You’re considering renting your Belize vacation home, but you don’t know where to begin. To protect your assets and get the most profit, here are five things to know before renting your Belize property to travelers:
1. How much do comparable properties cost to rent?
Before listing your property, check out what others rentals are available in your area. Nightly rental costs vary widely by neighborhood. Some properties go for as low as $50 per night. Others are over $1,000 for a single night’s stay. By knowing what sets your property apart from other listings, you’ll be able to come up with an appropriate list price.
2. Who’s renting your home?
Whether you use a professional listing service or opt to advertise the property on your own, you’ll want to get a tenant screening for each person renting your home. Many property owners assume that they won’t be liable for activities that occur when they’re not at home. But a bad tenant can cost you money and get you in legal trouble. That’s why performing routine a tenant screening on each guest is key to avoiding issues. Once the tenants are cleared, you’ll be confident in renting out your home.
3. What will your travelers do?
You love Belize, but have your guests visited before? To be a good host and encourage repeat rentals, consider providing overnight visitors with a guide to local things to do. Include restaurants, shopping, and a variety of indoor and outdoor activities. It’s also a good idea to have some in-home entertainment available, like movies or board games, in case your guests want a cozy night.
4. How will your neighbors feel?
Some neighborhoods may be more rental friendly than others. Before you rent your property to travelers, make sure you know the rules of your community. Some may have bans on using services like Airbnb or VBRO to rent out your property. Others may have specific regulations guests will need to follow, like quiet hours or parking enforcement.
5. What will you do in the event of damage or emergency?
To protect yourself from financial damage, secure an insurance policy that covers your property and your renters. Make sure your property is up to code and has been duly inspected before being shared with guests.
Renting your Belize property can make your vacation home more affordable. But it can also be hard work. Consider your needs and your family’s needs before converting your private property into a destination for travelers.
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