Imagine you’re planning a long trip, maybe exploring Europe’s historic cities or chilling on Southeast Asia’s beautiful beaches. But there’s a thought nagging at you: “What about my house?”
Letting your home sit empty might seem like a waste, but renting it out could be the perfect solution. Not only can it provide some extra income, but it also ensures your house stays occupied (and out of the crosshairs of burglars).
But how do you go about it? Here are some helpful tips and suggestions to get you moving in the right direction.
- Understand the Rules
Different places have different rules when it comes to renting out your home, especially for short-term rentals. Some cities have strict regulations that require you to register or get a permit. There might be limits on how many days a year you can rent out your place or rules about paying taxes on the income you earn. It’s a good idea to start by visiting your city or town’s official website or giving them a call. They can point you in the right direction and help you understand what’s required.
If you’re part of a homeowners’ association (HOA) or if you live in a condominium, there might be additional rules you need to follow. Some HOAs have strict policies against short-term rentals or require approval before you can rent out your property. Check your HOA agreement or reach out to the management to get the lowdown on what’s allowed and what’s not.
- Get Your House Ready
Think about what makes you comfortable when you stay somewhere new. Your house should be clean, welcoming, and safe.
Start with a deep clean that goes beyond the usual vacuum and dust routine. Think about the level of cleanliness you’d expect from a top-rated hotel. This might mean hiring professional cleaners to really get into every nook and cranny, from scrubbing grout lines in the bathroom to ensuring the kitchen is spotless and grease-free.
You’ll also want to fix any little issues, like a leaky faucet or a squeaky door. Make sure it’s not just clean, but guest-ready clean. You might even want to lock away personal items or valuables in a secure place or a storage unit.
- Think About Management
If you’re relaxing on a beach somewhere, you won’t be around to hand over keys or fix any issues that come up. You might need someone to help manage your rental. This could be a professional property manager, a reliable friend, or a neighbor. They can be the go-to person for your guests, dealing with any problems and making sure everything runs smoothly.
- Decide How to Rent It Out
You’ve got options here. Websites like Airbnb and Vrbo are great for short-term rentals, especially if you’re in a popular travel spot. These platforms can help you reach lots of potential renters, but they do take a cut of your earnings. For longer-term rentals, consider sites like Zillow or even a local real estate agent. They can help find renters looking for a place for a few months or more.
This is also a good time to think about pricing, which can be tricky. You want to make it worth your while but also attractive to renters. Check out what similar places in your area are going for, especially on those short-term rental sites if that’s the route you’re taking. Don’t forget to factor in your costs, like utilities, cleaning, and any services you might use to manage the rental.
- Get the Legal Stuff Sorted
Before anyone sets foot in your home, make sure you’re covered. This means a solid rental agreement that outlines all the important stuff, like payment, rental period, and any house rules. You should also look into insurance. Your regular homeowner’s insurance might not cover renting out your place, so check if you need additional coverage.
Monetize Your Vacant Home
At the end of the day, you have to decide whether or not you’re comfortable letting strangers stay in your home while you’re away. However, from a purely financial standpoint, it makes a lot of sense. Depending on the type of home you live in and what the demand is for short-term rentals in your area, renting out your property could pay for a huge chunk of your trip. That alone is enough to justify the small hassle that might be required to get things set up properly.
