Are you a vacation home owner? Would you like to rent your vacation home? Here are what you should know and consider before renting your vacation home.
Most importantly: First seek direction and help from the local vacation rental management companies. The learning curve can be a bit steep in this industry and these companies can give you a crash course on what you need to know. If you find a company you’re comfortable with, consider hiring them. Maintaining the house and catering to guest’s requests can be quite the task. Leave the marketing to the professionals.
For more information on what to look for in a vacation rental management company visit GuestRetreats.com
On to the list:
- Check the homeowner’s insurance policy to see if it covers the damages caused by the renter. Consider buying an additional policy to cover the home, the contents left behind, and issues to do with liability in the situation where the renter gets injured while on the property.
- Ensure the regulations of your local zoning and the homeowners association allow for renting residential property. If otherwise, you may need a variance to enable you rent out your home.
- Decide which furniture you’d like store away and which furniture you’ll leave out for guests.
- The short-term rentals, primarily 4 or less months, are commonly rented as furnished. The renters have to be comfortable and the furniture should also be safe. The delicate fabrics and fragile chairs should be safely stored offsite.
- Ensure valuables are removed from the house. Things might disappear while away. Ensure you take anything with sentimental value out of the house.
- Check to make sure the all of the appliances are in good shape. All the necessary repairs and replacements should be done prior to a guest’s arrival. Avoid the scenario where the renter leaves a 1000 word review about your leaky faucets.
- Consider hiring the local vacation rental management company to take care of all the repairs and emergencies. Alternatively, you can create a list of trusted service people to leave the tenant with.
- Make sure janitorial service providers are allowed in the house to clean it thoroughly before the rental starts.
- Obtain a Security deposit. Enough said.
- Arrange to settle all of your basic bills in advance or make the payment online
- Ensure your pets have a place to go. You can either let them accompany you or board them while you are away. Your neighbor might agree to water and feed your pet but it is not a good idea leaving them behind with the strangers. They could be hurt through scratches and bites from the renter’s pets or just from the stray dogs.
- Likewise, set a strict policy on renter’s pets. Or allow them to pay an extra security deposit in order to bring their furry friend along.
- If your renter will be someone from a different state, city, or region, leave a local reference packet that has got the names of the businesses in the area, the map, the names of the neighbors, and the local emergency information.
- Keep track of all the expenses and records of income for federal income taxes.