Second Home, Vacation Rental/Income. Imagine owning Real Estate, using it for your vacation, FREE, and then having people pay you to use it when you are not in town. The icing on the top is that your Real Estate builds equity while you enjoy the property and receive income. That is what we call a triple threat and a good one at that.
If you love where you vacation, then you need to purchase Real Estate and enjoy the fruits of your labor. You work hard for the money and each year you end up spending that money to relax in an exotic destination. With a little research on the part of your Realtor you can grow your vacation into a money saving, money earning possession. While the saying is true, something is better than nothing, there are parameters that will maximize your investment.
First you want a property that leverages your ownership with the desires of the majority of Vacationers. The optimum number of Bedrooms is 3. With a sleeper sofa the property will sleep 8 and therefore make it affordable to slightly larger groups.
Properties in exotic locations rent out early. If they are located on a beach there is a premium to be made. A value Added Draw is a Pool. The joy is that the same things that bring you happiness will also draw more vacationers to your property.
With the help of a Vacation Rental company you can expect to obtain vacation rentals an average of 10 days per month. In year two, as your property gets a following, the rentals can average 20 days per month. These estimates are conditioned upon the location of your property and the rental amount you request. One advantage for you is to give your rental company a range of acceptable rent fees. When someone calls or E-mails with an interest in a property the rental agent needs to be able to act quickly to secure the client. This is most easily accomplished when the Rental Agent always knows what the property owner desires.
In the same way the Rental Agent needs access to the rental calendar for the convenience of the client. This way, when the Vacationer is ready to book, the Rental Agent can handle the transaction before the client cools off on the idea.
Step One: Decide on your dream exotic location.
Step Two: Choose a Realtor that will work with you.
Step Three: Choose a Rental Agent to work with and get helpful information.
Step Four: Enjoy.
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