Should you convert your vacation home into a short term rental?
If you currently own a property, and are interested in transforming it into a short term rental, there are several things you must consider before making the transition.
In general, creating a new project for yourself is a great way to keep you busy and your mind active. However, doing something this intensive can prove to be rather laborious. The best way to ensure that your short term rental transformation succeeds is to thoughtfully plan out how you want to make the transition.
The first thing to consider when transitioning your property into a short term rental is to determine if you have enough time on your hands. When you rent out your property, expect to have a busier schedule, as being hands on is the nature of being the host of a rental property. This may be a deal breaker for you, but remember there are things you can do to ease the rental stress like opting for a PMS.
Depending on where you live, there may be a number of restrictions you’ll have to adhere to and applications that must be submitted. It is imperative that you follow these guidelines so your hobby project doesn’t turn into a nightmare. These restrictions are there to guide your process, so although they’ll be frustrating, stick with it. In Toronto, Canada, a recent regulation was put in place to regulate the definition of what a short term rental is, and how it should operate. If you live in Toronto and want to learn more, you can read our article about the Toronto Short Term Rental Regulations here.
Besides restrictions and applications, the next step is to determine what type of rental you’re going for. This is where your creativity kicks in, and you can really experiment with the layout and design. You have full control over what happens during this step, but remember that you still have to make it accessible to potential guests wanting to rent.
At the end of the day, the decision of whether or not to convert your property into a short term rental is purely up to you, but like always there will always be something that you have to consider (i.e restrictions) or modify (i.e accessibility). A short term rental is an exciting and hands on project that takes a lot of work, but when done right, can really be rewarding -- figuratively and literally.