Did you know that putting your home on the market is not the only option you have for what to do with your property once you’ve decided to move? In fact, selling your home is often not the best option depending on your situation. An executive rental often makes more sense and is a better source of income than selling your Poway home, especially if you are not depending on the sale of your home in order to finance the purchase of a new one. But what is an executive rental, exactly? We’re glad you asked.
An executive rental is a long or short term rental focused toward accommodating workers that need a place to stay away from their home that has a different set of amenities than a hotel. Things like a well-equipped kitchen, a bedroom with linens, and a furnished living space all make up the basic aspects of an executive rental that make it more attractive to shorter-term renters. In most cases, executive rentals will simply be referred to as corporate housing.
Many homeowners like this model because it supplies a steady stream of renters that can be trusted and will put a minimal impact on the home because they’re renting for work. Finding a steady stream of tenants is also fairly effortless because most corporate housing opportunities are connected through a company or a rental service. You, as the homeowner, will have to do very little work in relation to renting the home out yourself. This is why it becomes an attractive option for homeowners who are reluctant to sell but dread the idea of having to manage a rental property on their own.
Many people find that renting out their property as an executive rental is an attractive option if they never wanted to sell their property in the first place but feel they had no other choice. People who are looking to enter a senior living facility or retirement home and would love to keep their property to pass on to their family or need the source of income are often good prospects for an executive rental. Others, who may be moving but do not necessarily need to sell their current home in order to finance the next, may find that the steady, passive income of an executive rental is a perfect option.
In the same sense, homeowners that are looking to enter a senior living facility find that this is the perfect option. Not only because it allows them to keep their home to pass onto their family members, but because the passive income provides a great source of income for their day to day life without having to liquidate the property. In that sense, anyone looking to use their property as a financial investment will also find that an executive rental is the perfect solution for what to do with their Poway home.
If an executive rental is the direction you would like to go with your Poway home, there are many services that will help you get there. Working with a real estate agent, like Halcyon Real Estate, to help you connect with the right services will make the transition easy and as stress-free as possible. We can help set you up with furnishing services that will help you get your property ready to rent as an executive rental, as well as a property manager that will handle the day to day details involved with the deal.