If you are looking to convert your home on the lake into a vacation home for others to rent out, then you are in luck. Vacation rentals can be a wise investment if done correctly. There are certain steps that you must take in order to prepare your home and yourselves for the tasks that lie ahead.
- Research other vacation properties in the region.
- Hire a manager or management company.
- Hire a cleaning service.
- Market your property.
Researching other vacation properties in your area is the best place to start. How much are nearby houses of equal size being rented for? Are they in high demand with numerous bookings in advance?
This will give you an idea if turning your home into a rental will be worth your time as well as a good place to begin researching how much to charge tenants.
Hiring a manager or a management company can help you take care of business, especially if you live out of the state in which you plan to rent your property.
There are some states that require you hire a licensed real estate agent for private vacation homes. The fees for their services are typically anywhere from 10-15%.
Hiring a cleaning service is absolutely essential before renting out your vacation home. You want to make sure all of your bases are covered and your home is spick and span before anyone stays there.
Potential renters that come and look at the home will be expecting it to be in top-notch condition. You can typically hire a cleaning service for about $20-30 an hour.
It is now time to market your property. You need to target potential buyers with bold listings and great details of the property. There are wonderful websites available that allow you to promote your property for a very low cost. Sometimes, even for free.
Make sure you add plenty of photos and very detailed information about the home. This will avoid people sending you the same question over and over again.
Those are just a few tips when you are looking to create a vacation home. It is a great investment opportunity and has the potential to be much more.