A Complete Guide to Renting Out Your Nolin Lake House

If you live next to any body of water of any size, the enjoyment factor increases tenfold over the summer. In the great state of Kentucky, there are a handful of serene, picturesque lakes, and none more so than Nolin Lake. This has an added benefit for the homeowner. Much more lucrative than a timeshare, and less cause for alarm, renting out your lake home can be a wonderful means to earn a little extra money and get a vacation away.

Continue reading to get your complete guide to renting out your Nolin Lake House.

A Complete Guide to Renting Out Your Nolin Lake House

Understand Rental Arbitrage

The short-term rental market is ruled by a guideline called rental arbitrage. This means anyone can profit off the short-term rental market, more or less, depending on how they choose to rent out the home. For example, Airbnb is a popular option, as well as VRBO. The way you go renting is up to you, but there are many things to consider along the way. Every host should know what it means to quickly assess to what degree your home is suited to be rented out. This might involve many other parties and more commitment than you expected. There are financial benefits and burdens of becoming a host.

There are three types of hosts:

  • Those who want to make extra money with their available space.
  • Those who want a stable secondary source of income.
  • Those who want to build a serious business that will become their main source of income.

The more income you are looking to get out of the deal, then the further you will need to plan and invest. You want to be able to provide full details about your location, size, and nature of your listing as well as the tools and strategies you will be using. If you want lake time in the summer and to rent out come winter time, you have to make connections with the right crowds.

Have a Realistic Expectation About Time Commitment

You can stipulate the degree to which guests need to clean before vacating, you will still want to go over the property with a fine tooth comb. This means cleaning and making things orderly before and after the rental period. It takes time to speak with potential guests who ask questions before they are willing to book. Earning good reviews on rental sites makes for a trustworthy experience.

Consider the time it will take to check guests in and check guests out. Set the right expectations about time commitment in evaluating how much time you will take to host on Airbnb, VRBO, or others. Beginner hosts might be shocked about all that goes into hosting, from the time to the effort to consistently delivering an experience for their guests. It helps in the long run to get a market report from a trusted data provider, which can give you an idea of what to expect.

Insurance Coverage

If you are renting out your own home, your standard home insurance plan is almost guaranteed not to cover any damage that results from short-term renting. Airbnb's policy does have a $1m guarantee gives great comfort but if you have some special items or risk factors not covered by their policy, additional insurance will be needed.

Personal belongings in the home should be removed if they are at risk of being damaged or stolen. Your rental shouldn't look like a ghost town by any means, but it is helpful and comforting for guests to remove clutter. This makes for easy remedies for keeping track of what is in the home too.

Keep Neighbors in Mind

Are you located in a quiet gated community with early-to-bed neighbors who are sensitive to noise and outsiders? Sound can travel on a lake. In this way, it is always best to consider your neighbors. Noise complaints are the biggest indicator of unhappy neighbors. There are nifty products that can help you to prevent and manage noise issues with guests.

Get All Essentials for Your Listing

When more and more hosts bring listings onto the market to compete for the guests, so too have guest expectations grown. What used to be nice-to-haves are now must-haves. Certain amenities are essential to delivering great experiences. This can be difficult in lake areas, as things like Wi-Fi and cell phone service, are sparse at times. Furnishings and amenities could make a big difference, every lake place must have furniture. Consider what pieces are important to your guests. What need is it fulfilling? Check out this list for getting your lake place rental spotted:

  • Accurate title and description.
  • Take proper photos and display the area in size and furnishing.
  • Get reviews on rental platforms like Airbnb and VRBO.
  • Make sure you communicate who you are and what you expect of your renters.
  • Tell guests what to expect on the lake and how to be prepared.

Anticipate and Address Guest Headaches

Guests have traveled far to stay at your lake place and that can be stressful. Flights can be delayed and keys can be lost. Being thoughtful and proactive toward some of these most common guest headaches could go a long way toward turning potentially stressful situations into moments where you shine as a host.

Add a lockbox to keep a spare set of keys you can send the combination for a guest to open late at night, which will make them not only happy but can save them time when some of their guests are bound to get locked out late at night.

Hopefully, this article has been helpful in what it takes to rent out your lake home. Explore the best of Nolin Lake in Kentucky today. 

 

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