Renting your home out as a weekly home rental can provide fun, relaxing and amazing memories for some great families but precautions from homeowners are critical to ensure your investment is taken care of properly.
If you are interested in renting out your home as a weekly vacation home rental on Lake Wallenpaupack it is best to be prepared! This is an investment, an investment that can bring a large return in a short period of time if done properly. As with any investment, there are risks involved. We try to minimize risk through the following:
- Initial screening process: we ask each prospective renter: why are they coming, with whom (ages & relationship to the potential tenant), and what will they be doing while here?
- Detailed lease/contract that contains the names & ages of occupants, care of property, rental rules and expectations. We require a copy of their driver’s license.
- Check-in procedure: renters come to our office to pick up the keys, welcome packet and departure procedures. We get to meet them in person and have a brief conversation.
- Drive by the property: from time to time, we will drive by the property (unannounced) to be sure we do not see anything out of the ordinary.
- Neighbors: we encourage you to give the neighbors our phone number/my cell number so that if there is a problem, it can be addressed immediately.
- Township/Municipality/HOA Permits: find out if you are able to rent out your home, if there are fees or any permits you need to obtain. There may be additional rules/regulations to provide renters. Be sure to know these up front.
- Security Deposit/Vacation Rental Damage Protection Insurance: we offer both options to you for providing peace of mind. Traditional security deposits offer a certain level of protection ($500 - $1,000) from all accidents. Damage insurance protects you up to $3,000 for any accidental damage. We recommend damage insurance so that guests feel more confident reporting damage knowing accidents are covered and won’t cost them extra money (break the coffee pot, child wets the bed, screen breaks, kid colors on the wall). We handle the claim process so there is nothing you need to do. We also authorize their credit card on the day of arrival as a back up if there is intentional damage.
Normal wear and tear will occur as there is additional traffic in your home. This would happen if you were using it as often as we may rent it. You have to be OK with some wear and tear on the home - walls will get dinged, carpets stained. It is difficult to point fingers at every mark on the wall or floor. Some of it you just have to chalk up to the investment.
While we cannot prevent every incident that may occur - intentional or accidental, we feel that our screening procedures, security insurance and/or deposits help minimize risk. Most renters are courteous and responsible however, as with any investment, there is a risk. We do have options in place through the local magistrate if something major should occur.
Sample of my vacation home rental inventory:
If you are looking to rent your home as a vacation home rental on Lake Wallenpaupack, please reach out to me for a home analysis.