1. You will most likely make more money than renting your room, or home, traditionally.
I turned a single unit of a duplex into a vacation rental. I was already paying the utilities for both units. With a little more work, I was spending the same on utilities but tripling the gross income of the unit.
2. It will require more legwork than a traditional rental.
When this building was rented traditionally by long term tenants, I spent an average of two hours a week actively managing it. As a vacation rental, doing all of the cleaning myself, I spend an average of five hours a week cleaning, managing bookings, responding to inquiries, driving, and picking up supplies.
3. There may be less wear and tear to your property than a traditional rental.
The tenant that tipped me over started a home daycare business out of my rental property. Major red liability related flags. Guests will be bringing in their luggage which can cause minor wear but it’s less than tenants moving furniture in and out.
4. Interior matters.
Many people booking my unit mention the look. Out of town guests don’t understand proximity or part of town, so they go off of what you tell them, and more importantly what they see. If it looks like a hotel but costs a half to third of the price, you’ll stay booked.
5. You can’t please everyone.
I’ve has guests request or comment on the smell, the neighbors, emergency toilet paper situations, the activities of other tenants, the care of animals on the property, the squishiness of the carpet, etc.
6. You will do a lot of laundry.
Buy white – white sheets, white towels, and bleach, or at least oxyclean. Women will wipe their makeup off with your towels regardless of the color, and men will shine their shoes. Hope you have use for shop rags – you’ll generate a lot. If towels are too far gone for your rental, local animal shelters often take them.
7. If it’s there it will be used…or taken.
Set parental controls if you offer cable – block the 15$ porn now and save yourself later. Don’t leave herilooms around. I had someone remove a small picture from an arrangement of several. Of course, that small picture belonged to my grandmother and had high sentimental value.
8. You will meet interesting people.
I’ve had the pleasure of hosting authors, lecturers, aventures, and parents of local college students.
9. You can convert some guests to long term renters.
Be chill – hopefully they’ll reciprocate. The golden rule applies here. I advocate allowing pets – because individuals relocating using vacation rentals whole they search for long term housing will have to their pets Andy w
10. You will laugh you will cry, you’ll be annoyed, you’ll unknowingly or knowingly add hospitality management to your resume