Renting out an inherited property: the benefits
When someone passes away, and no one in your family has the intention of occupying the inherited property, renting it out can offer an ideal solution. Inheriting a property can be an emotional and complex process, but it can also present unique opportunities, particularly in the rental market. Here are some appealing benefits of renting out an inherited property:
1. Passive income and convenience with property management
Renting out an inherited property is a perfect way to generate passive income. You receive monthly rental income that can not only cover any mortgage expenses but also yield a bit of profit. To make the process even more passive, you can opt to enlist the services of a property manager. With professional management, you won't have to deal with the daily financial and technical tasks, truly enjoying the benefits of passive income.
2. Preservation of property value
The property retains its value when occupied by responsible tenants. With tenants maintaining both the interior and exterior, aspects requiring continuous care, like a garden, are less prone to deterioration compared to a vacant property. Technical issues, such as leaks after heavy rain, are addressed more promptly when the property is occupied, limiting consequential damage. This positively impacts the potential sale value in the future.
3. Quick and efficient rental process
During a period of mourning, the last thing you need is a prolonged, uncertain, and stressful selling process. Renting out the inherited property, on the other hand, can offer a faster and more efficient solution. Especially in regions with high demand for rental properties, such as Eindhoven and its surroundings, the rental process can be swift. The demand from expats working for companies like ASML, Philips, and TMC creates a favorable market, allowing a rental agent to rent the property out within two weeks in many cases.
In conclusion, renting out an inherited property not only provides financial benefits but also practical convenience and value preservation. It can be a respectful and profitable way to handle the inheritance while simultaneously generating passive income.