When going away on a long vacation, many homeowners always ponder on what to do with their house to ensure it remains in the same condition till they get back. Some hire the services of house keepers to go clean up the environment daily while other just put the property on lock and key. But what if you can make money from renting out your house? That way you not only have someone look after your home, but you're also making money from the same person. Cool, right?
Do you need people that wish to stay some days or a short period of time? Are you looking for expatriates who want a place for a couple weeks or months? There are people who will gladly pay a token to spend some days at your house than a hotel. Some websites even allow you advertise. But before you start making money from renting your home, it's necessary that you understand what it takes. Here's how you can prepare your home for rental and make money from it while on vacation.
Find out if people would actually Rent a house in your Area
Before you start preparing your house, you need to find out if people would love to stay in your area. Is your home in a great location that will attract visitors? Does it offer attractions and facilities that people would love to make use of? Is the area safe? Are there other properties that have been rented previously by visitors in your vicinity? When you can answer these questions affirmatively, then you have crossed the first hurdle to renting your house. If you intend to be the first in your location to provide all the necessary amenities and start renting, then be ready to spend some money into making quality upgrades.
Is it Legal to Rent out your Property?
In most areas, there are rules and regulations guiding rentals. Check out for all the restrictions so you don't get penalised in future. You can place a phone call across to the city's office and get more information before making plans. Also go through the terms and conditions of your mortgage. If possible, get through to your lender or broker to find out more about any clause on rentals or tenancy in your agreement. If the house isn't yours, check your own contract to find out more on subletting.
Do you want to rent your Entire home or just a room?
Before you travel, determine if you want to rent out just a bedroom with access to the kitchen, or you want to rent out the entire house. If it's just a room you wish to rent, find a way for your prospective visitors to gain access to major parts of the house and basic amenities.
Apply for a Permit and keep Records
Keep in mind that any income made from renting your condominium is taxable. But there are expenses you make during the course of that aren't. Therefore, if you make these expenses, keep a record of it as it will help you get your tax deductions.
Get a rental permit if it's applicable in your area. Then you can start advertising your place.