If you are one of those who are fortunate enough to own a home in a desirable vacation destination, the thought of renting out your home for the holidays would surely have crossed your mind more than once. The only thing holding you back is the fact that you have no idea how to go about it!
The first matter of concern that needs to be cleared up when you intend to rent your house out as a vacation home is how often you intend to rent it out. This is because different taxation rules apply to different periods of tenant and owner occupancy. To begin with, if you stay in your home more than 14 days a year while renting it out less than 15 days a year, the house is considered a personal residence and you need not declare the income you make from renting out the house.
If you use and rent out the house more often than the periods stated earlier, the residence is still considered a personal one. However, interest and property taxes for personal and rental use need to be clearly allocated in order for the appropriate tax deductions to be made. If you use the home for less than 21 days while renting it out for the rest of the year, it is then considered a rental property and is taxed accordingly.
Once you have sorted out the tax issues comes the fun part: making sure your house is a desirable vacation home! Showing off your property in its best light is of paramount importance if you want to attract paying guests. Exterior pictures should be taken in a flattering light that highlights the location and holiday season. For interior shots, make sure the rooms are clean, tidy and uncluttered.
Clear away clutter and valuable items when preparing for guests to keep your possessions safe and in one piece. Consider, too, stocking up on a good selection of indoor games in the event of inclement weather. Keeping personal care products on hand in your vacation home are nice touches that will make guests feel welcome.
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