5 Tips for Renting Your Vacation House

As appealing as rental income sounds, it may seem like a hassle to get started. When all is said and done, you’re essentially running a business. Turning the task over to someone else would take a large chunk of the profit, and that may not seem to be an effective model. While it’s a lot of work to rent out a property on your own, your efforts can prove to be worthwhile.

1 – Setting Financial Goals

Are you looking to break even, or to generate a profit? Breaking even will allow you to cover the mortgage of the home, allowing you to use it for free outside of the occasions where it’s occupied by renters. Profiting off of the rental will give you more capital to do whatever you want with – including investing in more rental properties.

Calculate your annual mortgage and figure in other costs you will incur as a result of renting the property. Divide that sum by the number of weeks a year you intend on renting the property. Is this a figure you can use for weekly rent? Can you reasonably charge more? It’s up you to decide what your end goal is.

2 – Investigate the Legality

In some areas, you will require permits, insurance, and inspections that are similar to the operation of any other business. You may also be required to collect a sales tax on your rental fee. Approval from homeowner’s associations that may be affected by your decision to rent may be necessary. Knowing ahead of time any hoops you may have to jump through can prevent any serious hiccups in the rental process.

3 – Hired Help

Hiring reliable workers for housekeeping and maintenance will add a whole new level of ease to the process. If you’re in another location while you’re renting the property, you’re going to need someone who can report to you on the condition of the house before and after each group of tenants. Having them on duty in the event that a tenant needs assistance with an issue that arises will improve your renters’ experience, and may also prevent the onset of any disputes that can occur due to displeased renters.

4 – Preparing for Renters

Renters are going to expect the same experience they would get from a luxury hotel. You need to be prepared to offer that experience. That means keeping the bathrooms stocked with towels, offering the use of small appliances like coffee pots and microwaves, cable, and wireless internet access.

If you have other exciting features, such as a movie room or a game room, this will increase the lure. While it is not expected of you, it will create the idea of a more festive vacation knowing that entertainment will be included with their accommodations. Your tenants will appreciate the convenience you provided it, and may feel inclined to pay a slightly higher rate if all of their needs will be met during their stay.

5 – Advertise

Taking a plethora of photos of your property in pristine condition, as well as any outdoor amenities it may feature, will be what attracts people to this space. Write up an enticing description of the property, detailing all amenities and including information about surrounding areas. How close is it to the beach, or popular tourist locations? Potential renters want to know.

Post the property on as many websites as possible. If you’ve saturated the majority of popular resources with your rental property, you’re vastly improving the chances that the right person will stumble upon it.You can’t rent the home if no one knows it’s for rent.