Questions to Ask Before Renting Your Own RV?
Posted on Nov 11, 2019
The idea is to make a little money from your investment while you’re not using it. There are several concerns that an owner might have. The primary one being the concern of an accident. But there are all kinds of causes for concern, including backing up the black tank. And you should probably remember why you initially purchased an RV. You love the freedom, the beauty of the world around you, and the open road.
Some questions you may have before you make this decision:
- What should I remove from my RV, I’ve heard of vacation home rental nightmares.
- How do I prepare myself to accept someone driving away in my RV?
- Should I choose one marketplace over another due to how they handle things like insurance and DMV background checks?
- What is a good checklist for a walkthrough?
- What if the renters mistreat my vehicle? How can I tell?
- Can I refuse anyone? Do I have a choice?
- Can I rent my RV on Airbnb?
The demand for RVs is growing. It’s a great opportunity for extra money. But you still need to protect your asset. Be prepared for some additional anxiety associated with this venture. Many RV rental programs go to great lengths to protect the owners and provide peace of mind. Ideally, these programs should be structured so that both sides enjoy a positive experience.
Is Renting My RV Safe?
You need to make sure that your RV is in excellent shape, from the brakes, tires, and engine, to the electrical system. Your vehicle must be in good shape for your renters. Not only to assure the safety of the renter but also to ensure repeat customers. You should schedule regular maintenance checkups. Insurance is crucial, make sure your vehicle is completely covered since RVs tend to incur more damage than other vehicles. Like a rental car, you need to make sure that you understand the wear and tear of frequent usage.
Renting out your baby to total strangers is certainly a challenge for most people. You should consider vetting your renters carefully.
Is Renting My RV Profitable?
Renting out your RV during those times you aren’t using it can be a great way to subsidize the cost of ownership. Peak seasons, like summertime, although they may conflict with your usage, are more profitable times of the year. You can also certainly save money on storage costs while your RV is being rented. The bottom line, you could earn between $5,000 to $30,000 a year in extra income.
Weigh the Pros and Cons. It May or May Not Be Right for You
There is a learning curve to what is essentially running a business. Many RV owners have turned to rent out their RV into a business. It may be a great way to support your lifestyle. Although some site makes this possible, you’ll still need to communicate with renters and deal with insurance. You’ll still need to learn some business basics.