RM Home Stay

Certain precautions will have to be taken while purchasing furnishings, if  the house is to be let out. Since the guests may not take as much care as  the home owner, the furniture and kitchen appliances may have to replaced after some time. If low priced furnishings are used, they can be replaced with much expense, and the house will seem to be newly furnished. Crockery sets where all dishes have a particular design should be avoided, since it is difficult to replace a dish if it damaged or missing.

Like hotel rooms, it is advisable to make an inventory of  all the furniture and equipment in the house before letting the house out. If  any furniture is damaged or equipment missing, the guest can be billed for the damage. A manual for guests, which lays down the rules for using the houses and  charges for using additional services will help. The manual could also list the public transport (bus, train, taxi ) facilities,  restaurants and tourist spots  in the area where the house is located.

For a holiday home, most house owners accept a booking only after a deposit has been made by the guest. Since following up for payment after the visit is difficult, the balance amount has to be paid after the date and duration of  the visit is finalized. Many  holiday home owners will only let out the house to guests who can provide references.

While investing in real estate may provide good returns in the long term, short term expenses can be high. The property owner has to pay local taxes and maintenance charges of property even if it is not being used. One way of  recovering costs is by renting out the property. If  you have purchased the property as a holiday home, you may prefer to rent it out for short periods of  time to tourists, so that you can use it whenever you wish. Also, the rentals paid by tourists are likely to be much higher than those paid by long term tenants.

You can decide on the rental based on what is charged by other similar properties in your area. If your property is centrally located, you can also check the rates quoted by nearby hotels. The booking or letting agency which may be marketing the property to guests, may provide information on the per day room rates visitors are willing to pay. A booking agency will charge about 20% of the rental, but the charges of  a letting agency could be higher.

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