The vacation rental industry has experienced a rapid surge over the last decade with more home converted into vacation spots. Looking to make a side income? Then offering a vacation rental home is one of the many available options you can try. You have to decide whether you intend to rent your home out on a short or long-term basis, which could range from a few weeks to completely and permanently converting the home into a vacation rental home. The decision to rent out your home comes with a lot of tough and carefully analyzed choices to make, a major one being the need to revamp your furniture if you are considering putting up their homes as a vacation home. You should consider the use of specialized companies such as BrylaneHome and others that offer revamping, refurbishing, or total replacement services that will ensure that your new business venture takes off on the right foot.
Getting your home ready for rent
Before using your home as a vacation rental home, these are some of the factors to put into consideration:
Keep careful records
Before any home is used as a rental home, it has to be refurbished to the standard of a vacation rental home. This implies homeowners may have to refurbish the house, replace worn-out furniture, and do a lot of work on the yard and even on the interiors of the house. All these expenses spent on getting the house in proper shape should be properly detailed so it’s easy to maximize deductions at tax times.
Apply for a rental permit
Rental Permits are not required in all regions but are certainly useful for short-term rentals. There are different types of rental permits and there are city and country-specific.
Acquire landlord insurance
This involves getting your insurance agency to review the homeowner’s policy to see if it covers rental situations. The most home policy covers for short term rentals but long-term arrangement needs to be carefully sorted out.
Prepare your home (inside and out)
Ensure all the appliances work, that furniture is comfortable, and that outdated or archaic furniture is exchanged for newer models. Research different furniture companies like Costway Furniture and others to see the different furniture and plans they offer. Ensure safety equipment such as smoke detectors, carbon monoxide detectors, and fire extinguishers are in proper working conditions. You also have to remove all precious personal belongings to secure locations such as a storage unit or primary home. Put clean linen on all the beds, and make sure the bathrooms are stocked with clean towels, soap dispensers, etc.
Hire a reputable cleaning service
Hiring a professional cleaning service could help in minimizing the cost of performing rental clean-outs on your own. Hire a reputable and licensed company that is insured by the local agency. You can find recommendations online from property owners who have employed their services before now.
Hire a landscaping service
For long term rental situations, hire a landscaping service to take care of the routine lawn maintenance and care. Landscaping Services such as cleaning services and other maintenance costs are all tax-deductible.
Create a system for providing a key or entry instruction to guests
Installing lockboxes on-site could help in managing guests’ access to different areas of the house. This includes leaving detailed instructions on how to access the house.