Vacation Home Rental Success

Vacation Home Rental Success



You love having a​ second home but the​ mortgage is​ putting a​ crater in​ your wallet. Many second home owners turn to​ renting their property as​ a​ vacation rental to​ help defray the​ costs of​ ownership. How do you price a​ vacation home rental without overcharging but making enough to​ cover your costs? Do your research.

Find out what other owners of,​ similar sized homes in​ the​ area are charging. You can ask a​ local real estate agent for a​ price range,​ scan local papers or​ go online. There are also vacation rental sites like eVaca.com. These types of​ sites have advertisements from owners around the​ world and weekly rates for the​ properties are listed.

The time of​ year you rent out a​ property is​ important as​ well. if​ you want to​ rent out a​ ski lodge in​ Vermont,​ August is​ not going to​ be your “high time” of​ year,​ but January will. if​ you are going to​ rent the​ property in​ an​ “off” time of​ year you will not be able to​ charge as​ much as​ if​ you were renting the​ property in​ a​ peak time.

You also want to​ figure out what lengths you want to​ rent your property for. a​ Florida property in​ July near the​ beach will go for top dollar for a​ week. However,​ that same property in​ January you might only attract the​ snowbirds who want to​ rent at​ a​ lower price and rent it​ out on​ a​ monthly basis. You have to​ answer questions like,​ “do I want to​ mess around with weekend or​ nightly rentals” and “is it​ worth the​ hassle”.

Figure out how many weeks you need to​ rent your property in​ order to​ make a​ profit or​ at​ least pay the​ bills. Say you need to​ make $12000 a​ year in​ rental income. If,​ after looking at​ other rentals,​ a​ rate of​ maybe $1,​000 a​ week seems reasonable than you know you need to​ rent the​ property out for at​ least 12 weeks a​ year. But you might have to​ rent for a​ few more weeks at​ a​ lower rate to​ make up for “off peak” times of​ the​ year or​ if​ you do not get someone to​ fill every vacant period.

Most important,​ do not forget to​ spend time in​ your own vacation home. Owning the​ property and not being able to​ enjoy it​ defeats the​ purpose of​ having that second home!




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