7 mistakes to avoid when renting out a vacation home
Owning a vacation home is a luxury that can also be a lucrative investment. Many people who own vacation homes let the property pay for itself by renting it out. It’s a great way to earn money, but it can also be slightly tricky, considering one will be letting strangers live in their home. To get the best out of the investment, here are some common mistakes to avoid when renting out a vacation home. Taking on too much responsibility Putting a vacation home up for rent is a lot of work, especially for one person. Outsource the work instead; make use of apps for accounting and apps to fill vacancies to simplify the process. Hire a maintenance crew to clean up after each renter leaves or a property manager to check up on things while the house lies vacant and prepare it for the next renter. Wrong and inflexible pricing Pricing is everything. In a high tourist-traffic area, keeping the prices too high could deter potential renters, while low pricing could send a barrage of queries, which will take ages to sort through. Consider the location, the scope of the property, and, of course, the demand. Events near the home, proximity to seasonal holiday spots and famous landmarks all determine the cost of rent.
Read More