Summer is here and that means families everywhere are eager to take a well-deserved vacation.
If you own a home that can be rented out as a vacation home, it can be a great source of income. Completing the transaction, however, takes a little bit more than just posting your property on one of the many vacation rental websites available.
Unfortunately, there are a few common mistakes that vacation homeowners commit. To prevent you from making the same mistakes, consider
- Have a comprehensive rental agreement. It’s tempting to want to be a landlord that has the fewest rules, but it may come back to haunt you if anything goes wrong. Consider having your agreement looked at by a legal professional.
- Keep things clean and prepared for guests. There’s no faster way to get a bad rating on a vacation rental website than having a dirty or unprepared home. Think about using professional cleaning services after each rental. Additionally, make sure bedrooms and bathrooms are spotless. Prepare guest bedrooms by laying out fresh linens, stock the cabinets with extra towels and blankets, and make sure the bathrooms are sanitized and in proper working condition.
One mistake that landlords make is trying to do everything on their own. To eliminate that problem, hire a professional property manager who understands housing laws and has the experience to keep guests and property owners happy.
3. Keep immaculate records. Keep records of repairs for tax purposes and your own information. Be sure that your record-keeping includes transactions when money was spent and earned—this will really help when you need to recall information.
Vacation rentals bring so much joy to families and couples who want a more home-like atmosphere for their next getaway. With these tips, you can be a part of that happiness while also protecting yourself and your interests.
If you have any questions about purchasing real estate to rent out for extra income give me a call at 252-422-2205 or email me OK@StarTeamRealEstate.com. I look forward to hearing from you!