The global market for short-term rentals shows no signs of slowing down: In fact, the value will reach an estimated $228.9 billion by the year 2030. Many people seek the amenities of a rental home, rather than the confines of a traditional hotel room.
Have you ever thought about renting your house out? Whether you have a new primary residence or want to learn how to rent out rooms in your house, it is a great way to earn some extra money. Read on for some home rental tips.
Know Local Rules and Guidelines
Cities and states all over the country have different laws and guidelines for short-term rentals. It is essential to educate yourself before listing any rental property so you don't face legal consequences.
For instance, in Park City, you will need to meet zoning requirements. If you have the proper zone, you then need to get a nightly rental license. You may also need to self-report your taxes, depending on how you list your property.
Be Thoughtful With Your Decor
When renting out your house, you should make guests feel like they are at home. Provide decor and furniture that give the home a comfortable feeling.
Try to incorporate local decor as an added bonus. For instance, you can buy pieces from a local artist or hang up pictures of famous scenery from your area.
Provide Essentials for Your Guests
One of the perks of staying in a vacation rental is the amenities available. Make sure your guests have everything they will need to make their stay more comfortable.
Some of the items you should have available include extra bedding, toilet paper, cooking tools, and shower essentials. If you have a guide for your guests, make sure to point out the locations of these items so they will not have to search.
Work With a Property Management Company
If you want to make the rental process easier, you may want to work with a property management company. This company will maintain your home and yard, as well as communicate with your guests.
A property management company can be even more helpful when renting your house out from another city or state. You will not have to go over to physically visit the property as often if you can outsource to the professionals.
Do Regular Inspections
Inspect your property on a regular basis to make sure that it does not have major issues. This could cause your guests to leave bad reviews or limit your extra income from renting out your house.
Some of the important elements to check during your inspection include:
- decks and patios
- HVAC systems
- basements and attics
Often, if you catch a problem early, you will not have to spend as much. Repairs tend to be cheaper than replacements.
Rent Out Your House Today
Want to get started and rent out your house? With this guide, you can begin the process and feel confident that guests will love your home.
PMI Park City can provide help and assistance with maintaining your property. Contact us today for any questions or concerns you may have.