Florida is a warm destination location for many tourists. If you own a vacation home in one of the more popular cities in this state, and you don’t think you’ll be there very often, you may want to consider renting it out short term for extra income.
Follow these essential tips when you decide to rent your home to tourists:
Know your break-even point
Mashvisor notes that you will want to calculate your break-even point to determine how long you should rent your home. You’ll need to consider how much you will charge and what your monthly mortgage payment is. In addition, incorporate other expenses such as utilities and homeowner association dues.
For example, if your monthly mortgage is $2,000, and you rent the house for $2,000 each week, you would only need to rent out the place for 12 weeks to break even on mortgage payments for the year.
Understand the rules and regulations
Another aspect you will want to consider in relation to renting out your Florida home during the year is the law of the region. Make sure that renting your home to tourists still complies with ordinances and regulations for the state, county and municipality.
“Check with the homeowners association of your place as well before advertising and renting the space.”
You may also need to check with the homeowners association of your place before advertising and renting the space.
Do your research before renting your home, as you do not want to be in violation of any rules or regulations.
Prepare your home for guests
When renting your Florida vacation home short-term, make sure the space is totally ready for your renters. Equip all rooms with the necessary items. Kitchens should be fully stocked with plenty of plates and glassware, while bathrooms should have bath towels, washcloths, and hand towels. Try to provide two of each for every guest.
You may also want to have extra soap, toothbrushes, and other toiletries on hand. Consider offering items that are made by locals in the area. It is a fun and charming gesture that successfully welcomes your guests.
Bankrate also suggested teaming up with local businesses to include coupons or promotions for the renters. Not only is it a nice welcome home present, but it also encourages guests to check out nearby stores and restaurants.
“Call your local restaurants, ski resorts, marina, water parks, amusement parks, movie theaters, and arcades for a discount or free coupons to add to your vacation package,” noted Marie R. Ferguson, author of “Breaking all the Rules: How to Rent Your Vacation Home.” “In times like these, they will welcome the business and be excited to throw in freebies — anything to get more sales.”
Store extra and valuable items
If some of your belongings take up too much space or are especially valuable, consider storing them in a Florida storage unit while renters are living in the house.
SecurCare Self Storage has two storage locations in Florida for your convenience. Check them out and inquire about available units and pricing today.