Not sure whether to offer your home as a long- or short-term (vacation) rental? Here are some things to consider:
- You/family/friends can use whenever it’s available.
- Potentially more rental income, ONCE you have an established rental presence which takes a minimum of one year; after which time you can expect to rent approximately 100 nights per year.
- Basic upkeep and replacement of housewares, bedding, towels and furniture as they wear.
- You pay ALL utilities (wifi and tv service highly recommended).
- You pay ALL mowing, snow removal, trash pick up, maintenance, repairs, etc.
The best way to get an idea of what you can expect to charge for rent is to visit vrbo.com and view the homes in South Fork with same number of bedrooms and baths. I STRONGLY suggest that you not offer too many people into a house, i.e.: two bedrooms, one bath, sleeping 8. Generally speaking; four guests per full bath.
If your home is in the city limits of South Fork, every year, you will owe the town of South Fork $220.50. $150 for short-term rental permit. $50 for inspection. $20.50 for city sales tax ID number. You must apply for a state sales tax ID number. There is no cost to do this and I can send you a link to apply.
What you will need to purchase for short-term rentals:
- Two sets of sheets for every bed. (This is a requirement from cleaning staff as there are times, especially during peak season, they may need to take some laundry to wash off premises.)
- Dinner service for number of people your home sleeps.
- Bath towels to accommodate the number of people your home sleeps.
- A keyless entry keypad. Less than $30 on Amazon. I can order and install for you.
- Items such as a crock pot, cookie sheets, large bowls are nice bonuses. Think of what you would like to have if you were renting a vacation home.
- Steady rental income.
- Tenant pays all utilities, normally with exception of water (which is especially important if you want them to water plants, grass).
- Tenant pays for mowing, snow removal and trash pick up.
- You pay for any maintenance / repairs.
I personally pick up the rent and go inside the house no less than every other month.
Other Things to Consider: (some only apply to short-term)
- require a minimum stay?
- allow pets?
- have a minimum age to rent? (would recommend at least 21)
- have one flat rate, or fluctuate with the season? (suggest fluctuating)
- offer satellite TV? (strongly suggest)
- offer WIFI? (recommend)
- offer discount? (i.e.; 7th night free rental)
- include cleaning fee in rental rate or separate? (suggest keeping separate)
- have a locked “owner” closet to store your personal belongings?
- require people to purchase damage insurance? (recommend at least a damage deposit)
For more information regarding damage insurance, visit: help.vrbo.com