Benefits Of Renting Out Your Property
If you would like to keep the bookings coming to your property you should ensure that your prices are competitive. Below are some valuable tips that will help you set the prices and attract renters:
How to set reasonable prices for your holiday home
Be aware of your competition:
You should keep your prices in a comparable range to others that have properties that are similar to yours. Look at the prices that similar owners are charging on PortugalProperty and some other sites, Ownersdirect.co.uk as an example. See what other holiday property owners are offering. Check out their location for distances to the beaches and tourist attractions nearby. Be sure to look at the hotels that are in the same area because they are surely a big competitor. Self catering rentals have a lot of benefits over staying at a hotel but you will need to keep your prices competitive.
Rates for rentals:
A large portion of the rental properties will be priced for a one week stay (7 nights) for use of the entire property but you should be willing to arrange nightly rates for longer stays or just a short get away. You should also decide on which currency you will show your prices in. If your target audience is the European market then it will be helpful to display your prices in both Euros and Sterling and if your audience is the market in American you should advertise in US dollars.
Provide a detailed list of what will be included in the rental price:
What is included in the price at your competitors properties? If you have someone cleaning the property each and every week then you could include this as part of the deal. If you will be renting your property all year round then you may want to include a charge that is standard to cover the air conditioning or heating so there is no question of use at the end of their stay. Find out how many people will be staying at your property and set your prices based on the number of guests that will be there. Allowances should be available if you choose to if more occupants will be there than expected.
Any holiday from school will be a very busy time at your property and you can expect to make a larger amount of money during these times. Stay informed about the holiday schedule at the schools which include Easter and breaks at half term.
You can also expect to be busy during Easter breaks, bank holiday weekends, and Christmas periods so be sure to get a list of the exact dates and get prepared.
Also pay attention to the dates of local music festivals, sporting events and other crowd bringing events as you can surely benefit from these gatherings.
Renting Your Holiday Home and the Benefits that Come With It
Let others experience the beauty of your holiday home.
If life prevents you from visiting at your holiday home very often then you can share the home that you love so much with others and it will not need to sit empty.
Making New Improvements on your Holiday Home
You will have plenty of reasons to make those improvements to your holiday home when you are renting it out. Not only will the value of your home be increased as you make improvements for your guest’s enjoyment, you too will be able to enjoy them when you visit. By having someone occupying your vacation home throughout and having housekeeping there consistently you will find out if there are problems in the house before it has the opportunity to turn into a major repair.
Assistance in Covering the Expenses
The extra money that you will earn from your rental will be a definite benefit. Take advantage of the peak weeks and charge more per week during those times so you will earn more money than renting to one person or family for the entire year. No matter if your intention is to cover the expenses for the insurance and general maintenance or maybe even part of the mortgage payment, your investment will pay off by renting the space to travellers.
Exposure to New and Interesting People
You will have the ability to meet people that are very interesting when you rent out your holiday home on a short term basis. You will find big differences in travellers when compared to most of the long term renters because they will take care of your home as if it is their own if they know what responsibilities come with home ownership.
Spend Time Yourself at Your Holiday Home
The absolute best part of owning a holiday home is that you can use the home for your own personal use. Just because you are renting your vacation home out to others does not mean that you will not be able to enjoy it for yourself. You simply mark your calendar as occupied during the times you want to visit and you will be guaranteed the spot.