6 mistakes to avoid when renting out a vacation home
Vacation homes are used occasionally and can be great sources of income for property owners. Rather than letting it sit idle for months on end, renting it out does seem like a way to put it to good use. But renting out one’s home and inviting a revolving door of visitors comes with its unique set of challenges. Here are a few mistakes that those looking to rent out their vacation homes tend to make: 1. Neglecting legalities The laws on short-term rent can vary based on location. Not considering these laws before putting the property up for rent can lead to legal issues and even hefty fines. Homeowners must have the necessary license valid in the respective state or county before putting the property up for rent. 2. Not pricing it right This is a tricky one, especially if the vacation home is in a touristy area that attracts a lot of visitors. Overpricing to keep it exclusive can deter renters, while underpricing can attract the unsavory kind. So, the price should be competitive yet reasonable enough to appeal to renters. 3. Lack of property maintenance There’s nothing worse for those who rent out their vacation homes than receiving bad reviews for the property.