Renting Your House – Maximize Profits

Spread the love

Forget about renting out your house in the normal way. There will be so many people coming in to see it and trying to undercut the price point you have set that it will end up costing you far too much, in broker’s commissions and compromises. Also, when families or other tenants move in, they treat the house like they own it. Far better to find ways to simply make money off of it in a way that maximizes profits and minimizes the inconvenience, like so:

Holiday Home

Turn it into a holiday home that guests can come to for their vacations and rent out for the duration of their stay. If fully furnished and stocked with sanitary necessities and a fridge full of basic food, you can even charge a higher amount than normal. But holiday homes only usually provide the furnishings and the fuel – clothes and sanitary items are the purview of the guests. This way your guests will be in and out of your house within a few weeks at most. If you are lucky, you could squeeze in 2-3 sets of guests in one holiday season.

Corporate Housing

Some corporate entities build their corporate housing as apartments; others rent them. Look around for companies who are open to renting houses around for long term apartments for visiting partners, shareholders or even members of staff.

The benefit of having rented a house as long stay accommodation is that the company has the budget to maintain the house properly and once the contract is over, they will make no fuss if you wish to have the house back. They will also manage all repairs and upgrades in the meantime (although it should be with your permission). On the down side, you will never know for sure who is staying at your house because corporate guests change often and without your knowledge.

Tourist Bungalow

This is similar to a holiday home except that you will rent out the house to a tourist company: a hotel chain, an entertainment company, a travel agency or the national tourist board. The benefits and pitfalls of this is similar to the corporate rental, except that you can rent your house for tourist purposes even if it is in a remote location. In fact, depending on which sector of tourism you approach, the more remote the house, the better. You can also charge a higher rent per month than you would on normal occasions as tourist rates are always higher than normal. Just remember to remove any and all valuables from the house before you let it, like expensive vases or ornaments.