So, you’ve decided to get into leasing Boston real estate. Good for you! You’re in for what promises to be a challenging, fun and, hopefully, lucrative experience. The big question is: How do you rent out your Boston Beacon Hill condo so that you get the best terms?
Boston real estate renovations can make a huge difference when it comes to renting or buying real estate. For instance, Beacon Hill properties for sale that have been sitting on the market for weeks can suddenly become attractive after undergoing a $3,000 bathroom renovation. A seller could get $15,000 or even $20,000 extra for that investment, and in the long term, a leaser could too—or even more money.
Understand Your Turnover Preferences
Anytime your Back Bay condo is vacant is time it’s not earning money. In general, you want to minimize turnover, which is why it is cheaper for tenants to sign one-year leases versus three-month or six-month leases.
At the same time, if the Seaport condo is in a high-demand area, you may be able to make more money with shorter-term leases. Of course, you’d have to do more tenant vetting to ensure that your Boston Seaport condo would be in good condition after each turnover. If this appeals, be sure to do the math to check that your potential profit is worth the extra work.
Many of the agencies involved in selling Boston real estate also do leasing. For instance, an agent can walk through your property and give insight into areas that need work/renovations but that could provide a good return on investment. A few simple changes could mean attracting a higher pool of tenants or being able to charge more rent. The agents can also tell you what would be a good monthly rate to charge, and they can vet the applicants for you.
Buying Boston condos for sale is a great way to get into leasing. Ford Realty Inc., can help you scout the best potential rental properties or help you lease your existing Midtown condo. Contact us today