Whether you are leaving your own home for an extended period of time or you have a summer home that is going to waste, as the summer months pass on, you may decide that inviting renters may be a great way to bring in some income that you otherwise wouldn’t receive. Pricing the market, taking care of things like air conditioner repairs, finding the right people, and making yourself available to answer any of the renter’s questions are all part of the process of renting your home out.
Pricing the Market
The first thing you will want to do when putting your house up for a summer rental is to see what the market is like for rentals around your area. It is a great way to gauge what people will be expecting from your house. Try to look for houses with the same amenities as yours. For example, if you are trying to rent out a three bedroom with an in-ground pool, comparing your home to a two-bedroom rancher without a pool should only be used to determine a floor asking price. Variables, such as square footage of the house, property size and distance to a beach or other points of interest are some of the best things to think about when finally deciding on a price.
Making the House Inviting
If the house you are trying to rent out happens to be a summer home that you don’t get too much use out of, making it presentable and livable may be a more important task than if it is the home you spend the most time at. If you don’t spend much time at the house, you may overlook things like the lawn presentation, but it should really be taken care of before you have people looking at your house. Any repairs that may need to be done before renters move in should also be addressed early. If, for example, the air conditioner doesn’t work, it’s best to figure that out and invest in air conditioner repair before you try and rent a place; nothing can kill a rental deal faster than a house that is stiflingly hot.
Finding the Right People
As a renter, you’re looking for a house that fits your needs. If you have a few kids, you’re going to want at least two bedrooms. If you’re the one renting out the house, however, you may want to spend the time to find the right people for your home. If you’re quite particular about neatness, for example, renting your house out to a few college kids looking for a weekend to let loose is probably not the right people for you. Using a discerning eye when deciding on whom you want living in your house is a good way to assure that your house will be left in the way you lent it to the renting party.
Working With Your Renters
Once you find the right renters, you may want to keep yourself available to them if they have any questions. If they are new to the area, you may be able to help them find places to eat, hot spots to hit during the nighttime, or even tell them where the fire extinguisher. Consider yourself somewhat like a landlord. Though you may not be inclined to fix a stuffed toilet, you can at least tell them where the plunger is.
Renting out a home is a great way to get money out of a home that would essentially be a waste of money for a certain amount of time. If you take the time to find the right people and be a good landlord, you can find that it’s something you should have been doing the entire time.
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