Short-term rentals have grown in popularity in recent years and are often referred to as airbnbs or VRBOs. Gone are the days when people would only book hotel accommodations when traveling for work or pleasure. Over the last decade, short-term rentals have skyrocketed for those traveling that prefer a more ‘at home’ feeling versus a standard hotel stay. With many employers now offering remote work options, people across the world are booking short-term rentals at rising rates.
Things to consider for short-term rentals
Deciding to turn your home into a short-term rental can be a rewarding financial decision. However, there is some work involved to get set up and to be a successful host for your incoming guests. Will this home be a permanent, seasonal, or temporary short-term rental? Are you legally allowed to rent out the space as a short-term rental? Will you be renting out the entire home or just a room? These are just a few of the questions that you will need to ask yourself when establishing your own short-term rental in the greater Indianapolis, IN area.
Tips when running a short-term rental in Indianapolis, IN
To set yourself up for success when turning your home into a short term rental, it is important to keep the following tips in mind:
- Keep detailed records of your property. Rental income is taxable, however several of the expenses you make on the property are tax-deductible. It will be helpful if you keep these repairs and purchases organized for tax purposes.
- Furnish your short-term rental with items that will not break the bank, but also do not look overly cheap. Your furniture will endure stress from renters, so you will not want to buy expensive items, but if you cheap out, your renters may remark on this in their review.
- Hire a cleaning service and build the cleaning fee into the pricing of your short-term rental. Rely on a professional to clean your short-term rental, rather than doing it yourself if you’re renting out an entire home. It’s more work than you think it is and won’t cost you anything if the renter is paying the fee upfront.
If you’re not interested in turning a house or home into a short-term rental and you want to get rid of it without hassle, you can give us a call at (317) 751-7011!