Is owning vacation rental property a good idea?
Learn more about owning vacation rental property.
If you dream is owning vacation rental property that you can enjoy for years to come, you have a lot of work ahead of you. Choosing the perfect location, the ideal amenities and the best size is the fun part. The knowledge that you’ll be on the hook for a mortgage, taxes, insurance, and utilities for this new home is the part that’s a little more difficult to manage. To top it off, you probably still have bills for your current home as well.
Does this mean that your dream will never come true? Definitely not! You can use your newly acquired vacation home as a vacation rental! After all, if you’re still working, or have other obligations in your hometown, you won’t be at your vacation home all of the time, so why not rent it out and get other people to pay the mortgage? Why own a vacation home when you can enjoy the perks of owning vacation rental property?
Owning vacation rental property takes some work, but if you do it right, you’ll start seeing some incredible returns on your investment. Before you get to the fun of decorating, you need to make sure you have some of the most basic needs met. Check out this handy list below to help you get started:
Does your city or town have rules against renting short-term vacation rental property?
Double check all necessary regulations before you start so you can be sure you’re always in compliance.
Is your rental safe?
Do you have smoke detectors, carbon monoxide detectors, and fire extinguishers? Also, check your home for places that can cause slips and falls, and that your stairwells are well lit and free of tripping hazards.
Do you have the necessary help?
A handyman, a cleaning crew, a reliable plumber, a rental manager? Before you begin, make sure you have the right people in place that can help you achieve your goals.
Don’t forget that owning the property is only half the battle. In order to make enough money off of it to pay the mortgage, you have to rent it out on a consistent basis. The best way to make that happen is with Hosty! Hosty is the professional vacation management software that helps you organize your listings and make the job of renting your vacation home simple and effective. Use our channel management system to see your listing on all of the vacation management sites you use. Or, save countless hours by utilizing our messaging capabilities to ensure that you never miss the chance to make a lasting connection. Ready to get started? Click here for your free trial.
Pro tip: Is your vacation property too far away from home to manage it yourself? If so, read up on how to manage your vacation rental property remotely here.
Has this article provided you with the motivation to learn more about owning your vacation rental property? We hope so! Do you research, find the perfect place that fits your needs and, of course, use Hosty to organize it all. Happy hosting!
