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How to Make Money Renting Your Home for the Holidays

How to Make Money Renting Your Home for the Holidays

The number of shopping days until Christmas is dwindling and ready or not, the holidays will soon be here.

Will you be traveling for Christmas this year? If the answer to that question is yes, it might be worth your while to look into how to make money renting your home for the holidays. You might make enough to pay for your own holiday travels rather than letting your own house sit empty while you are gone.

Advertising

There are a number of companies online that can assist you with listing your property to rent out to others for their holiday vacation. Airbnb and HomeAway are just two of the many companies you could check into to help you get started. All it takes is a few mouse clicks to begin making money during the holidays by hosting your home with either of these companies. In addition, you’ll need to consider setting up a website to help potential renters and travelers get a feel for what they will receive when they rent from you. Include detailed descriptions and lots of pictures to help you entice people to stay in your home. Make sure you have contact information including a phone number.

Protect Yourself

It would be wise to lock up any valuables you may have if you do not want them taken or damaged. Also, you should talk to your insurance agent to see if you need any additional or different coverage when renting out your home. Charging a security deposit is another good idea to help you in the event of any damages from potential renters. It could mean the difference between making money from renting your home or costing you thousands.

Make an Informational Binder

Create a binder to include what your renter needs to know about staying with you. Include things such as where additional towels and sheets are kept, what the rules are, and any other information you need them to know. Leave it out where they can easily find it. You might also leave instructions for things such as changing the thermostat or where the washer and dryer are located as well as who to call in the event of an emergency. Taking the time to give your renters clear, concise information could get you a better review, additional renters in the future, and more money in your pocket.

Extras

If you are going to be present in your home while others are renting it, be clear and up front about it. You can offer extras at a set fee. For instance, you could offer to cook a meal or two and provide menu choices and prices. Or, provide transportation around your city or town for certain amount per hour.

Taxes & Legal Issues

Check ahead of time to make sure you can legally rent your home without breaking any laws or statutes. Make a phone call or send an email to your lawyer. Additionally, you should protect yourself from any tax issues. Find out how to report the income you make from renting out your home for the holidays.

Maintenance

Finally, don’t forget to charge enough to cover cleaning and maintenance costs. These can eat into your profits quickly if you don’t plan for them in advance.

With the right steps, you can make money renting your home for the holidays. You might even make enough to cover your own holiday travel or other expenses.

Have you ever thought about renting your home over the holidays to make money?

About Kayla Sloan

Kayla is a mid-20s single girl living in the Midwest, USA. She is focused on paying off her consumer and student loans, while simplifying her life and closet. You can join her on her journey at ShoeaholicNoMore or follow her on Twitter.

6 comments

  1. As a previous Master Property Manager,it would scare me to rent my primary residence out without my being there. A short term rental of a room like a B&B, or maybe a basement, might be fine. But please don’t turn over a furnished home to strangers.

    • That’s the whole premise of AirBnb… Sure, you can rent a “private room” which means its in the home where the owner lives, but the majority of AirBnb guests want to rent the entire property.

  2. Thank you for bringing up the importance of effectively communicating the property through informational materials like a website and binder. This can help to encourage helpful behavior in maintaining the property and keeping your items safe as well as an advertisement for the property itself. Doing the extra work that you’ve laid out might make all the difference in renting your room and keeping it clean and secure.

    • I think it will make a difference for sure. I stayed at an AirBnb a few months ago and didn’t have a very good experience. I think if the host had done a better job of laying out some important information it would have helped (although, there were other things wrong with that place too, haha).

  3. Nice idea, Kayla. It’s really a nice idea to make money during this holiday season. I just wish the location of my house is convenient for those renting out, and thanks for raising the insurance topic as it is a helpful strategy for covering damages and loss.

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