Traveling can be an enriching experience, as it helps you get acquainted with new experiences and helps you make memories that last a lifetime. However, everyone faces one specific challenge when they are on extended travel periods: managing their homes while away from home. When you travel longer, security issues and problems may crop back home. Also, leaving your home vacant for extended periods leads to loss of income-earning opportunities.
As data reveals, around 60% of the hosts in the U.S. have admitted that they rent out their primary residence while they travel. Doing so helps you cut travel costs, including gas, accommodation, costs of new experiences, and miscellaneous expenses. Also, as responsible tenants inhabit the property, security concerns get taken care of. So, when you travel next time, list your rental property first. Ensure you put it up for an appropriate listing, which will fetch responsible tenants to pay you for the short-rental period while traveling. If you are wondering how to go about it, the following tips will help you through:
If you are planning to list a house for rent when traveling, it is important that you first set it up for rent. Declutter and clean every room. Address maintenance issues, if any. Look out for the functionality of the appliances. Ensure that your home's interiors and exteriors are in good condition, which will improve your chances of demanding a higher charge from potential tenants. Make your rental property appealing by arranging comprehensive inventory and scaling up security and essentials beforehand. All these steps will ensure that your property looks and feels attractive to potential tenants, setting the stage for a successful renting experience.
If you are putting up your property for rent while traveling, remember the rental charge considerations would not be the same as the standard ones. Thus, conduct your research thoroughly and consider the short-term rental charge in your area for similar properties, considering factors such as location, size, availability of amenities, etc. Narrow the deposit amount strategically, as your potential tenants might not be as careful while using the property, leading to certain damages. Get a competitive edge by charging the rent fairly, ensuring you cover the maintenance costs and reap desirable returns. Also, consider market trends regarding vacation rentals. It will help you make strategies that pay.
Curate an attractive online listing when you list your rental property while out on a travel expedition. You may use premium-quality photos and videos to capture the features of your rental home. Mention a detailed description of your rental property and key highlights, leaving little to no chance for further doubts in the potential renter’s mind. Ensure you mention all the crucial details, including check-in and check-out timings, home rules, pet allowance, etc. A well-drafted listing attracts responsible tenants who are ready to follow the rules you put up.
When you have limited time to list your rental home and have last-minute travel plans, what better to list your property than online resources? Online resources are platforms and websites that help you list your home as a rental property for a certain period. They help you manage your property bookings and handle payments securely. Tap into the potential of these online resources and get wider exposure for your property in a limited period. Streamline your renting process and make things easy for you and your potential tenants.
When you list a house for rent, the kind of tenants you hand over your property to play a crucial role. When you are out for travel, these tenants occupy your property. Since the stay is short, do not expect the tenants to practice prudence. In such a situation, handing over your rental property to credible tenants will be smart. Thus, screening the tenants that apply for your rental property is important. Run a thorough background check, look for respectable references, prioritize personal relations, and check tenant history, if any. Have open and honest communication considering the property rules to avoid conflicts later.
For making profits out of the rental property business, especially if it’s short-term based (as you rent only while you travel), ensure you familiarize yourself with the local rental laws and regulations. Study and understand the rules concerning lease agreements, tenant eviction process, security deposits, etc. It is important to draft a lease that outlines all the details regarding rental charges and collection schedules, maintenance responsibilities, and other rules. Take professional legal and financial advice while drafting a lease, listing your property, and charging a rental cost.
Managing your rental property while away on vacation or travel may seem cost-effective. Still, it will only add to taking up your time and energy, negating the positive effects of traveling. In such scenarios, hiring a professional property manager who could handle things for you back home at a reasonable cost is better. The property managers take care of tenant communications, rent collection, addressing issues, etc. and keep you informed as you travel. It helps you enjoy your travel seamlessly without worrying about what’s happening back home.
While you are away traveling, ensure that your belongings back home are safe. To deter wrongful activities, install appropriate security measures, including locks, sensors, and alarms. Also, inform your home insurance company about your rental arrangement and seek information on the necessary coverage. An appropriate insurance policy can help you cover the losses and liabilities when you list your property for rent while traveling.
Renting your home while traveling can be an enriching and rewarding experience, provided you plan your move beforehand. Following the tips, you can rent your property easily when away from home on a vacation or a formal travel expedition. It will help you make your travel a profitable endeavor. Explore the world while your home earns back the travel cost. So, why wait for tomorrow when you can embark on adventurous journeys today and earn while being on the go? Plan your rentals beforehand and make your home a source of income while you are away.
