If you wrap your head around the idea that you can share your home, especially your vacation home, with other people, you will begin to see the possibilities of how you can own a home, in fact several different homes in different locations.

If you can rent your vacation home, you will be able to get much needed income when you are not using the house. If you have a second or third home that happens to be a vacation home, you most probably, get to use the vacation house only one or two months in the year. If this is the case, then the question is, why not just benefit from the extra income the rest of the time?

 In fact, if you can additionally get to co-share the ownership of the vacation property with other like-minded individuals, the cost of purchase will further reduce by as much as 70%. This way, you can begin to see the possibility of owning several different homes at different vacation spots without having to invest too much money.

An added benefit is that you might actually begin to put some money in your pocket as you continue to get a front row seat at your favorite vacation locales.

To help you take advantage of your vacation property by renting it out, below are eight tips on how you can rent out your vacation condos:

1.  Get an Insurance Policy

Getting a homeowner's insurance policy is important if you want to be able to protect your property and its inhabitants if something goes wrong. An insurance cover should also be able to take care of any liability issues in case something happens to your tenants while they are in your property.

2.  Ensure you are not breaking any rules by renting out your vacation home

Find out from the local authorities as well as from the home owners association that manages the other properties in the neighborhood, if you have to observe any specific rules related to getting new tenants periodically.

3.  Separate the furniture that you feel is private and what you can share with tenants

Ideally, you should be able to allow any tenant willing to pay you a handsome fee for your vacation property the opportunity to enjoy everything in the home to the fullest. This means that you should only purchase furniture that you are willing to share with other individuals.

Besides, giving your vacation tenants the chance to love the house through having pieces of furniture that will make them feel at home will encourage them to come back time after time and this can only be good for your bank balance let alone other reasons.

If you however feel that you have some sentimental attachment to some of the furniture in your vacation home, you should put it away in storage when you are not using it. Putting away such furniture is better than creating rules to restrict its use.

4.  Ensure all electrical and mechanicals appliances are in good working order

In order to ensure your vacation home leaves renters with a good experience of a top quality vacation rental, make sure everything in the home is in good working order and well maintained.

Also, ensure you pay all utility bills before the property is ready for renting.

 

5.  Hire a property manager to take care of the home when you are not using it

The property manager should not only ensure that your vacation property has a tenant any time that you are not using it, but he or she should also keep the property in a state of proper  maintenance and repair whenever there is damage to the property.

Having a good property manager give you the peace of mind of not having to be too involved with the day to day maintenance and management of the property when you are not using it. In addition, it will  help you think of the vacation property as a vacation spot and another chore or job that you have to handle.

6.  Hire a good dreaming service

You should have the vacation rental thoroughly cleaned before and after a tenant uses the house. You can add in the fees for the cleaning service in the house rent or you can ask the tenants to use your cleaning service in order to maintain a high quality service and standard.

7.  Ensure that you get a security deposit before you allow tenants to your vacation home

This is standard practice with almost all types of rentals and it is for a good reason - to protect you in the event that damage happens or renters default in rent payments.

8.  Run a background check before you can approve anyone to rent your vacation property

This is important especially if you will not be around the property. Verifying the background of your tenants before you can allow them to live in your property can help you potentially avoid illegal activity from taking place at your vacation property.