Managing Your Vacation Home Rental

Are you one of the millions of homeowners who are in need of extra income to help cover the increasing cost of maintaining your property? If you are like most, you are probably agonizing over whether or not you should rent out your vacation home. Not sure what to expect? It can be scary to think of renters using your home unless you take the necessary steps to help prevent bad experiences. There are some rules you can follow.There are several things to consider before renting out your property. Here are just a few:1. Are you mentally and emotionally prepared for renting out your home. This is a huge decision and you must have a clear understanding on what this means. Many owners are excited about receiving rental income, but are not keen on giving back what is really necessary. Having the right attitude is the key to being successful.2. Preparing your home for renters. This means, walking through your house and making a list of which furniture, items and belongings should stay. Breakables should be placed in safe and protected areas and all valuable items should be removed. De-clutter and organize your home to help prevent possible damage.3. How much are you willing to offer. Some landlords still believe, “just give the renters a place to stay and they will be happy.” This is NOT true. Most renters are looking for a clean, “home away from home” with all to the luxurious amenities to go with it and most are willing to pay premium rates.4. Safety is the number one rule. Your home must provide a safe environment for renters? Everything should be in good, working order. If not, then fix it before your renters arrive.5. Insurance: Speak with your insurance agent about your home owner’s policy. Inform them about your rental plans.6. Taxes: Check with your local, state and government laws about rental income from second home property.