Exploring the world is a dream come true for many individuals, and renting out your home is an excellent way to fund your travels. Alongside providing you with a stable income, you can rest assured knowing that you still have a home after your adventure comes to an end.
Unfortunately, the process isn’t as straightforward as it may seem. In order to make the most money with the least amount of stress, you need to have a plan in place.
Interested in learning more? Below we are going to discuss five tips that you should follow when renting out your home during your travels.
Find a property management company.
The first thing you need to decide when renting out your home is whether or not you are looking for long or short-term tenants. Some individuals may benefit from creating a vacation rental, while others will earn more with a longer arrangement (over 6 months).
Consider how long you will be traveling and if you want multiple guests staying in the home. From here, you’ll need to find the right management company to handle all of the paperwork such as this condo property manager in Scarborough.
Prepare your home.
No matter who you rent your property to, it’s important that it is warm and welcoming. Consider painting with neutral colors and ensure that any appliances such as the HVAC systems and smoke detectors are in working order.
For short-term rentals, this will require even further preparation. You’ll need to factor in furniture and decor to make the home stand out from others. You can find some cheap ways to add style here.
Set your pricing competitively.
While it’s your home, you should try and approach this venture with a business mindset. Rental income can fluctuate significantly due to demand, seasonality, local events, and the state of the economy.
If you are renting long-term, your property management company can help you set a fair price that will still generate interest. For short-term arrangements, you may wish to regularly update your listings by researching other rentals/hotels in your local area.
Protect your property and assets.
Renting out your home can be nerve-wracking without the proper protections in place. Make sure you understand your local regulations and have the necessary insurance in case of unexpected issues with guests or tenants.
For vacation rentals, invest in a policy that covers liability, property damage, and business income protection. The last thing you want is to run into money problems while you are halfway across the world!
Complete repairs and improvements before leaving.
Since you won’t be nearby to handle any repairs and improvements in person, try your best to renovate the home in advance before you leave on your trip. The better condition your house is in, the less likely your tenants/guests will run into problems.
Of course, it’s also a good idea to have connections on hand to address any issues. Cleaners, plumbers, and electricians are just a few examples of professionals you’ll need in your contact list.
Final Words
Renting out your home while traveling the world can be an exciting financial opportunity, but it also requires strategic thinking and vigilance. By following these tips, you can ensure that your home is safe while helping fund your adventure. Good luck!
