Juli Doty - Real Estate, Real Advice

Vacation Rentals

It begins as a dream: "I want to run a bed and breakfast. They are so wonderful to stay in!" or "I want to own a vacation rental property, so I can have a free vacation and make money the rest of the year."

But what is really involved in being a vacation landlord? Is it a business that is right for you?

• Can you afford the mortgage if your home is not rented at all? Do your homework. What does it take from you to run the business? What is the market for rentals?
• This will not be "your home". You must create an atmosphere that your clients want and are willing to pay for.
• Your friends and family will hope for a free vaction, at your expense. How will you handle this?
• The time required from you to manage the business and care for the property may be extensive. Hiring a vacation rental firm can be expensive. You must have a way of knowing what is going on when you are not right there.
• Your clients can be emotional, picky or downright jerks. You can not.
• Contracts and deposits are critical
• Get to know the area and the property itself very well before you buy.

The vacation rental business can be fun and lucrative. If you decide to go for it, allow the joys of the business to enhance your life.