One of the best ways to supplement your income is renting out your vacation home. With enough time and investment, the rental income could pay off the mortgage and even set you up for retirement. If you’re thinking about renting, check out these three tips for renting out your vacation home.
Do Some Market Research
Before you jump into the world of property rentals and invest your time and resources into renting out your vacation home, you want to do your homework first and gather as much information as you can. Look at vacation homes in the neighborhood and surrounding area; how many other rentals are there? What are their rates? Much of what renters are looking for in a rental is a good neighborhood, so your vacation home’s location will significantly affect your rates. For example, Prominence 30A real estate may have different rental rates than Seaside, even though they’re both considered part of the 30A community.
Also, be sure you’re familiar with all the tax codes of the city and state in which your vacation home is located and how they may affect your taxes later on. Different places have different regulations for hospitality, and you don’t want to get fined for breaking any ordinances.
Invest in Your Property
We all know the adage that you have to spend money to make money, which is also true of renting vacation homes. You may think your vacation home is perfect, but try to see it with fresh eyes like potential renters will see it. What can you upgrade that could increase your home’s value? Upgrades can be as simple as new bed linens or as complex as new flooring. Are there small cosmetic issues that you never got around to fixing? Now’s the time to do it.
Don’t forget about the exterior and landscaping of your property. Curb appeal is crucial to attracting renters, so you want to be sure your home and the surrounding property look as good as they can.
Delegate Responsibilities
You might be thinking that since it’s your vacation home and you’re renting it, you’re the most qualified person to manage it. But don’t underestimate the time and effort managing a property takes, especially if you’re doing it yourself. You’ll be responsible for maintaining the property, getting it ready, cleaning it, scheduling bookings, fielding phone calls, answering questions, and much more. In the end, you’re probably better off using a property management company. It might cut into your profits, but it will bring experience to the table and guide you through any challenges. Plus, it’ll take care of the bulk of the logistical headaches while you focus on the bigger picture.
We hope you’ve learned how to better manage your property with our three tips for renting out your vacation home. If you ever need more real estate advice about the 30A area, consult the experts at 30A Local Properties!
