Make renting out your home a breeze this summer
Want to earn some extra cash? You could be sitting on a mini goldmine this summer if you live in a tourist hot spot. But renting out your property could become a nightmare if you don’t do your research. Check out our tips for maximizing your earnings while protecting your belongings (and peace of mind!) along the way.
First things first, make alternative arrangements and be sure you won't need your place for the holiday season, after all you can charge more at peak times thanks to the higher demand.
When you are sure renting your home out to holidaymakers won't make you homeless, do some homework on similar properties. Have you got the right amenities? Are you in a suitable location? What’s the competition charging?
It might seem simple, but you should check if your home can be rented out. Tenants and leaseholders usually can’t sublet their apartments. Ask your mortgage lender or insurer whether your holiday side hustle would breach your contract with them. Damage guarantees through rental sites won’t cover everything so make sure your home cover can accommodate all worst-case scenarios.
Have a letting agent vet potential guests to avoid your place getting trashed. The only pitfall is that they will eat into your takings. Letting agents charge 20–30 per cent of the rental income, but online rental sites like HomeAway, Trip Advisor, and Airbnb charge between 3 and 8 per cent.
Even when you screen your guests, it can be daunting to have strangers stay in your home. So lock up anything precious or fragile.
Interiors should be foolproof, with up-to-date appliances and fully operational WiFi. Give your pad a facelift and ask yourself; what would my guests want or need? Linen, soap, board games…the personal touches make a difference—and you're more likely to get tiptop reviews!
Finally, consider a smart lock - a lock that is powered by your smartphone through a wireless network. It does away with the problem of spare and lost keys. You could even get real-time alerts on your smartphone of any security breaches. And befriend your neighbors—they can keep an eye on things while you’re away and let you know if your guests are misbehaving.
When it's time to enjoy a vacation yourself, why not try renting a house yourself and being a guest for a change? HomeAway is a great way to find a fantastic holiday home and they've partnered with Europ Assistance to provide trip insurance so you can enjoy your vacation worry-free!