Wednesday, April 24, 2019 / by Leon Zhivelev
Tips for Turning Your Home into a Profitable Vacation Rental
Before you rent out your home to short-term guests, there are several things you need to take care of. At the very least, you’ll need to provide essential comforts and safety features. But if you want to turn your home into a lucrative source of income, you’ll have to go the extra mile. This could mean making attractive home upgrades, adding luxury amenities, or providing special items to improve the guest experience. Here are some simple tips to get you started.
Start with Home Security
If you don’t live near your vacation home, you will need a security system to protect your belongings while it’s unoccupied. This will also help you monitor the guests that are coming and going from your home and ensure everything is as it should be. You have a variety of home security systems to choose from, including monitoring services and security cameras that you can access from your phone. Read this gui ...
Tuesday, April 16, 2019 / by Leon Zhivelev
Over the last several years, renting has become increasingly popular in the United States. Renting offers a unique level of flexibility that appeals to residents of all ages. Whether you’re a new renter or are getting ready to sign your tenth lease, there are things you should know before committing.
So, just what should you know about renting?
1. What Are the Move-In Costs?
One of the biggest expenses of renting is having to pay the move-in costs. There’s no set standard for these costs, but many landlords will charge for first month’s rent and a security deposit, which may be equal to one month’s rent. To be safe, you should set aside as much money as possible for these costs.
2. Which Utilities Are You Responsible For?
Paying your rent won’t be your only monthly expense. In addition, you’ll probably be responsible for your utilities. These can include things like electricity, heat, water, etc. Before signing the lease ...
Wednesday, March 27, 2019 / by Leon Zhivelev
Travel and more time with family are often priorities for retirees. But another retirement goal that tops the list is buying a vacation home. Owning a second home in a sought-after location offers seniors the chance to travel more, relax with loved ones, and really enjoy their golden years. Before you buy that second home, however, there are a few important things you should know to make buying a vacation home really work for you.
Keep Renters in Mind when Setting Up a Second Home
You may need to take out a loan to make your vacation home goals a reality, but renting out that home can help you make those additional payments. To bring in more rental income, though, you need to make sure your property stands out to renters.
You may want to have someone stage your second home to attract renters, and you will definitely need to maximize your property’s curb appeal. Travelers are often taken in by the external features of the homes they are looking to rent ...
Friday, March 1, 2019 / by Leon Zhivelev
Whether you’re buying your first home, downsizing, or buying a vacation home, make sure your new home won’t end up becoming a nightmare by requesting a home inspection of the property prior to buying. Most lenders will require a home inspection and it’s good practice to ensure there aren’t major issues with the property. When you hire an inspector, make sure they check the following areas of the property.
Foundations are expensive to repair and any damage can lead to much larger issues in the future. If there are obvious cracks at the base of the walls and ceilings in each room, get them fixed as soon as possible. Additionally, be sure to check for any cracks or shifts in the foundation that need repair prior to purchase.
Check the drainage of the lot and beware of any soggy areas. If these exist, request for additional drainage (such as french drains) to be installed. You should also complete a land survey of the lot to ensure t ...
Thursday, February 21, 2019 / by Leon Zhivelev
How to Turn Your House into a Vacation Rental Without Spending a Fortune
Do you have unused space in your home? Or, perhaps you spend part of your time traveling while your house sits empty. Rather than paying to heat and cool an empty house, you could turn your extra space into a vacation rental and earn income from your home.
Turning your house into a vacation rental property won't make you rich overnight, but it is a great way to offset homeownership costs and put extra cash in your wallet. Keep reading to discover if starting a vacation rental is a smart decision for you.
Calculating the Income Potential of a Vacation Rental
How much you can earn from a vacation rental depends on a variety of factors:
How often will you rent the home?
Will your property be available during peak tourism season or off-season only?
What do comparable properties charge per night?
Is there local demand for vacation rentals?
What costs are associated with ...