How to Rent out Your Vacation Home
Check your homeowner's insurance policy., Make sure your local zoning regulations and homeowners association permit residential property rental., Decide what furniture you'll leave and what will go into storage., Remove valuables from your home...
Step-by-Step Guide
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Step 1: Check your homeowner's insurance policy.
Most don't cover damages done by a renter, so you'll have to purchase an additional policy to cover not only your home and any contents you leave, but also liability issues in the event the renter is injured on the property. -
Step 2: Make sure your local zoning regulations and homeowners association permit residential property rental.
If not, you may need to obtain a variance to rent your home. , Short term rentals, typically 4 months or less, are usually rented furnished.
You'll want to make the renters feel at home, while protecting heirloom furniture and other treasured possessions.
Storing them offsite is safer than simply warning tenants about fragile chairs or delicate fabrics.
Consider purchasing inexpensive basic furnishings to use in place of irreplaceable family favorites. , As much as you would like to trust your renters, things can disappear while owners are far away.
Take family collectibles, special toys, electronics, cameras, and silver out of the house.
Simply putting it out of the way in the attic or a closet is not sufficient protection for your valuables. , It's easier for you to make needed repairs or replace them before you go than to try to arrange it from another state, or worse yet, come home to find that the tenant has tried make repairs on their own! , The former has the advantage of saving you from a tenant who calls in an expensive service person for minor repairs, while the latter means you only pay or services actually used. , This prevents disagreements when it come to security deposits. , Even for a short term rental, you need protection against tenant damages or rent defaults. , Basic background checks online cost anywhere from $7.95 to $150, but are well worth the money for the peace of mind they provide. , Having mail forwarded is slow and often unreliable, and could result in late payments and penalties. , Take them with you or board them while you are gone.
Even if a neighbor offers to feed and water a pet, remember there will be strangers in your house and that could lead to bites and scratches. , A renter who feels a part of the neighborhood is more likely to care for your home. , -
Step 3: Decide what furniture you'll leave and what will go into storage.
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Step 4: Remove valuables from your home.
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Step 5: Make sure appliances and mechanicals are in good working order.
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Step 6: Hire a local property manager to handle all repairs and emergencies
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Step 7: or create a list of trusted service people to leave with the tenant.
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Step 8: Have a cleaning service come in to thoroughly clean the house before the rental starts
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Step 9: then make it a contingency in the rental agreement that the tenants hire the same service to clean before they leave.
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Step 10: Get a security deposit.
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Step 11: Run a background check on your renters and meet them in person
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Step 12: if possible
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Step 13: before the lease is signed.
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Step 14: Arrange to pay all your basic bills in advance or online.
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Step 15: Make sure your pets have a place to go.
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Step 16: If you'll be renting to people from another city or region
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Step 17: leave a local reference packet with names of area businesses
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Step 18: local emergency information
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Step 19: and names of neighbors.
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Step 20: Keep all expense and income records for your Federal income taxes...the revenue you receive is taxable
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Step 21: but you can deduct the mortgage
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Step 22: property taxes and relevant expenses if you keep good records.
Detailed Guide
Most don't cover damages done by a renter, so you'll have to purchase an additional policy to cover not only your home and any contents you leave, but also liability issues in the event the renter is injured on the property.
If not, you may need to obtain a variance to rent your home. , Short term rentals, typically 4 months or less, are usually rented furnished.
You'll want to make the renters feel at home, while protecting heirloom furniture and other treasured possessions.
Storing them offsite is safer than simply warning tenants about fragile chairs or delicate fabrics.
Consider purchasing inexpensive basic furnishings to use in place of irreplaceable family favorites. , As much as you would like to trust your renters, things can disappear while owners are far away.
Take family collectibles, special toys, electronics, cameras, and silver out of the house.
Simply putting it out of the way in the attic or a closet is not sufficient protection for your valuables. , It's easier for you to make needed repairs or replace them before you go than to try to arrange it from another state, or worse yet, come home to find that the tenant has tried make repairs on their own! , The former has the advantage of saving you from a tenant who calls in an expensive service person for minor repairs, while the latter means you only pay or services actually used. , This prevents disagreements when it come to security deposits. , Even for a short term rental, you need protection against tenant damages or rent defaults. , Basic background checks online cost anywhere from $7.95 to $150, but are well worth the money for the peace of mind they provide. , Having mail forwarded is slow and often unreliable, and could result in late payments and penalties. , Take them with you or board them while you are gone.
Even if a neighbor offers to feed and water a pet, remember there will be strangers in your house and that could lead to bites and scratches. , A renter who feels a part of the neighborhood is more likely to care for your home. ,
About the Author
George Ferguson
Brings years of experience writing about cooking and related subjects.
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