Make money with your property while traveling: A comprehensive guide to renting your home

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The Insider @ Houst
Last updated on
May 15, 2023

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Make money with your property while traveling: A comprehensive guide to renting your home

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Houst is a leading property management company specialising in short-term and medium-term bookings in eight countries. With over 7 years of experience and managing over 300,000 bookings, we help homeowners make the most of their properties.

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Imagine the thrill of earning money while you're off visiting anywhere. Have you ever wished you could utilise your property while away from home? Well, now your wish can come true! Anyone can create a rental profile for their home with just a few clicks. So, why not try it and turn your next trip into a profitable one?

List your home and make money while you're away! Your humble abode could become a source of additional income, helping you fund those little luxuries you've been eyeing, like that stylish new sofa. It could contribute to your next dream vacation!

In this article, we’ll share some tips to utilise your property while you're away from home. So, let’s get into it!

Table of Contents

How to Rent Your Home While You Away

Rent your home to utilise your property while you're away from home. Renting out your property can be a great way to make extra money. Let’s see how you can rent it:

Check Your Mortgage and Loan Provider's Policies 

Before renting out your home, it's crucial to consult your mortgage lender or loan provider to determine if they allow such arrangements. Some may have specific restrictions or requirements you must be aware of. If your current provider isn't open to the idea, explore other mortgage options with the assistance of a broker. You never know; you might find a better rate and more flexible terms.

Ensure Legal and Safety Compliance

To legally and safely rent out your home, there are several essential requirements you need to fulfil. Here are some key points to consider:

Obtain Necessary Certifications

  • Gas Safety Certificate

By law, you must possess a valid Gas Safety Certificate, ensuring the gas appliances in your property are safe and in proper working order.

  • Energy Performance Certificate 

An up-to-date Energy Performance Certificate is also mandatory, demonstrating the energy efficiency rating of your home.

Health and Safety Rating System Requirements

  • Electrical Safety 

Ensure the electrical system in your property is safe and up to code.

  • Damp-Free Environment

Prevent dampness and maintain a healthy living space.

  • Well-Maintained Flooring

Pay attention to the condition of your flooring, especially on stairs, to avoid accidents and falls.

Seek Expert Guidance

Going through the rental process can be overwhelming, but professionals can help! Consider contacting experts who can provide valuable assistance, often at no cost. Here's how they can support you:

Rental Valuation

They can accurately assess the rental potential of your property, allowing you to plan your finances effectively. 

Legal Compliance

Letting experts will ensure your home meets all the legal requirements for renting, giving you peace of mind. 

Tenant Selection 

Professionals can help you find the ideal tenant for your property while you're away, ensuring a smooth rental experience. 

Getting Your Property Ready to Rent

You must make a few essential preparations to ensure a smooth rental experience for you and your guests. Follow these steps to get your home rental ready: 

Create a Home Reference Binder

Compile all the essential information about your home in one convenient binder. Include details such as house layout, amenities, and unique features. Provide maps, directions to local attractions, and contact numbers. Consider specifying your preferred communication method for non-emergency inquiries, whether it's through text or email.

Establish House Rules

Set clear house rules to ensure a comfortable stay for your guests. If there are any areas off-limits, make sure to communicate them. For added convenience, consider implementing practical solutions to encourage compliance. For example, provide a boot tray and a basket of slippers near the entrance to encourage guests to remove their shoes. Installing door locks can be beneficial if you have rooms you want to keep private.

Label and List Important Items

Make it easy for guests to find what they need by labelling and listing essential items in your home. Label cupboards or shelves in the kitchen, especially if you want items returned to their original places. Provide instructions for more oversized items like vacuums or bicycles, or include a note in the home reference binder indicating their location.

Provide Clear Instructions

Ensure your guests feel at ease using various systems and appliances in your home. Leave clear instructions on operating the TV, entertainment systems, dishwasher, laundry machines, internet connection (including access codes), home security system, and heating and air conditioning systems. You can include all the instructions in the home reference binder or place notes around the house for easy reference.

Maintain a Separate Binder for Yourself 

Keep a separate binder for your own reference to streamline future rental processes. Make a list of items that need to be removed or secured before renting your home so you don't have to start from scratch each time. It's also helpful to maintain a detailed household inventory. Conduct a thorough walk-through with the inventory before and after each rental to ensure everything is accounted for.

Conclusion 

Why let your home go to waste while you're off exploring the world? Utilise your property while away from home is a smart move that can bring in some extra cash and make good use of your space. Prepare your home by organising important information, setting clear rules, and providing helpful instructions. With these steps taken, you can enjoy your time away, knowing that your property is safe and working for you!

The Insider @ Houst

The Insider @ Houst

The Insider team provides up-to-date and relevant information on short-term rentals to help navigate the world of short lets. If you're interested in publishing your content, please get in touch with us at expert@houst.com.

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