Tips for Owning a Vacation Rental

Dated: October 19 2021

Views: 17

8 Dos and Don'ts of Owning a Vacation Rental

Are you considering a vacation home purchase that will produce valuable rental income when you're not using the property? If so, check out these dos and don'ts to get the most out of your financial investment.

DO: Create a financial plan. This will help you predict the potential revenue and expense of owning a rental property.

DO: Work with a knowledgeable Realtor when buying. A good agent can help you find a property in a good location with the best rental potential.

DO: Get to know your home. Carefully check all parts of the home and repair and replace items that need it.

DO: Choose a property manager carefully. Check their reputation in the area, then ask how they'll: Maintain the home so it stays in good condition, communicate with you, and maximize your revenue.

DON'T: Ignore preventive maintenance. It's better to fix or replace that aging water heater or HVAC system now than have it break during a renter's stay.

DO: Be strategic about using the home yourself. If your goal is to maximize rental income, stick to planning your stay during the off-season.

DO: Plan to reinvest in the home. Figure you may have to spend 1% of the property value each year on maintenance.

DO: Be realistic about pricing. Research area rental rates and don't overprice. Your ultimate goal is to make a reasonable profit and that will require a high occupancy rate.


Blog author image

Luis Gomez

LG Realty Group Inc is a full-service, luxury real estate brokerage and lifestyle company in Miami, Florida representing clients worldwide in a broad spectrum of classes, including single-family resid....

Latest Blog Posts

Art Basel 2021 Must See Public Art Installations

The most Instagrammable works of Miami Art Week 2021 include a multi-sensory labyrinth in Design District and a floating film screening in South Beach.1. Tomorrow Land by Enjoy The Weather and

Read More

Coming Soon to Midtown Miami - The Standard Residences Miami

Today we’re introducing a new development that was just announced, coming soon to Midtown Miami,The Standard Residences Miami. The Standard hotel group is branding its first residential

Read More

Art Basel Miami Beach 2021 in the Miami Beach Convention Center

Art Basel | Miami Beach | December 2 - 4Art Basel is the leading global platform connecting collectors, galleries, and artists. Art Basel's fairs in Basel, Hong Kong, and Miami Beach are a driving

Read More

Allure North Miami proposed with a 20 Story Apartment Building

20-Story Allure North Miami Proposed With 360 Apartments Developer Tate Capital has submitted plans to the city of North Miami for a 20-story project called Allure.Allure North Miami is

Read More