More and more travelers are now choosing short-term rentals over hotels for their vacations, allowing for large families to stay together, enjoy the comforts of home, and visit areas not traditionally served by hotels.
This trend offers homeowners an ideal opportunity to capitalize on their second homes by turning them into vacation rentals. Vacation rentals are a great way to generate passive income while continuing to enjoy your home as you originally intended.
There are many details to figure out when deciding to rent out your home, but here are a few tips to get started in the process.
Consider who will manage rentals for your home. These days, sites like Airbnb and VRBO make it easy to take care of guest bookings and your own personal stays in your home, though you’ll still need to account for housekeeping, maintenance, and day-to-day operations of your rental. Do your research and decide whether self-managing or working with a vacation rental management company would best suit your needs. A comprehensive vacation rental management company like Vacasa can take care of the entire rental process for you, so that you can focus on enjoying your home as you originally intended while maximizing your income.
Determine the logistics of the rental process. Depending on whether you choose to self-manage or work with a management company, you may need to plan out how guests will access your home, who they should contact with any issues, who will clean the home, how the home will be marketed, and many other details.
Make sure your home is appealing and up-to-date. Replace any outdated decor, reduce the amount of personal belongings, and make any small repairs or touch-ups to present a clean and cared-for appearance.
Stock up on supplies. Guests will expect many of the luxuries of a hotel, including fresh linens, toiletries, and kitchen essentials so that they don’t have to worry about running to the store for toilet paper in the middle of their vacation.
Get your paperwork in place. Each city has different regulations regarding short-term rentals. Be sure to acquire proper permits and insurance requirements before renting.
Keep your home and belongings secure. Make sure you have guest agreements in place and consider requiring security deposits for a little extra assurance in knowing your home is protected.
Turning your home into a profitable vacation rental can be a time consuming venture with many factors to consider. Fortunately, there are many helpful resources and management options out there to help nearly any homeowner find success and generate extra income.