The other day I was watching a TV show that helped people find their next home. I can’t remember the name of it, but the people on this episode were all looking for a home that also had a guest house so that they could rent out the guest house and make some income from their property.
This is something that really interests me. I would love to have a guest house in our next home so that our loved ones can visit, and having the option to make a little extra money sounds great as well.
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Here are different things to think about when renting to short-term renters:
Make sure your town allows for short-term rentals.
Even though it’s your home, not all towns allow for you to rent out a room to a short-term renter. You should look into your local laws and make sure you are abiding by all the rules before you get too deep into the short-term rental business.
Income possibilities are usually a little bit higher.
With a short-term rental, there is a possibility to make more money than if you were renting the home/room to a long-term renter. This is because more work is needed with a short-term rental.
Someone will have to clean the rental.
Unlike with a long-term rental, you will need to clean the rental or have someone clean it. Usually the renter does not do this, but you can usually charge them a cleaning fee.
I have seen cleaning fees as low as $20 and as high as $200.
It will have to be fully furnished.
For a short-term rental, the place will have to be fully furnished just like with a hotel room. No one is going to bring a mattress and other furniture with them to stay at a rental for just a few days haha!
You’ll need instructions.
Whether you plan on being in your home the whole time or not, you will want to leave instructions for your renter. This makes it easy on the both of you because they probably don’t want to bother you, and you probably don’t want to be bothered the whole time as well.
You can leave an instructions paper that details:
- Check in and check out time.
- Internet username and passwords.
- Any rules such as those pertaining to smoking and/or pets.
- Noise levels (can they have parties?).
- What they should do with dirty dishes.
- Any amenities that the rental provides such as towels, extra blankets, etc.
- And so on.
Are you interested in something like this? Why or why not?
Image via Flickr by Su–May