Whether you bought a vacation home and don’t visit as often as you hoped or inherited a property and can’t visit it frequently, you may be considering turning your vacation home into a rental property. While this process requires substantial work upfront and ongoing work to book rentals and maintain the property, it can pay off over time. If you’re considering this endeavor, there are several steps to consider that will help you transition your home into a rental property. Read on for ways to turn your home into a rental property.
Assess your personal use
Review the calendar to assess when you want to spend time at your vacation home. Then, block these days off, so guests can’t book these days.
Remove personal photos and decor
Take down all your family photos and any overly personal decor and accessories. This will protect your privacy and help your guests feel like they aren’t spending their vacation in someone else’s home.
Lock up your personal items
If you still plan on spending time at home, you’ll want to keep some of your items at the house to make it easier for you to visit. Whether it’s tools, supplies, clothes, toiletries, or recreational activities, designating a personal closet and installing a lock will keep your items private and easily accessible when you stay at your property.
Take inventory of what the property needs
When you rent out a rental property, you’ll need to provide all the items to help your guests have a comfortable stay. Go room to room to determine what each space needs. Sheets, bedding, towels, washcloths, small kitchen appliances, dish soap, hand soap are all items a rental home should have. To provide an elevated rental experience, invest in luxurious touches throughout the house, such as gourmet cooking oils and spices in the kitchen, luxury spa products in the bathroom, or various aspirational coffee table books.
Establish rules
Setting rules in advance will help prevent any avoidable issues. For example, think through if you want pets and what type of breeds or sizes you’ll allow. Will guests be able to use the washing machine and dryer? What will the cleaning protocols be, such as taking out the trash, doing the dishes, or replacing any used items. These rules should be posted somewhere visible and can also be included in a welcome guide.
Install smart home technology
Incorporating smart home technology is an asset for both you and your guests. For example, installing a keyless entry lock and deadbolt will allow guests, cleaning staff, and the handyman to access the property without exchanging keys. Home automation, such as automated lights and window shades, will enable guests to easily adjust their home’s settings to their comfort levels without searching for light switches. Voice activation, such as using Amazon Echo or Google Home systems, will provide your guests with additional vacation ease.
