If you’re thinking about buying a property and turning it into a vacation rental, what do you need to do to make sure it pays off?
First, you need to ask yourself what your goals are. It is very important to be clear about what you want to accomplish because, after all, this is a major investment. For example, you may want to use this property for about one month a year plus several weekends and have some help in covering annual costs. Or perhaps you want a full-out rental property to maximize income.
In any case, you want to add up those costs—your fixed costs and your variable costs. Whether you want to hire a rental agent or do it yourself depends on you, but many vacation rental owners are not on call 24/7 and require the assistance of a professional rental property manager to maximize income and manage costs.
When all is said and done, owning your own vacation home and renting it out can be a rewarding experience or a disappointing one depending upon your expectations.
Our office manages the largest inventory of rentals here on the Crystal Coast, and we can assist you in locating the right property and helping prepare a budget forecast of the rental income and all the costs plus the potential appreciation. This forecast will give you a complete picture of the potential for your investment.
If you’d like to get started, give me a call and let’s get to work. If you have any other questions about this topic, feel free to reach out to me as well. I’d love to help you.