How to Rent Out Your Vacation Home

When you're not using it, consider renting out your vacation home - it can offset all or part of the costs of your monthly mortgage and maintenance expenses.

Instructions

Difficulty: Moderate

Things You’ll Need:

• Classified Ads

1. Determine rental rates (daily, weekly, weekend, monthly and seasonal) for your vacation home by checking classified advertisements for rental rates of similar vacation properties in the same area.
2. Establish written rental policies for such items as pets, smoking, cancellations, refunds and maximum occupancy.
3. Prepare a classified rental ad for your vacation home with a brief description of the location, available dates, desirable features, rental rates, required deposits and a phone number to call for more information.
4. Attract potential renters by placing your classified ad on Internet rental and vacation sites, in rental property exchange newsletters, or in local newspapers.
5. Contact the chamber of commerce or tourist board in the area of your vacation home to see if they provide prospective renters and tourists with listings of available rental properties.
6. Require deposits and signed rental agreements from renters. Provide confirmation of rental reservations.
7. Consider listing your property with a rental property management company in the same area as your vacation home, especially if you do not reside in the vicinity.

Tips & Warnings

• Rental property management companies usually charge a percentage of rental income for their services, but the benefits of turning over rental management responsibilities to a property manager usually outweigh the costs.
• Managing vacation property long-distance can be difficult and time-consuming.