Having a second home you use as your own vacation getaway can be a great way to spend summers and winter holidays in a place that you love. If your vacation house or condominium sits vacant the rest of the year, you could be missing out on valuable income that could help you cover the cost of your mortgage and put extra money in your pocket. Here are a few tips for making your home a profitable vacation rental for tourists.
Give Your Space A Light Makeover
While you don't need to renovate your vacation property completely, you should do a few things to make the space more guest-friendly and prevent any personal items from becoming lost or stolen. Remove family photos and any personal mail or paperwork that you wouldn't want anyone else to see. If you have any treasured family heirlooms, remove them from the home as well. Invest in new linens for the bathroom and add some individually wrapped soaps that guests can use and discard or take with them. Place extra bed linens and blankets in a linen closet or the bedroom closets and empty out dresser drawers. Think about things you might expect from a hotel room and try to duplicate them in your vacation home.
Work With An Attorney
Renters who are vacationing might not be as willing to respect your home as a permanent tenant might be. You need to have a contract that spells out what is expected of renters and what fees will be charged if the terms of the contract are violated. Stipulate restrictions on pets and smoking as well as any rules about parties to make sure that your home is left in great condition after every renter leaves. Your attorney can help you create a contact that covers your best interests and places the liability for damages on the renters who cause them.
Hire A Property/Apartment Rental Company
Marketing your home as a vacation rental property to potential guests can be a time-consuming endeavor. Hiring a rental company can ease the burden by marketing your space and screening potential guests who want to rent your vacation house or condo. You may even consider finding a company that offers full-service property management. The company can vet renters, collect rent and fees, and ensure that any maintenance and repairs are taken care of for you. Your representative from the rental company can also help you to come up with appropriate pricing based on the size and amenities of your home as well as the market value of other homes in the area. Talk to your apartment rental company about the different services available to help you rent and maintain your residence when you aren't there.
Your second home doesn't have to sit empty when you aren't spending time there. Consider renting out your space to create a revenue stream that helps to cover the costs of owning a second home and maybe even puts a little extra money in your wallet at the end of every month. Contact a company like Dale Forest Apartments for more help.
