The Phoenix area is absolutely rife with opportunities when it comes to rental properties and investment property. But for the savvy, there’s yet another option. And this one is simple, fast, and totally safe—provided you know how to set it up correctly. We’re talking about turning your own home into a summer rental property!
Why Should I Rent Out My Home?
Your stable home, vacation home, a sitting property left by a family member—all of these are a viable option for renting to travelers. Why should you do this? Well, it can benefit many people and slot in as a great supplement for tons of applications. For many, this is a great way to break into the world of renting. You already have the property, it’s prepared for living in, and it’s just full of potential. This makes a safe venture, essentially. You’re likely to lose little to nothing, and you only stand to gain. A win-win!
How Do I Rent Out My Own Home?
Overall, the process is actually quite simple and takes little more than registering with a well-known online third party or finding a local agency that will work with you. These third parties take a cut, but they also offer tons of tools and options, as well as marketing that will actually get your property on the boards, so to speak.
All of this said, renting out your home is not without its risks, and this is where you need to actually do some preparation. In order to do this successfully, you need to:
- Learn your local laws. Before you let the excitement get to you, look into all local laws regarding short-term home rentals. Every single municipality handles the process a little differently, and you absolutely want to stay on the right side of the law. Expect to need to register and potentially submit to a home assessment.
- Beef up your insurance. Standard homeowner’s insurance won’t cover damages that may be caused by a wild renter. Most agencies will work with you on this and create a personalized policy, so don’t stress too much, but be sure it gets done.
- Be prepared to screen. You may also have someone else screen for you. Unlike a motel or hotel, you don’t have walk-ins, and you should take advantage of this to screen potential renters.
- Set up a deposit fee and a list of forfeitures. Always require a deposit. Most renters are great folks and are going to respect your property. But that doesn’t mean everyone will, and it doesn’t mean accidents don’t happen. To absorb this risk, be sure to have a firm deposit fee and a list of events that would require the forfeiture of the deposit.
Consider Hiring a Property Manager in Queen Creek & San Tan Valley, AZ
Depending on how successful your vacation rental venture becomes, you might start finding yourself exhausted trying to keep up with home maintenance, screening, and fee collection. So, have someone do it for you! A great property manager can not only save you time and stress, but can also net you more profits overall. As to the management fees, vacation management fees differ considerably, but we have a resource on the topic that should help you get an idea.
Interested in making your space into a home away from home rental, or looking for property management specialists in the Phoenix area in Arizona? Contact the seasoned agents at Southwest Mountain Realty online!