Things to Consider
When renting your own home you are imposing on your family by either renting out part of your home or leaving the house to allow renters. It is important to make sure that you are making enough money to make sure the costs, and stress make sense. The biggest thing about renting out YOUR personal home is knowing that there is going to be high costs and expenses. You are going to have to work hard to empty your stuff out. Thing will be broken and there is ALWAYS risk. Since you are already paying the mortgage you are not desperate. It is important to consider the extra expenses, whether you are sitting on the fence, or need the extra cash. Make sure you are picking a number that makes sense and takes in all the other expenses you will experience.
1) Your Utilities Will Be Higher- People on vacation aren’t concerned with cost and they set everything at temperatures that are comfortable to them. So, while you might live at 80 degrees in the summer, they probably want 68.
2) You have to pay for another place OR you have to be paid enough to be inconvenienced – Since you are leaving your house you will have to live somewhere else. If you are already leaving that is not a big deal, but if you weren’t planning on leaving but got a great deal. It is important to make sure it makes sense for you to live somewhere else.
3) Pet Sitting- If you have pets you will have to pay for them to leave the premise if your renting the entire place out or you could have to severely limit their access. Which could very well be much more expensive.
4) Your Items Will Wear Higher – You will be replacing bed sheets, towels, dishes etc more often. So, make sure that you are making money
Placing your Property Value
Look at other listings, see how many are available. Pick a high number, no interest lowering it. Play with it till you get the booking that make all of this worth it to you. Also keep in mind that multiple tenants (so 3 , 3 and 4) are harder to handle than one long 10 day listing during your 10 day vacation.
In addition to listing it multiple places is also very helpful to make sure you appeal to every potential high paying guests. Sites in a different area will attract different types of tenants than other. For example, in some areas Airbnb is the number one source of interest. In other areas VRBO or now HOMEAWAY. In some high traffic vacation rental areas, hiring a firm that has a well established reputation could be even better.