management property, property owner, guesthouse, villa, resort
Renting out your home to guests is an awesome way to meet new people, host travelers from all over the world, and boost your income. Whether you want to rent out your entire house or just a single room, this venture can be a great way to bring in some extra cash. You don’t need to live on a tropical island to transform your home into a paradise for visitors. If you happen to live in an area that’s popular with tourists, you should have no problems renting your home to people looking for a unique and affordable place to stay. It’s the best way to offer curious explorers a more personalized, local experience. Read on for some helpful tips so you can turn your home into a rental property paradise people will love.
You want to make this space a home away from home so guests will have an enjoyable experience. The happier your guests are, the more they’ll likely come back and recommend your property to other potential renters. Consider this rental checklist to make your property warm and welcoming:
Make sure your rental place is always well-organized, clean, and sanitary. Follow a specific schedule that includes scrubbing toilets, showers, and tubs between visits. You should also wash all towels and bedding after every guest leaves. Vacuum carpets and mop the kitchen and bathroom floors and wipe down tables and countertops. Organize your rental home by adding some storage furniture like bookcases or a storage bench. The key is to ensure that everything is clean, neat, and tidy before you welcome your next renters to the home. If you’re busy, consider hiring a professional cleaning company to help. This service is affordable, and it will help you make sure that your rental home is absolutely spotless.
It’s vital to understand all of the legalities involved in renting your home. Many of these laws depend on where you live, so always consult with your local jurisdiction before pursuing this endeavor. Not every home can become a rental, so check with your country, city, or state to find out what’s required. You may need to obtain a special permit in order to legally rent your home to visitors. If you live in a neighborhood with an HOA, check with them before renting your home. Some HOA bylaws prohibit owners from renting their property to guests, and it could get you into hot water if you don’t comply.
Most homeowner’s insurance plans don’t cover renters automatically, so you might need to purchase a rider or even a separate policy. This will ensure that you’re protected from liability and can be crucial to avoid a potential lawsuit later. Never rent your home to guests until you’re positive that you are fully covered. Any money you make from renting your home is considered income. This could affect your property taxes, which may also affect the amount of your monthly mortgage. Speak to a tax attorney or an accountant about the tax and mortgage implications of renting your home before you start.
Financial and Legal Checklist
Use this checklist to ensure that you’re doing everything right in terms of the legal and financial implications of renting your home:
Renting is a smart investment that can give you a decent profit, so it’s crucial that you protect yourself from potential issues. If you feel the need, lay down a few ground rules for your guests so that they understand boundaries and know how to be safe in the event of an emergency. You can also consider adding a non-refundable deposit fee to your rental contract. This will ensure that you get at least some money in the event that someone decides to cancel. Go over your insurance policy and find out if you should add extra coverage. Raise your liability limits or increase your property replacement amount in the event of a serious emergency, such as an accidental house fire. Contact a handyman and find out about their services in case something breaks when your guests are visiting. Having a handyman ready at all times will protect your property and ensure that your guests always have a pleasant experience, even if something goes wrong.
If you’re only planning to rent a small portion of your home or just one bedroom, living with guests can be a bit of a challenge. Make sure your guests stay in an area where they have plenty of privacy. Offer the bedroom furthest from your own so you’ll both be able to get a good night’s sleep. Let your guests know they are welcome to use the kitchen whenever they need to, even if you’re at home. The key is to ensure that everyone feels comfortable while maintaining a good balance between being a great host and enjoying your personal space. In most cases, your guests won’t be there during much of their stay since they’ll want to explore the area or attend business meetings. Be friendly and welcoming, but also set boundaries so that everyone is happy and respectful.
Once you’re ready to list your rental property, you’ll need to utilize some marketing tactics to get those rental confirmations booked. A good marketing plan will be thorough and give potential guests the information they need to make a sound decision.
Post clear, crisp, high-quality pictures of your property on your listing. Include a full photo of your home, the backyard, and all bedrooms, bathrooms, and the living room. Consider hiring a professional photographer who specializes in real estate photos to get amazing pictures for your rental.
Get to know your area, and include information about local tourist attractions, amazing restaurants, and information about access to public transportation.
If you’re able, consider offering your rental property as a child and pet-friendly place.
Amenities like free Wi-Fi, a hot breakfast, and laundry services can make your rental quite appealing. If you offer any of these services, be sure to include them in your listing.
When you’re ready, advertise your rental online, through rental apps, or via a real estate agent or property manager. The more outreach you have, the better the chances are that you’ll have several bookings ready and waiting.
Once you’ve had a few guests, ask them to post a review of their experience. You can use these reviews to entice new guests and to show that you’re a fabulous host.
Converting your home to a rental property comes with some challenges, but it’s also a great way to get more money out of your home. Always make sure you’re following the law and that you fully understand the tax implications of having a rental home. Make your home a paradise by providing visitors with a clean, beautiful place to stay. Market and advertise your listing using great photos, and get ready to see the cash roll in.
Disclaimer: This article was originally posted on Porch.com.
Interested in discovering what we can do to your property in this difficult situation? Visit Bukit Vista, the fastest growing hospitality startup specializing in Bali Villa Rentals. During this pandemic, we implement a Covid-19 Safe Cleaning Standard Checklist(CSC) to assure guests’ safety and for them to have a pleasant stay with us. Watch this video on how we clean our properties according to CSC!
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