If you’re like many Americans, you’re looking for ways to save money or make a little extra. Whether you want to expand your long-term savings or have extra funds for vacations, homeowners can make some additional cash by turning their house into a short-term rental.
Short-term rentals are different from renting your home out to tenants. Longer-term rentals are usually best for people with more than one property. However, a short-term rental is still a viable option if you only have one. You can rent out your home when you go on vacation or travel for work. Or, you could even create separate areas in the house to rent them out more often.
Keep reading for some valuable ideas for turning your house into a short-term rental.
Tip 1: Figure Out What Method Works Best For You
If you travel a lot already, your home might be sitting empty. Therefore, you could make some extra by placing your home on a short-term rental site. However, this is more of a part-time thing that might not make as much financial sense.
On the other hand, if you want a more consistent way to create income, you could consider renting out part of your home to short-term renters. For example, you could rent out the basement or see if it’s possible to add a completely private, separate area, as this is more appealing to potential renters.
Tip 2: Look Into Financial Pros and Cons
While many people have made money renting out their homes short-term, it’s not a perfect option for everyone. It would help to look at the financial factors versus the amount of work you’ll put in. Keeping your home clean and stocked for short-term visitors does take time and money.
You also have to look at demand. Many people are already renting out properties or rooms on sites like Airbnb. If there isn’t enough demand in your area, it might not be worth the effort.
Tip 3: Determine What Makes Your Property Special
Unless your home is in an area with a drastic need for short-term rentals, you’ll need a way to stand out from the crowd and attract people. While some homeowners are lucky enough to have one-of-a-kind features, most houses are more standard. Still, you can find a way to market the property or provide extra amenities.
Places with a pool, hot tub, or beautiful outdoor area are desirable to short-term renters. You could also make the home more enjoyable to stay at with things like free goodies, like toiletries or snacks.
Tip 4: Don’t Forget The Legalities
While many towns and neighborhoods allow short-term rentals, some do not. You need to ensure it’s legal to rent out your home at all. Some towns and cities have limited these rentals because of housing concerns. Also, many places with an HOA do not allow you to have renters, as they may be more likely to violate the rules of the complex.
So, before you get your house renter-ready, make sure everything is on the up and up.
Consider The Pros and Cons
Finally, as you start getting your home ready to be a short-term rental, make sure you use common sense and weigh the pros and cons. It does take work to maintain a short-term rental, and you’ll want to decide if the potential income is worth the effort.
With research and preparation, you’re more likely to succeed.
