Are you considering long term leasing for your property in Eagle, Colorado? Long term, when it comes to renting a home or property, is generally anything longer than 6 moths. The demand for space exceeds the availability in most ski towns in Colorado. Therefore, short term leasing is booming. However, it might surprise you to find that long term leasing is too. Before you make a commitment, there are some things to consider. Take a look at the pros and cons of long term leasing.
Pro: Stability and Security
This is the most obvious benefit of long term leasing. You have a tenant who signs a lease and commits to paying rent for a specified amount of time. The renter is looking for stability of location. Similarly, you’re looking for a renter that you can trust that will take care of your property over the duration of their lease. You have a guaranteed return on your investment that you can calculate ahead of time. You also won’t have to spend the time and money to find new tenants as often as you would with a short-term rental.
Con: You’re Stuck With Them
Although you can (and should) do some sort of tenant background, credit, and verification check, you never know who you will end up with. Someone who looks great on paper and who makes a good first impression could end up being a hoarder. Or they might burn so much incense that you can’t get the smell out once they leave. Or they could be a crazy cat collector or insanely demanding or constantly asking for excessive repairs. With long term leasing, you’re kind of stuck with them.
Pro: The Impact on Your Property
Long term tenants are more likely to take better care of your property than short term renters. They have a vested interest in making sure the home is clean and well taken care of. Most of the time, they want to have the opportunity to renew the lease when it comes due.
Con: The Impact on Your Property
Not all tenants are going to take great care of their residence. Some get lax or too comfortable and treat it too much like their own, and not in a good way. They could break things and leave them unfixed; they might be terrible housekeepers and leave the home with stains and dirt that is difficult or impossible to clean, or they could have pets that chew or dig or otherwise damage the home or property.
A Property Management Company Can Help with Long Term Leasing
Feeling like you still don’t know what the best choice is for you? There’s good news. You can put your property into the reliable hands of a property management company. They oversee the tenants, the rent, and the details of the lease. In addition, they can help to rectify any issues if they arise, as they arise. And best of all, they will help you vet the rental applicants so you can feel confident you have the right tenant in your home so that you will see way more pros than cons.
For everything you need when you’re considering long term leasing of your property in Eagle, Colorado, contact the experts at Fireside Properties by calling 970-476-4446.