single-family house without the same price tag. The major difference between a townhouse and an apartment is its ownership.
An apartment is often only one unit within a building owned by a single entity. You may not ever interact with the actual owner , but rather go through a property management company. This centralized ownership can make it easier to get maintenance requests or any issues with neighbors handled fast.
Renting a townhouse usually means working directly with the owner. They most likely only own one unit within the community. It also means they won't have control over your neighbors should issues with noise or general behavior arise.
You're living just as close to your neighbors in a townhouse as in an apartment, but there's no buffer of a property manager to manage issues. While both apartments and townhouse communities may offer shared amenities like a clubhouse or a pool, they're often managed differently. In an apartment, access to these extras is part of your rent. The property manager will distribute rules for use. With a townhouse, access is dependent on paying HOA fees.
These fees get billed either monthly or annually, but often become the responsibility of the renter. There's a one in five chance of living in a home that's part of an HOA, whether you're in a townhouse or not, but once you pay into the HOA, you're required to adhere to their covenants.
These could feel much stricter than what you'd encounter in an apartment. Still, even with HOAs and having to deal directly with the property owner, living in a townhouse has its positives. Living in a townhouse offers you the flexibility of renting without having to compromise on space. Most townhouses offer three levels of living space, with bedrooms on top, the main living area in the middle and bonus space on the ground floor. While space might be the biggest benefit to living in a townhouse, there are other reasons that can convince you this type of home is right for you.
Townhouses usually offer more living space than traditional apartments. This is ideal if you're living with roommates or are getting ready to start a family with your spouse.
Your townhouse will still feel quite open and spacious even with extra people living with you. This is thanks to the multi-level floor plan in addition to a yard and multiple bedrooms. Renting a townhouse rather than a free-standing house means you get the feel of a larger home without all the work. You don't have a giant yard to maintain. No long hours mowing, weeding or trimming. Even better, most townhouse HOAs take care of all external maintenance for the entire community.
You get the perk of outdoor space, that's more than a cement balcony but less than a massive patch of grass.
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