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.
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.
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.
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.
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?