It seems that vacations in the summer come up with a hefty price tag these days. If you and your family are looking for fun in the sun, you may have to put a lot of money aside. As a result, this two week period of sun-drenched relaxation could soon turn into a period of financial anxiety. So what’s the solution? Should you work more, or get an extra job, or does the solution lie in your home? As sites like Airbnb have shown, people are always on the lookout for a bargain; likewise, people are making the most of their home to earn a little bit more cash. So if you’ve booked a vacation destination, but you are concerned about having to pay it off for months, or even years afterwards, consider turning your home into a summer vacation rental spot. How can you do this?
Maximize Your Location
Your location is the biggest draw. If you are in the middle of a city, you might find that you aren’t as popular. But if you are based somewhere not too far from the sea, or your home has luxurious views, you need to overemphasize these. Whether you are posting on a site like HomeAway or VRBO you have to make the most of your location. Remember, you are trying to make your home a vacation destination. And while the location has a lot to do with the types of customers that will come to you, it’s also about how you advertise your home. It’s not just about where your home is, but it’s about how your home looks. Look at it from your perspective, if you were to walk around your home, would you want to stay here while on vacation? If not, it’s time to spruce it up a bit, especially if you are definitely serious about turning your home into somewhere that people can stay. It doesn’t need to be thoroughly expensive, but there are plenty of home design ideas to give you inspiration, so you can stay clear of that sterile, hotel look. When people are coming to your home to stay, they want somewhere that feels lived in. So when you are posting pictures of your home on one of these websites, be sure to be as flattering as possible. This means maximizing the amount of space your property has, as well as the essential amenities, from a coffee machine or kettle to the most luxurious of beds.
Protecting Your Home
The other thing to consider when renting out your property to complete strangers is that you protect yourself as best you can. First thing’s first, you need to check if this is legal in your county or state. The best way to do this is to approach your local council and get some information. There are some places that allow you to rent out your property for up to two weeks, but more than that, you will have to pay taxes. In addition to this, if the coast is clear, you need to insure the property. Contact your insurance supplier, and see how much more it would cost to have this added onto your policy. When liaising with the guests themselves, you have to ensure that you provide a detailed rental agreement. This agreement should cover liability for certain repairs, as well as specific rules relating to pets and smoking. A maximum occupancy limit will always benefit you, especially if you are renting out to someone who intends to bring the world and his wife to stay. It’s always best to consult a lawyer to ensure that this agreement complies with local laws.
Considering The Admin
Last, but not least, you need to think about the impact it will have on your life. You are hoping to make a lucrative amount, but when you are starting out doing this, you need to be competitive with the other properties in your area. When you examine the amount of legwork you have to put in at the start, as well as hiring a housekeeper to clean up after your guests, in addition to the amount of time it can take up, it might feel like a lot of work. But it’s important to remember that these things don’t happen overnight, and the best approach is to plan for next summer.
Because we all struggle to make ends meet nowadays, naturally we turn to our immediate resources. While renting out your home can make you a decent amount of money that can cover your vacation expenses, you have to consider overall how much it will impact your life. This is why preparation is always essential. And rather than trying to get your home ready for rental this summer, by the time next summer rolls around, it will be a summer vacation palace you will be proud of but will prove to be lucrative.