You have a beautiful home by a beach, lake or wooded area that screams luxurious vacation retreat. Unfortunately, you just don’t have enough time to use it. But that doesn’t mean it has to go to waste. Turn your home into an amazing rental property for others to take a summer vacation. With a few quick changes and a solid contract, you can be renting out your home in no time. Here’s how.
See If Anyone’s Interested
While you know how amazing your home is, other people may not know about the area or where they can find a rental. Lucky for you there are now plenty of companies that can help you advertise and rent out your home. Airbnb, HomeAway and VRBO are some of the most common services. Do some research and see if there are other homes in your area that are up for rent and what the market is like.
Determine How Much to Charge
When you’re researching your area, be sure to take note of what other people are charging to rent their homes. Take into account the size of your property as well as any amenities you offer. Then check the average nightly cost on sites like Craigslist and the local hotels. You also need to factor in maintenance and cleaning costs as well as any fees services like Airbnb charge for their help.
Draft a Solid Rental Agreement
This may be the most important aspect of renting out your home because it protects both you and the renter. Be sure to lay out the rules of staying in your house, such as the number of guests allowed, noise restrictions, smoking, pets and anything renters need to know about your homeowners association. It also should cover liability for any damages, repairs and cleaning charges. Be sure to collect a deposit from the renters to cover any problems, and clearly lay out what they must do to get the full deposit back.
You also need to have insurance for your home. Let them know that you will be renting out your property and get the necessary insurance to cover any damages or injuries. Money’s real estate section recommends maxing out the liability coverage on your policy and considering an additional umbrella policy just in case someone gets hurt while staying in your home.
Secure Your Home
Before you let any renters in, do a sweep of your home to remove any valuables or precious keepsake items. You don’t want to take the risk of any accidents happening. You also may want to secure pricier items like a TV or computer to make sure they don’t get damaged or stolen.
To help you manage the property from afar, consider installing a home security camera system that will allow you to check in on your home from your smartphone to make sure everything is OK. It also could be used as proof of damages if need be. Just be sure to let your renters know that you have cameras set up for the home’s security so there aren’t any surprises.
Make It Luxurious
You want all of your renters to feel special and pampered during their vacation. Leave them a welcome basket with some gourmet items to enjoy while staying in your home. You also can leave a brochure about any quirks of your home and popular activities to do in the area. You also should make sure your beds are plush and comfortable and your guests have everything they could possibly want while on vacation.
Courtesy TheTopTier Digital Media