Are you considering renting your vacation home? With super user-friendly services like Airbnb, renting a house is made simple for just about anyone, anywhere. Homeowners looking to rent out a vacation space have plenty of options, it will just take a little research and effort first. Be sure to secure Augusta vacation home insurance first so you can protect your financial investment in a time of need.
There are certain things that you will want to do, and other things that should be avoided when renting your vacation home. Let’s take a closer look.
Complying with Local Laws
There are laws governing the short-term rental market that vary widely depending on the location of the rental. If you own a home within an association, those regulations may restrict your ability to rent the home on a short-term basis. The local safety order most likely has governing laws with requirements, such as installing a carbon monoxide detector.
Staying up on the Neighborhood Dynamics
Neighbors are known to report conditions that cause them inconvenience to city officials. If your property is the reason for these inconveniences, this will end up creating many issues for your renting experience. Those who have lived in the community for a long time will be less inclined to tolerate any annoyances, as they will not want anything to negatively impact their neighborhood and quality of life. This can be avoided by speaking with them before a house purchase to evaluate their comfort level, keep positive communication and enforce relevant rules for your renters.
Not Securing Proper Protection
Typically, a standard homeowners’ insurance policy will not protect you for short-term rental business activities. Coverage gaps leave you at great risk if guests end up creating significant damage to the house. In this scenario, you will need a short-term rental insurance policy to be adequately protected. Depending on how you are renting out your space, you will need a coverage plan that will match your needs.
Failing to Prepare for the Expenses
First impressions make all the difference, so your property must be impressive both online and upon arrival. Keep in mind that home furnishings, both indoor and outdoor, and a fully equipped kitchen can be quite pricey. These expenses add up quickly, and you do not want to have old dusty furnishings as this will likely affect profits. Having a beautiful and updated space can make you or break you in this business, not only to maintain bookings but also to ask for the price you want.
Not Being a Good Host
Being considered a “bad host” is undoubtedly a matter of opinion. However, ensuring that your guests feel welcome is a great way to avoid bad reviews that could damage your rental reputation. Strong customer service is the main component of a successful business. Be prompt in responding to questions and staying patient while accommodating your guest’s request can help you accumulate top ratings.
About SB One Insurance Agency
At SB One Insurance Agency, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 60 years. We are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefits, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526.