The Pros And Cons Of Renting To Families
When it comes to renting out a property one of the things that you need to decide is which sector of the rental market you prefer to operate within. For instance, do you favour renting to those on housing benefit, to students or what about to single people or families?
Let’s have a look at some of the positive and negative factors of renting to families – those families with two adults and a couple of young children living in the property.
If you are fortunate enough to have found a tenant who always pays their rent on time and keeps your investment property in pristine condition then you would probably prefer that they remain in your property for as long as possible. Well, you tend to find that families prefer to stay in a rental property for a longer period of time than say a single person.
The main reason for this is that the family unit is often looking for some stability in their lives. The children may well be settled in local schools and make many friends in the locality in a relatively short period of time.
One could also argue that a family tenant is more likely to pay their rent on time than a single person as they are not going to want to be faced with eviction as this could have a negative impact on the family.
Young children can be rather clumsy and untidy so it is quite possible that you will end up with finger prints on the walls meaning that a lick of paint will be required more frequently than if a professional couple were renting the property. If the property is furnished by you then youngsters are more likely to damage some of the items.
Your capital outlay is going to be greater as you will need to buy a 3 or 4 bedroomed property that will be big enough for a family of four. When choosing the property you will need to take more time in selecting the location as it is going to need to appeal to a family who will want to be near schools, parks and shops whereas a single person is unlikely to be as particular about the location.
Hopefully, the above will be of assistance.