There are many today who are choosing rental homes over hotel rooms or other short-term housing. The industry is changing drastically, and it has become effortless for a person to rent out their home or condo on a short-term or long-term basis. However, if one is looking to turn their home into a rental, there are a few things they must consider and prepare before opening up their home to others.
Determine if the Home Is Suitable
In some instances, a person may be looking to buy a property to become a rental, and a first-time home buyer may find the process overwhelming. But it is not impossible when given the proper knowledge and preparation. The first step is determining if the property would be suitable for a rental.
There are a few questions to ask when considering if the property would be a good place for people to rent out for a vacation or short or long-term housing. One thing to ask is whether or not the location is desirable? Are there any popular attractions nearby or amenities that would draw people to the home? What might be something unique about the property that may draw people? And are there any other rental properties close by or even in the same neighborhood? These are just some questions to ponder.
There is also the critical task of finding out if the property can be legally rented out short term. Each state, city, county, or even homeowners association could have strict rules and regulations regarding vacation rentals. It will be vital to learn them before opening up the property for rental.
Decisions to Make
Once it is determined that the property would be suitable to become a rental, the next step would be making a few decisions about how this rental will be run. The first decision will be choosing the time frame of when a person could rent out the property. Will it be seasonal, year-round, or short-term? That will entirely depend on the property owner’s schedule and if they need the home on certain days throughout the year. It may also depend on the location’s regulations on rental properties.
Another thing to decide is whether or not the entire property will be rented out or if a portion will be available. When considering the answer to this question, some things to think about would be determining if engaging with strangers will be uncomfortable or not. If the thought is unsettling, it would be best to consider renting the entire property and not being present.
Setting the Rules
The decisions have been made now to set the rules for the guests. There should be a good balance of rules. Too many rules can turn off guests, but too few rules will lead to potential damage. Once the rules have been set, put them together in a welcome packet for guests to go through upon arrival with the information they may need during their stay and all the rules they must follow.
Preparing the Property
Once all the rules have been set, it is time to get the property ready for renters. There are a lot of details that go into preparing a home for rental. One of the primary things to do is clean the home inside and out. Ensure all of the appliances are functional and usable, and the furniture is of good quality. The safety equipment should all be up to date and easily accessible such as carbon monoxide and smoke detectors and fire extinguishers.
Make sure also to take down any family photos or other personal items. Put all of these items in a secure location, like a locked closet that guests cannot open. Keep a stock inside the property of specific necessities such as pots and pans, utensils, plates, cups, other dishware, and certain toiletries and cleaning products.
Turning your property into a rental can be an exciting time, but do not forget that it requires much work. But in the end, it can be rewarding and a significant investment.
We hope you found this article on how to turn your house into a rental for travel nurses helpful. Have you turned your home into a rental? Do you have any tips to share? Comment below.