How to Rent

Before you start the rental process, you need to outline your goals and expectations.  You will need to decide how much money you want to make off the rental process. Decide if you want to:

• Make some money to put toward the mortgage and expenses
• Pay the mortgage and expenses with the rental revenue
• Make a profit off the rental property

Personal and Rental Use

Once you decide how much money you want to make, you can decide how often you will use the property for personal use.  Every time you use the property for personal use, you will not be able to make money from a renter. However, you do not have to rent the property every week of the year in order to turn a profit.  You can find a balance that will allow you to meet your financial goals while still getting personal use out of the property.

The best way to find this balance is to rent the property during the peak weeks of the year.  There are 12 peak weeks every year.   These weeks bring in the most money.  In most cases, you will be able to pay the home’s mortgage for the entire year simply by renting during the 12 peak weeks.

You will likely want to pay more than the mortgage, though.  There are other bills to consider, such as utilities and repairs.  Thus, it is a good idea to have additional revenue coming in from the rental. Most people find they make a sizable profit if they rent their property 26 weeks out of the year.  That gives them 26 weeks to use the property and make necessary repairs.

Once you decide how much money you want to make, decide which weeks you will rent the property and which weeks you will keep it for personal use.  Then, you will be ready to list your property and begin speaking with potential renters.