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Rent Your Home as Hotel

If your home has enough space that is lying unused then let it be gainfully utilized by offering it as a paid hospitality space. Lots of people today seek cheaper staying options and your well furnished home can be the good option towards this demand of seekers. You need to create a separate segment in your home that can be leased to travelers and tourists. In this manner, a part of your home can earn significant income for you; while you can use the profits earned through this means for further renovations and other premium amenities. This concept is being used as a worthy business opportunity by many and you can be successful too!

Why you should choose this idea?

Renting out properties helps you earn extra income and gives you the time to wait for the right price. Renting out your home is beneficial but there are certain responsibilities that you have to take care of. Here are 5 ways you can consider while renting your home:-

1. Be Ready to Take Up the Responsibility-

You need to understand the responsibility of a land owner. A landlord is responsible for repairs and maintenance, collecting rent and looking for a right tenant who can manage the house properly. You can also hire a landlord to take these responsibilities.

2. Make your home ready for renting-

There might be other homes available on rent so you must make sure that your home stands out among-st the rest. Before looking out for tenants you must clean your home and make sure that all the appliances are working properly. Check out the desirable features of your house like garage, number of rooms, polished furnitures, air conditioners etc which would persuade the tenants to take your home on rent.

3. Hire a Lawyer-

A lawyer will tell you about the tax laws, landlord-tenant laws, and local property laws. Some laws differ from state to state. The lawyer will also introduce you to tax deductions and will help you make the rental agreement.

4. Post Advertisements of Your Homes-

You can post the ads on local newspapers or on exclusive online rental websites. Some of these websites are makaan.com, rent2cash.com, rent.com, and housing.com. Don’t forget to mention the important features of your home on the ads. Check out the prices of other rental homes and set a competitive price.

5. Look for Probable Tenants-

After the rental agreement is ready, you have to chose your tenants very carefully. Make sure that the tenants you chose are able to pay your rental price on time and are able to take care of your house properly.

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Skills you need

  • Tenant should be not Alcoholic.
  • Rent of house should be paid according to the agreement and date.

Things required to start

  1. Well build Construction.
  2. Electricity availability.
  3. Water availability.
  4. Cleanliness

Investment Needed

  • Construction cost

Finding Customers
  • Online classifieds
  • Newspaper
  • Pamphlets

Action Plan
  • Passive income
  • One step to increase the tourism

Summary

Business Activity – others
Target Customers - Tourist and others
Investment – construction cost