Is Renting Your House a Good Idea to Travel the World?
- DetailsWritten by PolicyBazaar -
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Updated date : 08 December 2020
Renting the home for travelling is the usual concept in the west; however, in India also you can use it effectively to make money for your next vacation. Whether you live in an apartment or own a house you can offer your place. A lot of people in metro cities do that to take months-long and year-long trips and it has helped them significantly.
In this post, we will explore whether you should rent your house for short term or not. And if yes, what all details you need to consider making it a positive experience. But before you rent your home make sure that you get travel insurance as it will cover your house while you are away.
Why Rent Your Home for Travel Money?
Whether you are going for a week, or for a long weekend, or planning a month-long trip you can rent your home and earn some good money for your travels.
Last year, a customer bought travel insurance from Policybazaar for a 10-month trip with his friends. To help pay for his trip, he rented the house for the ten months while he was away. He also got his home insured with home insurance from our site.
His two-bedroom set on a single floor in Mumbai helped him earn a rent of Rs 40000 per month, which was significant for him to use for the trip. This DIY method makes sense for a 10-month long trip rental depending on your geographical location as it helps to save the fees that a rental platform charges. And for such a long getaway you can secure your trip with multi-trip travel insurance for that duration.
There are some people who keep renting their apartments to go travelling for comparatively shorter but significant trips. And from renting the rental apartment on Airbnb has helped them pay for them while they are away for vacation. It also helps to pay for rent and car-rental for a two-month trip. And you can secure your vacay with single trip travel insurance.
So, renting your place can help pay for your next trip or vacation or business travel. Let's explore how you can do it, but first, let's evaluate whether it is right for you and how this can be done.
You May like to Read: Best Travel Insurance
Announce your Rental to the Right People
You can certainly take help of specialized real estate websites, social media and newspapers, or check with your friends, colleagues, and neighbors. In case you want to give your place on rent for a year or less then you can also ask people in your social circles.
How transient is your City/Town?
Are there any MNC’s near your area, where lots of people come to work and need a place to reside? A lot of employees come on a project basis and might need a place for a few months, and that can be a good catch for you.
It can also be a good idea to contact such companies and speak to their Admin or HR division or if they have an employee relocation program and are looking for a safe and nearest place for their employees to accommodate on an interim basis.
Provide the Right Details on your Listing
The place where you live if it is closer to parks, schools, hospitals, malls, public transportation then list it all down. Mention the exact dimensions or carpet area of your house, and room size. The furniture and electronic appliances that are available mention them as well. For temporary rental accommodation, things like washing machine, AC, RO, fridge, can be a deal-maker.
Take Good Pictures of your Property
If you can click good pictures then it’s great, else you can ask someone to do it for you. If you have travel plans and want to rent out your property then it needs to look authentic and attractive to the potential buyers.
Avoid Using Vague Terms
There is no point mentioning ‘Walkable’ or ‘good neighbourhood’, instead, mention the actual distance and the name of the neighbourhood places.
Use Home Rental Sites
List your home on short-term rental portals in India or abroad. They will host your guests while you are away and can charge the guest for food, and accommodation at a pre-decided rate. It is also possible to host families and open the entire property for rent during your vacations.
This will ensure that you get money for the entire duration for staying at your place. Such portals ensure authenticity, and the process is quite transparent. If you want you can list down home etiquettes too, so as to make sure that nothing in your house is damaged while you are away. You can also install a surveillance camera at the entrance and enjoy your trip in a peaceful manner.
This was all about the possibilities of utilizing your home, apartment, or farm to sponsor your next trip at ease and enjoy the financial liquidity.
All it requires is a little planning, thirst for adventure and right attitude. If you think you are flexible enough to go on such excursions and want to accomplish your dreams of exploration over the desire for a luxury experience, then these tips would surely help you travel without sending much. Who doesn’t like to have out-of-the-box experiences and yet make big savings? And all this helps in turning your dreams into reality.
While you use your home to fund your vacation, do not forget to secure your trip with travel insurance, especially during the COVID-19 pandemic. It covers emergency hospitalization required due to coronavirus. Also, you can get your house burglary cover, against any loss or damage arising due to house break-in, in your absence during the policy term.
Amid this coronavirus pandemic, travel has taken a kick start and if you are planning a trip and want to utilize your space to sponsor your travel expense, then you can surely follow the above tips. To secure your trip you can find various single-trip travel insurance and multi-trip travel insurance plans on our site at reasonable premiums.
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