FORUM: 7 Pitfalls
The Pitfalls of Short term letting your holiday home -
If you are lucky enough to own a farmhouse in Tuscany, a villa in Florida or an apartment in Paris, then you might be thinking about turning this property extra income earner by renting it out to holiday makers. There is many sites including Holiday Velvet that enable you to advertise your property in a cost effective way to a global market. As long as the price, quality and the advertising is right you could turn this initiative into a profit earning enterprise.
But how do you avoid the pitfalls of short term letting?
Always be cautious about whom you choose as a holiday maker into your home but, apart from that, here are a few basic rules to follow.
1. Always keep your book keeping in order. This is where you can ensure that your property turns itself into a profit generating business.
2. Make sure that you have a contract with attached terms and conditions related to short-term or long-term leasing. It’s possible to get contracts fairly cheaply and make sure that it gets approved by a lawyer. This protects your rights as well as the tenants.
3. Always provide a welcome pack including easy to read instructions on how to manage your home. This should include details of where the fuse box is, how to manage the hot water boiler, satellite TV instructions (if you have it) and whatever else you think would be helpful to make your guest feel at home.
4. Make an inventory of everything in the property. When you let your holiday home, you will go through this with the new tenant and ensure they sign the contract. This way, there will be no dispute as to what should be in the place when they leave.
5. Always take a security deposit that is returned when the tenant leaves the property. This will be returned at the end of the stay as long as there are no debts or damage to the property.
6. Always take a fixed amount of the overall booking fee as confirmation of the reservation. An invoice should be sent before and receipt after the payment has been made to your potential guest. Make sure you always attach your terms and conditions.
7. Make sure that you keep your calendar up to date. It’s easy to forget a reservation and make a double booking – remember that you are dealing with people’s holidays where some people only get one vacation a year.
Care to share your thoughts on the topic?
If you are lucky enough to own a farmhouse in Tuscany, a villa in Florida or an apartment in Paris, then you might be thinking about turning this property extra income earner by renting it out to holiday makers. There is many sites including Holiday Velvet that enable you to advertise your property in a cost effective way to a global market. As long as the price, quality and the advertising is right you could turn this initiative into a profit earning enterprise.
But how do you avoid the pitfalls of short term letting?
Always be cautious about whom you choose as a holiday maker into your home but, apart from that, here are a few basic rules to follow.
1. Always keep your book keeping in order. This is where you can ensure that your property turns itself into a profit generating business.
2. Make sure that you have a contract with attached terms and conditions related to short-term or long-term leasing. It’s possible to get contracts fairly cheaply and make sure that it gets approved by a lawyer. This protects your rights as well as the tenants.
3. Always provide a welcome pack including easy to read instructions on how to manage your home. This should include details of where the fuse box is, how to manage the hot water boiler, satellite TV instructions (if you have it) and whatever else you think would be helpful to make your guest feel at home.
4. Make an inventory of everything in the property. When you let your holiday home, you will go through this with the new tenant and ensure they sign the contract. This way, there will be no dispute as to what should be in the place when they leave.
5. Always take a security deposit that is returned when the tenant leaves the property. This will be returned at the end of the stay as long as there are no debts or damage to the property.
6. Always take a fixed amount of the overall booking fee as confirmation of the reservation. An invoice should be sent before and receipt after the payment has been made to your potential guest. Make sure you always attach your terms and conditions.
7. Make sure that you keep your calendar up to date. It’s easy to forget a reservation and make a double booking – remember that you are dealing with people’s holidays where some people only get one vacation a year.
Care to share your thoughts on the topic?
Labels: florida, forum, holiday-rental, paris, vacation-rental
posted by Holiday Velvet Team at
7:17 AM
0 Comments:
Post a Comment
<< Home