Turning a second home into a vacation rental is one of the most lucrative options today. With a few easy steps, you can transform your home and make extra income. More so, if you can invest the down payment for the property, renting it out to vacationers will ultimately result in additional revenue. With the extra income, you can cover overhead expenses too.
Yes, Your Home Can Transform Into The Perfect Vacation Rental
Many of us never think about the benefits our homes can bring when it comes to added revenue. After all, maintenance, insurance, and mortgage payments add up. However, we can ease the burden with some creative planning and research. For example, the vacation rental business took off over the past decade and continues to soar. And homeowners use this extra income to offset the costs. For many, the overall arching goal is a secondary income source.
However, converting your home into the perfect vacation rental requires careful planning. Whether you want to rent your entire home or just a few rooms, you can transform your home into a guest-ready income-producing vacation spot. Below, you’ll find some great tips on how to start transforming your home into the perfect vacation rental property.
Start Researching For The Righ Information
You can start researching your city or town regulations, especially if your home sits in a prime tourism hotspot. First, of course, you want to find out if your area allows prospective vacation rental properties. And find out any applicable “rental taxes.” Also, find out if the terms and conditions in the mortgage agreement restrict leasing the house.
In addition, find out the time frame for any restrictions, say, one year. Your lending agent could provide you with more information. Next, you’ll check with the community’s Homeowner’s Association for the need for getting permits. Once you rule out the possibility of fines, acquire the necessary licenses and landlords’ insurance. You can now safely go ahead and set up the home for prospective guests.
Invest In A Robust Vacation Rental Application
Getting robust vacation rental software will streamline the entire process of leasing out the house. Using an app can assist you in many of the details. For example, it can help you book guests, post reviews from satisfied visitors, schedule maintenance, and collect payments. More so, an app will assist you with every aspect of your vacation rental.
Among the many features is the ability to integrate digital keyless entry systems. Above all, this eliminates the need for delivering keys to your guests when they arrive. The most exciting feature of the application is that you can advertise your rental on different platforms. For instance, it can assist you with Airbnb, FlipKey, Plum Guide, Sonder, and others managing bookings from a single app. For many, it’s worth using an app to help you along the way with your vacation rental property.
Now, You Are Ready To Start Decorating
When you intend to open your home out to strangers, you’ll decorate the interiors to create an inviting, pleasant, and comfortable ambiance. At the same time, prep for the possibility of wear and tear and unintentional accidents like knocking down crystals and stains on the furniture. Choose upholstery that is resistant to food and beverage spills or mud spatters.
For example, you can use deep pour resin to add a protective layer to coffee tabletops, nightstands, and the dining table. This layer adds durability to the surfaces and secures them from UV damage. Above all, you’ll want to put away fragile ornaments. And instead, invest in wooden figurines and stylish USB bedroom or living room lamps that add a warm, cozy glow and serve a dual purpose.
Remove And Take Down Your Personal Belongings
Visitors renting your home need to feel like they’ve rented a place of their own. So if you have family pix or other personal items, pack them away. You could install other wall decorations like a custom house painting, posters of the best attractions around town, or a collection of framed mirrors and metal sculptures. Murals, decals, and hangings made out of jute, reed, or hemp are other options to try.
Figure Out The Rules And Create A Brochure For Your Vacation Rental
Before welcoming guests to your vacation rental, you’ll put together a list of rules. Put them together in a brochure and make it available to your visitors on arrival. Simple dos and don’ts can include whether or not you allow pets and children. And any size restrictions for furry friends.
Additionally, you can add directions to using the washer-dryer and tips like trash collection days and recycling protocols. Finally, let your guests know if the HOA has rules about late-night parties and zero disturbance. Before checking out, most manuals also have rules about managing the trash, sheets, utensils, and cookware. When it comes to your vacation rental, you always want to provide as much useful information as possible.
Establish A Pet-Friendly Corner
If you’ll permit furry buddies, design your home with a pet-friendly section. Set up a separate room or area with a child gate and set it up with a bed and blanket. You could also add adorable dog portraits on the wall and place a few toys to amuse the dogs while their parents are sightseeing.
Moreover, creating a secure nook will lower the chances of anxious pets scratching and damaging the furniture. Laying down ground rules about leaving pets alone in the house adds an extra measure of protection. You can also request a standard or pet deposit to cover repairs. Also, ask guests to submit paperwork like licenses, vaccination certificates, and identification.
Let’s Talk Maintenance For Your Vacation Rental
A critical aspect of successful vacation rentals is ensuring that your guests have a fantastic stay and post favorable reviews of their experiences. Rave reviews will encourage more people to book your place, so you’ll maximize rental income. To make that happen, make sure the house is in top working condition.
For instance, be sure and upgrade the appliances when they wear out. And call in contractors for deep cleaning each time a group of guests checks out. Replace the linens, napkins, towels, and sheets from time to time. Also, get the kitchen and bathrooms checked and cleaned thoroughly to eliminate the possibility of contaminants.
You could hire the services of a local company specializing in managing a vacation rental. Then, rely on your vacation rental software to book maintenance.
Create A Specific Room Or Closet For Your Belongings
When working out the rules of your vacation rental, you have the option to lease out the entire house or only a couple of rooms at a time. It is also advisable to secure a particular room or closet and keep it locked away. In addition, you can store personal and breakable belongings that you don’t want to share with the guests.
Homeowners can also place cleaning and maintenance supplies, tools, or valuables from accidental damage into storage. Organizing your second home into a vacation rental is an excellent way to monetize the property and make money out of it while you pay off the mortgage. Use these tips to prep for guests and keep the property maintained and protected from accidental damage.
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