Vacation homes are not just great because you get to spend your holidays in them. You can actually receive extra income by renting them out. Many vacation home owners consider rental income when purchasing their property. This is a great way to cover the expenses of the house and get some extra money.
In this article we will cover the most important topics related to renting out your vacation home and making extra money:
How to rent out a vacation home?
First things first, to rent out a vacation home you should create listings on different vacation rental websites. Your home should absolutely be listed on these websites if you want to attract lots of guests:
There are even more vacation rental apps and rental management software like the short term vacation rental software that you can utilize. If you’re someone who already has a few vacation rentals then you can save valuable time and manage your property by using a Property Manager. Although expensive, Property Managers can be extremely helpful when managing properties and in saving you/making you money. In fact, property managers usually use property management software to assist you in the process of managing your vacation rentals
When renting out a vacation home, you should be aware that photos are the most important part of the listing. So, you should hire a professional that will show the best features of your home. This will be one of the best investments that you will not regret. High-quality photos will help your home stand out and attract more people. I can guarantee that.
Short term vs long term
When renting out a vacation home, you’ll also have to think about short term rentals vs long term rentals. When discussing the rent period of vacation homes 3+ months is considered long term. The period is relatively shorter than in the case of renting other types of properties.
High number of short-term guests might seem like a better financial solution because during short-term stays the price for the night is significantly higher than during the long ones. On the other hand, bigger turnover of guests can bear more risk of property damage. If you have invested a lot of money in furniture and household appliances you may prefer to rent out your home for longer times.
During long-term stays, there is less necessity to change furniture and household items frequently. Therefore, expenses caused by renting out the rental home will be reduced.
Preparing vacation home for rent
In order to have a high number of guests, you should prepare your home for it. You might even consider adding a swimming pool or a hot tub to your second home. This type of addition highly influences the rates of the home and makes it more appealing for the potential guests. Remember, when renting a vacation home people expect a maximum level of comfort which covers everything from high-speed Wi-Fi to comfortable beds.
Before preparing the vacation home you should determine what’s the expected revenue and how much are you willing to invest. Spending money on high-quality toiletries and nice bed sheets will definitely pay off in the form of good reviews and high ratings of your listings.