Things to Consider Before Renting out Your Vacation Home

Things to Consider Before Renting out Your Vacation HomeIf you have a vacation home and want to earn a little extra money, there’s no better way than to rent it out during the peak seasons. Summer might be over, but Tennessee is beautiful in the fall, and still attracts people from all over the nation year-round. In this post, we’ll cover the basics on how you can gear up to start turning your vacation home into an income property- all while keeping your peace of mind. Most importantly, protect your dwelling with a Pigeon Forge Overnight Rental Insurance policy.

Determine whether you want to hire a management company.

Doing all of the booking, cleaning and oversight of your rental property can be overwhelming, especially if it’s not close to your primary residence. Determine if hiring a property management company is worth the email communications, calendar coordination, referral checks, and other tasks.

Do the math.

Create a spreadsheet to analyze what it will cost you to rent out your home versus the income you can expect to generate making it a vacation rental. Expenses will include maintenance, utilities, taxes, insurance, repairs and amenities. “Make sure you budget for preventive maintenance, and wear and tear. It’s going to pay off to think about it and do a little bit of analysis upfront,” says Michael Joseph, co-founder and CEO of InvitedHome.com to U.S. News.

Show it off.

Hire a professional photographer to take quality photos of your rental. You want to showcase its best features in the best light, so it’s ideal to recruit someone who has plenty of experience rather than rely on your cell phone camera. Next, decorate it to maximize comfort and space. Renters are choosing to stay in your home rather than a hotel, so be sure to add personal touches.

Get the right insurance.

Your home insurance policy doesn’t cover vacationers. Be sure to contact your trusted insurance agency to get the best coverage that protects your renters as well as yourself.

About Barnes Insurance Agency

At Barnes Insurance Agency, we specialize in vacation home rental insurance to ensure the protection of your property and assets. We strive to offer customizable solutions to meet your specific needs. For more information, contact us today at (877) 279-2500.

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