If you own a cottage and hate the thought of it sitting empty for the duration of the summer, you may be tempted to earn extra money by renting it out. But keep in mind, being a landlord comes with a price tag and requires time and effort on your part. Before deciding to rent a vacation home, familiarize yourself with the ins and outs of the checklist. 

First and foremost, put safety first

Make sure your cottage or home is safe before renting it out. Ensure that your smoke detectors are working and that your stairs and railings are in good condition before leaving.

Recognize the importance of your role

You must first decide if you can handle the responsibility of being a landlord. Renting has several advantages, including the ability to deter vandalism often associated with vacant homes, the simplicity of tax breaks, and the capacity to generate sufficient income to pay bills and turn a profit.

However, being a landlord comes with additional responsibilities. When renting out your home, you’ll have a lot of work, including repairing and maintaining the property, collecting rent, paying your homeowner’s insurance premium, and ensuring that housekeeping skills are up to par.

Make your home rental ready

You may not be able to rent the house as-is in a down market. Because of the increased availability of vacation rental homes, tenants are more attentive and demanding, and their expectations are much higher.

Make your house ready for a new tenant by cleaning thoroughly and checking that all appliances are in good working order. Renting a part of your home? Make sure you can isolate the rented space from the rest of your house. You can also employ a property management company to perform the legwork of renting your house, who’ll make this process very smooth.

Getting the word out about your home

Once the house is in order, write a list of the features that make it appealing to potential buyers. Take note of features like a washer and dryer, air conditioning, and a garage that are commonly desired. Using rental terms can help “sell” the house.

Hire financial experts to help you make sense of the numbers

Legal and financial experts are critical to ensuring that you adhere to tax laws. Local property standards, and zoning regulations when converting your home into a residential rental property.

Tax deductions may be available to you, but it’s important to know which expenses are deductible before you claim them.

Use the services of a professional to assist you in formulating the leasing agreement by the relevant local legislation. And last, but not least, get assisstance in establishing appropriate house rules and emergency contacts.

Once you address and avoid potential issues, the vacation rental can be advantageous to both owners and the tenants. If you need help with consulting, or any of the above mentioned, property managers are great at putting you at ease, avoiding rental hassles, and keeping your expenses low and your return high.