As we wind our way down 2013’s sluggish economic river, most of us are looking for a way to make a
little extra cash with our existing assets to supplement our incomes. The economic downturn has forced homeowners everywhere to reevaluate their options. One of the current popular trends is turning your private home into a holiday rental property and reaping a windfall benefit from the rental fees. This can be both a profitable as well as convenient option. Here are a few guidelines to make your economic trip a tad easier.
The market for renters is bullish.
Holiday and vacation seekers are looking for bargains and many are tired of the generic deals they get from large chain hotels or franchise rental properties. Renting a home directly from a homeowner offers them the option of greater freedom and a more “personal” feel to their vacation stay, as well as a chance to feel more “in touch with their choices.”
Rental websites often offer affordable insurance that minimizes risk.
Along with the convenience of renting your home online through one of the
popular services, most rental services offer affordable insurance for any unforeseen accidents. This puts your mind considerably at ease as you open your home to strangers.
Damage deposits cover the rest.
No matter how you decide to rent your home, a damage deposit should always be a requirement. Be clear with your guests about what you constitute as “damage” and be generous to yourself. Also know that private renters say that over 95 percent of the time the full deposit is returned. Many holiday families typically will make an effort to leave your property in better condition than they found it.
The market is larger and your home’s location in La Quinta is more attractive than you may think.
With paychecks shrinking everywhere, many families are desperately seeking affordable options for their annual family vacation. Your home’s location may be much more attractive than you’ve ever considered. Of course, beachfront, lakefront, and riverside homes are always hot, but many big city families are looking for a bit of “country” life and vice-versa. Test the waters and you may be surprised at how many vacationers covet your humble attraction.
Always be clear with your household instructions.
Although renting your home is a low risk method of significantly supplementing your annual income, it is vitally important that you are crystal clear with any instructions, prohibitions, or restrictions that you expect your guests to maintain in order to protect the wear and tear on your home investment. Vacation time is typically the time for holiday revelers to “cut loose” and enjoy their hard-earned break, so it is crucial that you have a
clear understanding of what is and isn’t allowed in your home. Reasonable rules make for reasonable guests!
Whether you are looking to rent your home full time or just for an event, I'm sure you have many questions. Give me a c
all and I can give you information to help you make the decisions that is best for your situation.
