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Investing in property: Your four-step guide to renting out your holiday home

by , 07 January 2015

Buying a holiday home is a great way to invest in property.

You can enjoy having the property to escape to. And when you're not using it, you can rent it out and earn an income from it.

But before you jump it, what should you do if you want to rent out your holiday home?

Read on to find out…

Renting out your holiday home can provide you with a decent secondary income

If you want to invest in property, buying a holiday home could be the perfect option for you. It could be somewhere you plan to retire to or use to escape the hustle and bustle of everyday life.

One of the factors leading many investors to buy a holiday home is the potential of earning an income from letting it out.

If this is something you’re considering, it’s vital you stick to some guidelines.

Four things to do if you want to rent out your holiday home

Here are four things you should do before renting out your holiday home, Lizette Erasmus, head of insurance services at IntergriSure told iAfrica

#1: Find a suitable renting agency
Research local renting agencies.

You’re looking for a reputable one with a good track record.

Before signing any documents with the agency make sure you read them through thoroughly. If necessary, get an attorney to check them for you.

#2: Get to know your tenants
Before letting a prospective tenant anywhere near your property, you need to do some background checks.

This includes speaking to references, checking ID numbers, etc. Your rental agency may provide checks like this for you.

#3: Sort out the money side of things before your tenants arrive
Before a tenant sets foot in your holiday home, ensure you have full payment and an agreement about payment for damages sorted out. Don’t do this the day they arrive.

A good idea is to agree upon a deposit for any breakages, which the tenants must pay before they arrive.

#4: Put all communication and agreements in writing
You need a written rental agreement. Your agency should be able to help you with this.

This should include an inventory of contents in your holiday home. Ideally you want this checked with your tenants upon arrival and when they leave.

So there you have it, your four-step guide to renting out your holiday home.

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Investing in property: Your four-step guide to renting out your holiday home
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