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With the ever-increasing popularity of short-term rentals, it’s natural to consider adding your home into the mix as a vacation rental. If your home is located near a local attraction, college, or situated in a scenic area, the potential for more interest and rentals increases. Your home and property could be an incredible setting to host a wedding, an event, or become a place of quiet respite.
Just as you’ve probably heard in real estate, location is key. Based on the location, you may be able to charge higher rates and experience more bookings during the year.
When we think of these types of short-term vacation rental homes, the two giants are Airbnb and VRBO. When others are seeking a place to stay for under 30 days, they seek out these two websites among their top choices. There are numerous other websites catering to these types of rental listings and leasing opportunities but these giants are the most recognizable.
With the high number of established hotel and motel chains spanning the area, what makes staying at an Airbnb or VRBO home so appealing? Oftentimes, it comes down to these factors:
When vacationers prioritize an experience with their family, they often seek out renting an Airbnb home compared to multiple hotel rooms. This allows the family to enjoy activities on the property, cooking together in the kitchen, and relaxing together in the family room. The same cozy, family-friendly feel is harder to achieve from a hotel room.
If you live in a community with a homeowner’s association (HOA) you may need to review your HOA rules as well as review the covenants, conditions and restrictions (CC&R) before pursuing listing your home. Each HOA will have varying rules that govern how the community operates and what residents are permitted to pursue. For instance, some HOAs have restrictions pertaining to mixing residential and business operations from a residential property. The restrictions may include limits on how a residential property can be used for short- or long-term rentals.
Before venturing too far into the idea of listing your home on a vacation rental website, it’s wise to thoroughly review both the HOA and CC&R restrictions along with checking your local zoning laws.
Should you find there are no limitations or restrictions specifically addressing short-term rentals or operating a home business, you may have the green light to move forward with your plans.
Some of the next areas to consider could include:
While you think over these items, keep in mind, you’re striving to create harmony among the guests, your neighbors, and your HOA community.
If you’re searching for a second or third property to use for short-term rentals, let’s talk. The Houston metro has a wide array of opportunities to turn something special into a place others would enjoy visiting. It would be my pleasure to help you develop your ideas and branch into the hospitality business.
Since 2004 Sara Lyn Nguyen continues to bring a wealth of knowledge and expertise about buying and selling real estate around the Houston area to those she serves. Sara is a multi-year award winning REALTOR® and relocation specialist where her clients trust her to have up-to-date information on the real estate market. She has been one of Gary Greene’s Multi-Million Dollar Top Producers, and citywide was the #2 Top Producing agent in 2020, #3 in 2021, and #2 in 2022. When it’s time to buy, sell, invest, or relocate speak with a trusted professional knowledgeable in the homes and neighborhoods of Fort Bend/Sugar Land and the surrounding region.
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