These Four Things Mean That A Vacation Home Is Rentable
Posted on: 26 February 2018
If you are planning to buy a vacation home, you should consider buying one that you can rent out when you are not using it. Note that not every vacation home falls into this category so you need to be real careful. Here are some of the things that mean a vacation home is rentable:
It's Located in a Popular Destination
People can rent houses anywhere, but you must agree that your chances of finding a tenant with ease are high if the house is located in a popular destination. Popular destinations include busy cities, waterfront neighborhoods (such as beach areas), and skiing locales, among others. It may not be easy to find regular tenants in a sleepy town with a few inhabitants where "anything" worth mentioning ever happens.
The Property Is Accessible
An accessible property is also easy to rent. You may find it difficult to rent out your property if it is located in a mountainous area where only the extremely physically fit can reach or where you need an all-terrain vehicle to reach. A good road network, a nearby airport or airstrip or even an efficient bus line or train service can make a wealth of difference to your rental prospects.
The HOA Allows Renting
If the property you want to buy is part of a homeowners association (HOA), then the HOA will also have a say on whether you can rent out the property or not. HOAs, as well as mortgage lenders, are aware of the fact that renters don't take care of homes as well as actual owners, which is one of the reasons they are not overly enthusiastic about renters. It would be a shame to find out that you can't rent out your condo after buying it. Work with a real estate agent who can help you find vacation homes you'd be able to rent out.
You Can Manage the Rental Business
Managing a rental property it isn't easy; talk to those who have tried it and you will find out just how tough it can be. You have to look for tenants, screen them, deal with tenant complaints, and even evict those who are breaking the rules. Confirm that you either have the time to manage the property or it can fetch enough income to make it worthwhile to hire a property management company to do the work on your behalf.
Hopefully, the above tips will help you land a vacation home you can rent out when you are not using it. However, it is good to buy a property you can afford even without the expected rental income; that way you don't risk losing your home even if you can't rent it out as often as you want.
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