Is Owning a Vacation Rental the Right Choice for You?
Is Owning a Vacation Rental the Right Choice for You?
Imagine this: It's a dream of a lot of people to own a bed and breakfast, it seems. For example, "I want to own a vacation rental property so I can get a free vacation and make money the rest of the year. They are so cute." is another possibility.
But how does one go about being a vacation rental landlord? Would you be a good fit for this company? To help those who are considering becoming vacation rental owners, I surveyed nine current owners for their thoughts.
An Orlando, Florida, vacation property listing site owner named Stewart Granville asks, "Can you afford the mortgage if your home is not rented at all?" (http://www.lastminutevillas.net). "If interest rates rise (which they almost certainly will) can you still afford the payments along with the utilities ,taxes, insurance, management fees ,pool cleaning ,lawn maintenance ,running repairs – can you still afford it?"
That is a factor that is clear, yet people choose to ignore it. If your marketing efforts first fail, take precautions to avoid repossession before making a hasty purchase. I concur with Paul Rowney. The owner of a four-bedroom Gulf Coast vacation rental in Florida warns potential tenants to be cautious of "realtors who promise you'll rent your property for 40 weeks a year." (http://www.lastminutevillas.net/villa/181/). You should complete your homework. Is the region you're interested in purchasing a vacation home in already at capacity, or are there too many individuals looking to rent?
"You can't get too personal with your home if you are using it for renting - you have to think what your client wants," says Michelle Prince of Kissimmee, Florida's Secret Key Villa (http://www.lastminutevillas.net/villa/166/). If your clients prefer more muted colors, you may have to set aside your vision of the ideal kitchen in vibrant red and orange.
Andrew Piper, who owns a five-bedroom villa (http://www.lastminutevillas.net/villa/332/), says that you shouldn't assume that all your friends are interested in renting your holiday property. In reality, most people will be more inclined to ask for a discount or stay mute if they feel too ashamed to ask. Keep in mind that a holiday rental is more than just a fancy cottage—it's a company.
You can't win everyone over with home decor, of course. Sue Evans, who owns a luxury villa in Orlando (http://www.lastminutevillas.net/villa/276/), says she hates "having to read emails from people saying they don't like your décor or want to stay at your property for peanuts." You must possess a thick skin in order to be a vacation rental property owner.
The time commitment involved in property maintenance is something that Christine Creasey, owner of the Florida Golf and Disney Villa (http://www.lastminutevillas.net/villa/65/), wants prospective owners to be aware of. This is particularly true if they plan their own rentals. "Make sure you know who is going to manage your home in your absence," according to her. The time commitment, number of hours worked per week, and likelihood of employing helpers required to run a full-fledged bed and breakfast are all significantly higher than those of an office job.
Tropical regions are popular destinations for holiday rentals, and Neil Thornton, owner of a 4-bedroom executive villa (http://lastminutevillas.net/villa/335/) in Orlando, Florida, cautions about the misery that hurricanes can cause. Even if you're 5,000 miles away, you still have to deal with visitors staying at your villa, an impending cyclone, and a complete lack of electricity and phone service. Dave Gordon, proprietor of Lindisfarne Villa (http://www.lastminutevillas.net/villa/89/), inquires, "What do you do" (?).
The proprietors of Our Dream Villa, Lesley and Gerry Heane, south of Walt Disney World, offer perhaps the most apparent piece of advice: "Always check out the area and the site of the Villa." (http://www.lastminutevillas.net/villa/15/). It goes without saying, but I've witnessed far too many individuals look at cars for sale without ever getting behind the wheel. I can only imagine how many people do the same with vacation rentals, especially considering how far away they are.
All these owners of vacation rentals are urging the same thing: do your research, figure out how much it could cost, and be ready before you buy. Though they all love it when guests stay at their vacation rentals, many people rush into the industry before giving it a fair go, only to find out it's not for them.
Verify that owning a vacation property is something you truly desire before taking the plunge. I hope you have a prosperous and fulfilling life if you do.
Oh my goodness!
Post a Comment for " Is Owning a Vacation Rental the Right Choice for You?"