If you have a summer home that you use during warmer months, you may want to consider renting it out during the off-season as a way to make additional money. Many people enjoy having two homes, and it is a great opportunity to expand your income by sharing the lesser used home with others when you are not able to use it yourself. Here are some tips to use when considering getting involved in renting out a summer home.
Take Care Of Legal Matters
Before your rent out your summer home, check out the short-term rental laws in the state where the home is located to make sure there are no stipulations you are unaware about. Purchase an insurance policy for your summer home if you do not already have one in place. Draw up paperwork to be signed by renters so you have legal documentation backing you up in case there is a problem. All of these things can be done with the help of a real estate lawyer.
Get Appropriate Help
Since you will not be nearby to take care of problems when they arise, services that will help out the tenants need to be reserved. Have a property management company take care of all maintenance problems. They will keep in close contact with you to find out how you wish to proceed if a tenant complains that they have a broken appliance or damage that needs restoration. Hire a cleaning service to take care of the rental between tenants if you are renting it by the week or month. For more information, contact a company like Condominium Management.
Prepare The Home
Furnish the home with nice pieces that will attract renters and that will keep them returning year after year because of their comfort and style. Make an inventory list of the pieces you place inside the home and leave it with the paperwork that is filled out by tenants so they are aware that you know what is in the home. Let renters know what price these pieces are valued and indicate in the paperwork that they will be responsible for replacement cost if something is destroyed. Take pictures both the inside and outside of the home as proof of what it looks like when in good condition.
Make a folder for tenants that has all instruction manuals for appliances and electronics within the home. Add some local menus and attraction brochures to help make it easier for tenants learn about the area upon their arrival. This is a nice touch that will make the tenants feel at home.