A vacation home is an ideal dream for many people. Popular television shows promote that dream and even provide tips and ways to make it all happen. But people are wondering if it is even possible to earn money on a vacation rental property. The short answer to that question is absolute. But there is going to be a lot of work that will need to be done. Like any business or money-making adventure, you must be willing to do the work. People take vacations and many of them rent homes that belong to other people. It can be yours that they rent.
Making Money on a Vacation Home
There are a lot of ways to make money, but a vacation home is one of the best. Some factors will play into how much you can earn.
Choose the Right Property
Choosing the right property is the place to start. The home must be close to the attractions that are pulling people to the area. It should be in an area that people visit year-round. The size of the home will matter as well. It should have enough rooms to accommodate a moderate size family. The easiest way to determine which property is right for you to rent to others is to ask yourself, “What would I want in a home if I were to be the renter?”
The Inn on the Beach is a popular choice for an income-producing property on Longboat Key. These are owner-owned condos at the Longboat Key Club. Condos here can gross over $200,000 in yearly rental income. Owners have access to 28 nights in the condo per year and have access to the Longboat Key Club for golf, tennis, and dining. The Longboat Key Club will rent the condos out and split the income with the owner. Owners also have the choice to remove the condo from the Longboat Key Club rental pool and rent it themselves or hire a property management company to rent it for them.
Country Club Shores, located on South Longboat Key, is a popular choice for owners that prefer to have a single-family home as their income-producing property. The south Longboat location is ideal for its close proximity to St. Armand’s Circle and its deeded beach access. Country Club Shores has become the top choice on Longboat for buyers to tear older homes down and build new construction. This has caused a steady rise in prices in recent years. Many buyers, including myself, have recently invested in Country Club Shores as a rental property they can sell in the future.
Furnish the Home
People will want to know that there are plenty of beds, couches, chairs and other things. They will want to know that the home will meet all their needs while they are vacationing. Provide spacious beds in rooms for adults and kids-style beds in rooms for kids. Create a theme that matches what is around the area. If the home in located near the beach, then have a beach-themed home. A theme allows people to live in the moment and create memories that they will want to come back to.
Create the Experience Online
People will want to see the home before they come and visit. Take pictures that are clear and show a complete picture of the home. Stage each room so it looks perfect. Set up a way for the renter to virtual tour the home, so they can see it like they are moving through. Keep descriptions short and complete for each room.
Keep in mind that other homeowners are renting their homes to vacationers too. You will want to know what they are charging so you can stay competitive. It might not be a bad idea to enlist the services of a rental agency. They can help market your home and even help with the care of the property, so you don’t have to travel to and from the area if it is a long distance from you.
This is very important. Guests will want to know exactly how to enter the home and what they can and cannot do. Provide clear instructions for them to follow before they arrive. Also, leave instructions on what to do if something happens while they are visiting the home.
Owning a vacation rental home can make you money. All you have to do is be willing to do is work to make it happen. After all, it might just be a place that you will enjoy at different times throughout the year.