It can be hard work to turn your home into a vacation rental. You’ll want to consider safety issues and insurance costs as well as the costs associated with turning the home into a haven where people can escape.
Vacation rentals are big business! Thousands of Americans head to nicer locales when they get time off during the year. With many choosing to head to California for sunshine or Colorado for skiing. There are so many tourist destinations around the country.
It’s no wonder that more and more homeowners are considering upgrading their homes to a vacation getaway to help earn extra income. Of course, there are lots of details to think about before you get started.
The key is to think of ways to update your home that will give you the most return on your investment. This may require you to spend a little now in order to make money down the road.
If you’re confident in the location and your ability to attract guests, you won’t need to worry about the possibility of not getting your money back.
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Here are some things to consider if you want to turn your home into a vacation rental
There’s a lot to think about when it comes to the location of your vacation property. It’s important to keep in mind that the more tourists an area attracts, the more competition you’ll have among rental properties.
That means you may not get to set your rental price as high as you’d like. So, it’s important to do plenty of research in your area. That way you can determine the best competitive price and see what tourists are looking for in vacation rentals.
Update, upgrade, and clean
Updating your existing home can go several ways, depending on what you’re looking for and how much you want to spend. If the house is in good shape, you may be able to get away with simply adding a few extras to attract guests.
Such as updated appliances and high-quality mattresses. Want to ensure a nice rental price? Go a little further with your amenities and install climate control, or completely redo your kitchen. While the latter is obviously a more expensive option, it’s more likely to yield a greater return on your investment.
Also, you’ll need to address the cleanliness of your rental property between guests. If you live near your rental, then stopping by to tidy up might not be a very big problem.
But, if you’re miles away from the property, hiring a company to routinely clean the space might prove useful. Be sure to research cleaning companies nearby and gather estimates.
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Appeal to lots of different renters
One of the trickiest parts of owning a vacation rental is making sure it appeals to lots of different guests. You don’t want to have to turn away a paying customer because they need more beds than you have to offer.
So think about buying a couch that folds out into a sleeper. You can find couches, futons, and chairs that become sleepers on Amazon for around $100, or add bunk beds to one room. The more flexible your home is, the better off you’ll be when renting.
Think about your liability
When renting to vacationers, it’s crucial that you remember to keep things safe. Depending on where you live, you may need special insurance in order to rent.
But you should always have your guests sign a waiver assuming liability for their own safety during their stay in your home.
Especially if you have a hot tub or swimming pool. Leave rules for the house printed out for your guests, such as remembering to turn off the gas grill after use or to lock the doors behind them.
Another way you can keep safety in mind is to hire a property manager to take care of renting out your property.
The right property management company offers guests 24/7 support to handle any issues that may come up. This is especially convenient if you live a long way from your vacation home.
Owning a vacation rental is a big job and it comes with a lot to think about. But with some careful planning, you can ensure your home is in great shape for potential guests.
If you want to turn your home into a vacation rental, remember to make safety a priority for everyone. And look online for information about the changes you want to make to your home to get an idea of costs before you make any decisions.
Written by Erin Reynolds who is the creator of DIYMama.net, which provides resources to help others with home improvement projects and repairs.