Tag: vacationing

4 Things to Consider Before Purchasing a Vacation Home

Posted on Glenn S. Phillips

There are things that you should know before you purchase a vacation home. Within this list you will learn what to look for, what is a great bonus to your investment, and what to stay away from. Buying a vacation home is a big responsibility, be sure to do your research before you buy.

1. Spend Time Before You Buy

Get to know the lake. Vacation in other nearby rentals and spend time on the water in the area. Find out if the area seems to be what you are looking for, be it a quiet retreat or a party cove. Different lakes have different personalities, and even different areas within the same lake can have a unique vibe to them.

2. Expect Normal Expenses

Just like purchasing a primary residence, lake homes also come with year-round expenses beyond the mortgage (if the home was financed). These costs include things like insurance, property taxes, and lawn maintenance in the off-season.

You should also factor into your budget the potential costs associated with replacing large appliances in the home like the water heater. You must also think about the monthly utility bills for the property like water, electric, gas, and others.

3. Find a Property Manager

Face it; although you love this home, it’s not your primary residence. It will, therefore, be unoccupied during certain times of the year. While you’re not there, consider hiring a property manager or a caretaker to maintain the residence.

You can work with any number of management companies that will assign your property to one of their managers, so you don’t have to handle the search alone. Another option is to hire a live-in caretaker to stay in the home during the times you’re not there. Like property managers, live-in caretakers are paid a salary to maintain the property in your absence.  

Which direction you choose is up to your personal preference; just know that it will need to be done.

4. Research the Demand

Lakes and lake rentals are a hot commodity for much of the year in many places but don’t expect to keep the house rented out year-round. While the lake is a great backdrop for a getaway any time of the year, demand for lake rentals is not nearly as high during cold months.

As a result, you will need to adjust prices accordingly. You may only be able to charge half (or less) of the summer rate if you want to keep year-round occupancy high.

Sometimes the excitement and anticipation for owning a second home on the lake can be a driving force in the purchasing decision. Make sure you stay rational and look at all of what is involved before you officially make your move!

How to Turn Your Second Home into a Vacation Rental

Posted on Glenn S. Phillips

Having a second home can be pricy. In order to take some of the burden off of you financially, you can rent out the second home to help take care of the second set of bills that come with it. Here is a list on what you will need to do in order to make this happen.

Book the time you want with the home first.

There are times that you want to use your second home. Different seasons or dates in which you want to use your second home are called black out dates. This means that no one can rent the property during these times so that it is free for you to occupy.

Create a personal connection.

Creating a personal connection with the neighbors is important when renting out the home. This will make sure that the renters and the neighborhood remains friendly. They will need to know that the property is a vacation rental.

Your neighbors will also ultimately be a built in security system when it comes to your property too. They will keep an eye on the renters and the property while you are away.

Create the contract.

contractIt is important that you create a basic contract to protect you from bad happenings that can come with renting out your property. It will need to include dates, pricing, and the expectations for the condition of your home upon the renters leaving the property.

Hire a local house cleaner.

Although you can state in the contract that the property will need to be clean before the renters leave, there are other deeper cleaning issues that will need to be carried out once they leave.

Cleaning drains, toilets, and other deep cleaning will need to be done once they are through with the home. Hiring a local house cleaning company will be a smart move. You will provide them with a key and they will deep clean the home so that it is fresh and clean for the next occupants or for you.

Develop an activity guide.

If the renters are vacationing in the area and are not familiar with all the activities that are available, then having a guide will help them and help you with a wonderful reputation of hospitality.

You can provide a list of attractions, things to do in the area, and even how to operate the electronic devices that are in the home for entertainment.

Protect your valuables from the occupants.

Face it, there are just some things that you will worry about breaking or suffering damage. For example, maybe you have a painting that is worth thousands, you do not want this up in the home when you are not present.

Install a lock on one closet or even the basement to store these items away while you are not in the home.

Each property is unique. You can alter this list or add to it, but either way you have a guideline to help bring in income from this property you do not occupy on a regular basis.