If you live in a city, or your home town is soon to host a big event, you might want to consider the idea of short term letting. Renting your home out for a weekend or even a whole week is a big thing to take on. However, it can be very profitable, and affords you an opportunity to take a short break away too!
Here are just a few of the things you’ll need to do to make your home a great place to stay:
If nobody knows your property exists, you’re not likely to get many lets! There are plenty of great websites where you can advertise your property. Perhaps the most important thing to consider is the purpose of renting your place. Will it provide convenient access to the city center? Are there great views of a popular landmark? Is there going to be a big event nearby? These are the things you need to use to promote your property.
Facilities and Services
What you have to offer will affect the price you can ask to rent your property. Kettles are essential, but they can also go ‘missing’ during a let. Instead, consider instant boiling water taps, and other integrated appliances to minimize loss. Your kitchen and bathroom should be a good standard and very clean. It can sometimes be worth investing in a new one if you’re planning to do this often. Will you be providing towels and toiletries? Perhaps you can offer a fruit basket and hot beverages? Consider what you would want if you were staying there.
As well as bolting down the high-value goods, you may want to store your most precious possessions somewhere else. Perhaps one of your rooms could be lockable and secure? This might be your home office or a child’s playroom, but it can be off-limits to your paying guests. Storing the things you don’t want other people to touch can be tricky. Storage units are costly and may eat into your profits. You’ll also need to consider the cost of your alternative accommodation too.
Regulations and Legal Requirements
These vary from region to region. In the very least you must check on local fire regulations and landlord laws. Provide a First Aid kit, smoke alarms, carbon monoxide monitors, and fire protection equipment. You should make it clear how to escape the property in the event of an emergency, especially if you live in a block or shared building. Check with your local authority what other requirements you may need to fulfill. It’s better to be safe.
If you’re planning on letting your home out on a regular basis, it could be a good idea to consider the details. Making your home pleasant and memorable could encourage guests to spread the good word on social media. Offer little extras, go a little further to please, and you should soon be enjoying lots of paying guests. Bad reviews can be quite harmful, so be wary of cutting corners.
It can be a useful source of extra income, or it can be a handy way to cover the cost of your own vacation. Whatever reason you choose to rent out your home, be sure to follow local guidelines.