Are you going away for a long period and leaving your home empty? Or do you own a property that is vacant for a period of time? For a number of reasons, it may be a great option for you to consider renting out your home or a property as a Holiday Rental.
There may be several benefits. Firstly, it may be safer to have someone using and staying in your property than to consider leaving it empty. Secondly, you can earn some rental income from your home to offset your trip away. Thirdly, there is little regulation surrounding Holiday Rentals. This makes it easier to do with less compliance to worry about, other than Consumer Protection laws. You really just need to ensure your property is clearly and properly represented in any advertisement and that you are upfront about your terms of rental with your holiday renter.
There are some considerations that may make renting your property as a Holiday Rental less attractive. If you are considering renting out your home as a Holiday Rental, you will need to pack up all personal belongings and valuables and ensure they are safely stored away. You may find this is too much work and not worth the effort. If you are not living in your Holiday Rental property, you should ensure that you have considered that you will have other people using the belongings you leave there.
In addition, you need to consider how you will market and advertise your property. You should check the various options which range from real estate and letting agents to online websites. If you are willing to do some of the work managing yourself or can hire someone to do so, you may save a lot of money on agency fees.
Ensure you check the various options carefully as some agents have hidden ‘additional’ fees and some websites charge booking fees on top of the initial advertising fees. Some sites, such as www.airbnb.com, will let you rent your property as a ‘one off’ without a subscription and instead charge both you and the guest when there is a successful booking. There are numerous options to help you advertise your home in the most effective manner, so make sure you do your research so you are happy with the result.
Other Holiday Rental considerations …
You should also consider the security of your property and your valuables. You may want to obtain Holiday Rental insurance – but if you are renting for a short period only, you may not find this to be worth the trouble. In any event, you need to ask your holiday renters for a security deposit that may cover any damage they may cause during their stay. It should be an amount that you are comfortable with but should not be prohibitive. If you have a good Rental Agreement in place, this should cover any shortfall in the amount you request as a security deposit.
Don’t rent out your home or property without a Rental Agreement. A good Holiday Rental Agreement will ensure you have clear terms agreed between you and your renter and will ensure you have recourse for loss or damage that may occur beyond the amount of the security deposit. This may be your strongest form of protection, for you and your property, and give both you and your renter comfort that you both agree and understand the rental terms. From a renter’s perspective, they also want reassurance that you are not just taking their money and delivering a property which is less than what they were promised.
All this may seem a little daunting at first. There are a few other considerations before getting started, but these are the main ones which you should think over. Once you have the process set up though, renting your home or property gets easier each time.