If you own a piece of property that you either don’t use often or would like to start making some money from, you may want to consider renting it out to people traveling on vacation. However, before you venture into this world, you’re going to need to make sure that you’ve got everything in order.
To help you with this, here are three tips for converting your property purchased from someone like Heidi Houston into a vacation rental.
Make Sure Everything Is Legal
Before you rent your property out for the first time, you’ve got to make sure that you’ve taken care of everything from the legal side. Depending on where you live, this could include getting special permits or licenses in place. You will also need to figure out how you’ll handle taxes as well.
To make this easier for you, Shaun Greer, a contributor to BiggerPockets.com, shares that you may want to consult a vacation rental manager for this part of your conversion process. People or agencies that manage vacation rentals will have a lot more knowledge about how to get everything squared away legally so that you don’t have to worry about anything cropping up once you start renting out your space.
Get The Right Security In Place
Once you’re sure that you’ve taken care of the administrative side of owning a vacation rental property, you’ll then want to get the right security in place.
According to Shannon McMahon, a contributor to SmarterTravel.com, some of the security features that you may want to include in a vacation rental property are combination locks for the doors, video monitoring, and smart home features that you can control from your home. All of these things will make it much easier for you to ensure that your property is safe both when the rental is occupied and vacant.
Do Your Best To Protect Your Property
In addition to protecting your property with the best security features, you’ll also need to do your part to protect your property from damage done by potentially bad visitors.
To do this, Angela Colley, a contributor to Money Talks News, recommends that you be very careful about who you rent out your property to. In many instances, you may not be able to know beforehand if people will be particularly hard on your property. But to best protect yourself financially, make sure you always secure a security deposit before allowing renters in so that it will be easier for you to hold them responsible if they do trash your property or break something that isn’t part of normal wear and tear.
If you’re thinking about renting out a piece of property as a vacation rental, consider using the tips mentioned above to get yourself and your space ready for this.