Holiday rental has become a very lucrative business.
Homeowners around the world are experiencing great success with short-term vacation rental, and not only are they earning some extra money but also giving purpose to their property when it’s not in use.
If you’re looking to rent out your home, there are people who’ll want to rent it and websites and services that can help make it happen.
But do keep in mind that turning your home into a vacation rental can be a major undertaking.
It’s therefore important that you know what you’re getting yourself into and prepare accordingly. With good planning and hard work, you can successfully turn your home into a vacation rental.
Here's what you need to do before your home goes on the rental market.
- Keep Detailed Records
Rental income is taxable but you are entitled to deduct all expenses you will incur when preparing your rental.
Think of your vacation rental as a bed-and-breakfast.
If you buy new towels and linens for your guests or repaint the guestroom, you can deduct the expenses from your rental income.
If you rent for long periods of time, detail the dates accurately so you can properly distinguish between business and personal expenses like mortgage interest (you can check out Habito for the best mortgage rates).
- Home Monitoring
Installing smart devices allows you to monitor and control your rental property remotely.
Most smart solutions give you full access to your home, devices, activities, and routines on your smartphone, tablet or computer.
Not only does this keep you in the loop on your property, but it also gives you more peace of mind while you’re away.
- Wi-Fi Locks
With Wi-Fi locks, you can lock and unlock your property’s doors remotely, know when people unlock your doors and receive alerts when codes are used.
You can also share access with your guests to provide them with a seamless experience.
When your guests have completed their holiday, you can remove their access from your computer or smartphone.
- Basic Toiletries
Toiletries are the most basic bathroom amenities you can offer.
Guests demand high-quality towels and expect to find travel-size toiletries at a vacation rental.
At a minimum, provide two bath towels per guest, two hand towels per guest, four washcloths per guest, soap, and shampoo.
You can go the extra mile by offering toothpaste, mouthwash, hair conditioner, and body lotion.
- Smart Garage Door Openers
Ever left the house and forgot to close the garage door?
Chances are your renters might do the same.
With an app-enabled garage door opener, you’ll receive alerts when the door is left open and be able to control it from anywhere.
The app also allows you to set rules for automatic opening and closing and manage who can access your garage.
- A Safe
Protecting your valuables is another thing you need to do when turning your home into a vacation rental.
Designate a closet to keep personal belongings and use a safe-deposit box to lock away expensive items.
Before you rent, call your home insurer to see what is covered.
Most policies are fairly accommodating to occasional renters but for long-term arrangements, you might need to buy a business policy that would cover a bed and breakfast.
With these seven tips on how to turn your home into a holiday home, you’re on your way to rental success.
Just be sure to screen all potential tenants carefully, give them your phone number to reach you in case they have any questions and offer the same level of hospitality as a hotel.