As a homeowner, you might think about climbing further up the property ladder by getting a place and renting it out. Of course, this will mean you need to have two properties, but it is a fantastic way to generate a substantial amount of extra income. But, if you’re serious about renting you need to know the best circumstances under which to rent. There are a lot of rental pitfalls you want to avoid. By using the points listed here you’ll avoid problems and be ideally placed to rent without issues.

Time of Year

You need to give some serious thought to the time of year you want to rent your home out. If you’re renting it as a residential property, you might be fine all year around. But, if you’re renting as a holiday home you need to think harder. You’ll want to make sure you rent at the peak of the holiday season. This will attract more potential rental opportunities. People are going to want to sort out accommodation before leaving for their vacation. Try to make sure you don’t miss the window for this, because you’re going to find it difficult to rent your place out otherwise. A lot of holidaymakers prefer to rent serviced places rather than staying in hotels.

If you can take advantage of this, you should be able to rent your place year round.

Location

Something else you need to think about when you’re planning to rent is the location. You might need to think about getting a place in a particular location so you can then rent it. Try to pick somewhere that has a lot to offer for tourist and holidaymakers. For example, tourist hotspots and surfing destinations would be perfect. Check out www.tamarindosurfacademy.com managed by pro surfer Federico Pilurzu in Costa Rica. You might want to think about getting a property here and renting it out to would-be surfers. People interested in the surfing academy will be looking for a local place to stay during their time there. This is a perfect opportunity for you to get involved with this.

Length of Lease

It will also be useful for you to consider the length and type of lease you want to offer. For instance, if you’re renting a residential property you’ll want a long lease. Because otherwise it’s going to be a pain trying to get new tenants. But, if you’re renting a holiday home you may want to consider offering shorter leases. This way you just cover people for the duration of their holidays, and you can rent to numerous people over the holiday season. This might be a much more preferable option than offering purely a long-term rental and not attracting as many people.

Don’t forget that renting out your property is a fantastic way to make some extra cash. But it can be a significant responsibility renting to other people. As a landlord you’re going to have responsibilities and you’re going to need to deal with tenants. Use these tips to help you get the best out of the rental process, and get your foot in the door.