If you live around Salt Lake City, you know it’s a big tourist area. You may think that turning your home into a vacation rental would be a good way to earn some extra money. Before you jump into the tourist industry with both feet (or your home), you need to consider several things.
Find Out about Restrictions
Before you start renting out your home to vacationers, you need to find out about any local restrictions. Some neighborhoods won’t allow rentals in the area. Others set limits, and you want to make sure you’re in compliance before you start advertising.
To find out about restrictions, you need to check your neighborhood association rules and zoning ordinances with the city. If you don’t understand the terminology or legalese, you’ll want to contact an attorney for interpretation.
Consider Rental Options
You’ll need to decide where you’ll put your guests. Will they stay in a basement apartment, a room upstairs or a guest house? Which areas will you give them access to and how will you designate certain rooms as off-limits?
These and other questions must be answered before you put your plan into action. You’ll need to think about whether you want to limit their stays or restrict them to weekends only. Of course, the answers to these and other questions will help you determine how much you can charge.
You’ll need to talk to your Salt Lake City home insurance carrier. Let them know what you’re doing and make sure you have the right coverage for this venture. You may need to increase your liability coverage in case of accidents.
You’ll also want to set up rules for your guests. They need to know what they are allowed and what they can’t do. It’s important to think through all possible scenarios and consider all possibilities so that you can prevent problems before they occur.
Look at your home with new eyes. Check to see if you have potential hazards which could lead to injury. While property insurance can take care of you when an accident happens, you want to avoid the issue in the first place.
It’s a good idea to talk to a real estate attorney for the legal aspect of it. They can warn you of potential issues and make sure you meet all requirements for operating a business in your home.
Start Marketing Your Dream
Once you’ve gone over all aspects of turning your home into a rental and decided to go for it, you need to start marketing and getting guests. Living in a place like Salt Lake City, you’ll find many opportunities to bring in tourists.
Turning your home into a vacation rental is a wonderful way to earn some extra income. However, you must be prepared and make sure you’re protected from bad things that can happen in this situation. And always let your property insurance provider know when you’re doing something different to your home.