Home Business & Commerce Turn Your Home Into a Profitable Vacation Rental With This Guide

Turn Your Home Into a Profitable Vacation Rental With This Guide

By Janet Lovelace

Turning a home into a vacation rental requires quite a bit of prep, but it often pays off in the course of a year. If your property is in a great area and has much to offer individuals or families who need to get away, you could conceivably create a profitable business that brings you income year-round. “Hostfully” notes that the key is knowing what renters are looking for and which changes you’ll need to make to your home and property. Consider the safety of your renters and how to offer amenities that set you apart from your competition.

Read on for some more pointers from Burien-News.

Invest in the right upgrades

The amenities that attract renters will vary, depending on your property’s area location and the type of weather that’s common there. In general, it’s best to invest in upgrades that will pay off down the road. Consider what renters are looking for and what buyers might desire, if you decide to sell the property later.

Installing a pool is a typical move for vacation homeowners, but it’s best to do that only if the weather is relatively warm year-round; otherwise, you’ll be paying for the upkeep during months when it’s not used, and pools require a lot of energy and maintenance. You can always start on a minor scale, such as installing a quality security system that helps your renters feel safe during their stay. Read up on your options; some security systems are unsuitable for a vacation rental.

Don’t forget the exterior

When it comes to updates, it’s important to pay attention to the exterior of your home. Even for renters, a little curb appeal can make a huge difference when deciding which vacation home to choose. “Life Storage” suggests refreshing the front porch with a coat of paint on the door, some hanging flower baskets, and a new light fixture.

Take a good look at the lawn and consider whether some new landscaping would improve things. This is especially important before you take photos of the home to list online. Get help from a professional landscaper, but only after reading customer reviews.

Pay attention to the details

When setting up a vacation home, it’s essential to remember the details that will make your guests feel comfortable inside and outside. Adding deck or lawn chairs, a small fire pit, pool toys, a pet bed (if your home will be pet-friendly), and kitchen tools for cooking or grilling are all great ways to show your renters that you care about the quality of their stay. ( Not only that, they’ll remember those details when it’s time to secure a rental for their next trip or when they’re spreading the word about your property to friends and family.) Don’t forget to stock lots of paper products, clean towels, and dish and laundry soap for their stay.

Protect yourself with an LLC

Finally, it’s crucial to prepare the home for not only guests, but also your reputation. As with any business involving paying customers, renting out a vacation home opens you up to problems like payment disputes, accidental falls and injuries, and even litigation.

Fortunately, you can protect your personal assets by securing the right insurance policy and creating an LLC or limited liability company. This will give you peace of mind; in addition to protecting your personal assets, an LLC has particular tax advantages. Starting an LLC requires a few essential steps, including naming the business and registering with the state authorities. You can hire a formation service to file the paperwork in New York rather than an attorney, saving you a lot of money.

Turning your property into a vacation rental may take some time, as will finding renters, so keep your expectations realistic. Remember to invest in the right upgrades, sprucing up the exterior, and setting up an LLC. Once the home is ready to list, take some quality photos showing off every part of the property so your renters can clearly see what they’re getting.

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