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April 19, 2024


 

Famous Quote


"In for a penny, in for a pound."



Featured Article


Is Vacation Rental Ownership Your Business Opportunity
David Leonhardt

Its a dream Ive heard so many people express: I want to run a bed and breakfast. They are so cute Or I want to own a vacation rental property so I can get a free vacation and make money the rest of the year.

But what is really involved in being a vacation landlord Is it a business that is right for you. I asked 9 vacation rental owners for their advice to would-be vacation rental owners.

Can you afford the mortgage if your home is not rented at all asks Stewart Granville owner of an Orlando Florida vacation homes listing site 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 an obvious but often overlooked factor. Before rushing into a purchase make sure that it does not get repossessed if somehow your marketing is fruitless at first. Paul Rowney agrees. Owner of a 4-bedroom Florida Gulf Coast vacation rental http://www.lastminutevillas.net/villa/181/ he says to be wary of realtors who promise youll rent your property for 40 weeks a year. It helps to do your homework. Is there already rental saturation in the area you want to buy in or are people already lining up for too few vacation homes

You cant get too personal with your home if you are using it for renting - you have to think what your client wants warns Michelle Prince owner of Secret Key Villa http://www.lastminutevillas.net/villa/166/ in Kissimmee Florida. That means your ideas of the perfect bright red-orange kitchen might have to be shelved if your customers have more subdued tastes.

Andrew Piper owner of a 5 bedroom vacation rental villa http://www.lastminutevillas.net/villa/332/ advises not to expect that all your friends are a market waiting to rent your vacation home they are more likely going to hope for a freebie staying silent if they are too embarrassed to ask. Remember owning a vacation rental is a business or else it becomes a very expensive cottage.

Of course when it comes to dcor you cant please everyone. Sue Evans owner of an Orlando luxury villa http://www.lastminutevillas.net/villa/276/ does not enjoy having to read emails from people saying they dont like your dcor or want to stay at your property for peanuts. You need a thick skin to own a vacation rental property.

Christine Creasey owner of the Florida Golf and Disney Villa http://www.lastminutevillas.net/villa/65/ reminds potential vacation rental owners how time consuming it can be to look after the property especially if you organize your own rentals. Make sure you know who is going to manage your home in your absence she advises. Running a full-fledged bed and breakfast is even more time consuming requiring much longer hours than an office job and probably hiring staff to help you manage.

Neil Thornton owner of a 4-bedroom executive villa http://lastminutevillas.net/villa/335/ in Orlando Florida warns about the grief caused by hurricanes a common occurrences in the tropical climates where vacation rentals are most popular. Can you be 5000 miles away knowing there are guests in your villa there is a hurricane approaching and all the power lines and telephones are down. What do you do asks Dave Gordon owner of Lindisfarne Villa http://www.lastminutevillas.net/villa/89/ .

Perhaps the most obvious advice comes from Lesley and Gerry Heane owners of Our Dream Villa http://www.lastminutevillas.net/villa/15/ south of Walt Disney World: Always check out the area and the site of the Villa. It goes without saying but I have seen too people kick the tires on a car but never try driving it before buying and I am sure it is the same with vacation rental properties especially since they are so often so far away.

What all these vacation rental owners are saying boils down to knowing what you are buying what it could cost you and being prepared before you buy. Every one of them enjoys owning vacation rental property but many people jump in too soon only to realize that this is not the place they want to be.

Before you jump in make sure you really want to own a vacation rental. If you do I wish you many years of success and pleasure.

About The Author

Freelance writer David Leonhardt can be reached at
mailto:info@thehappyguy.com
He is also a humor columnist:
http://www.TheHappyGuy.com/positive-thinking-free-ezine.html
And an SEO specialist
http://www.TheHappyGuy.com/SEO.html
Read more of his travel articles at:
http://www.TheHappyGuy.com/travel-articles.html business and finance.

 

 

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