Is Vacation Rental Ownership Your Business...
By David Leonhardt
Is Vacation Rental Ownership Your Business Opportunity?
But what is really involved in being a vacation landlord? Is it
a business that is right for you? I asked 9 vacation rental
owners for their advice to would-be vacation rental owners.
"Can you afford the mortgage if your home is not rented at all?"
asks Stewart Granville, owner of an Orlando Florida vacation
homes listing site. "If interest rates rise (which they
almost certainly will) can you still afford the payments along
with the utilities ,taxes, insurance, management fees ,pool
cleaning ,lawn maintenance ,running repairs - can you still
afford it?"
That is an obvious, but often overlooked, factor. Before rushing
into a purchase, make sure that it does not get repossessed if
somehow your marketing is fruitless at first. Paul Rowney agrees.
Owner of a
4-bedroom Florida Gulf Coast vacation rental , he says to be
wary of "realtors who promise you'll rent your property for 40
weeks a year." It helps to do your homework. Is there already
rental saturation in the area you want to buy in, or are people
already lining up for too few vacation homes?
"You can't get too personal with your home if you are using it
for renting - you have to think what your client wants," warns
Michelle Prince, owner of Secret Key
Villa in Kissimmee, Florida. That means your ideas of the
perfect bright red-orange kitchen might have to be shelved if
your customers have more subdued tastes.
Andrew Piper, owner of a 5 bedroom
vacation rental villa advises not to expect that all your
friends are a market waiting to rent your vacation home - they
are more likely going to hope for a freebie, staying silent if
they are too embarrassed to ask. Remember, owning a vacation
rental is a business, or else it becomes a very expensive
cottage.
Of course, when it comes to décor, you can't please everyone.
Sue Evans, owner of an Orlando luxury
villa, does not enjoy "having to read emails from people
saying they don't like your décor or want to stay at your
property for peanuts." You need a thick skin to own a vacation
rental property.
Christine Creasey, owner of the Florida Golf and
Disney Villa, reminds potential vacation rental owners how
time consuming it can be to look after the property, especially
if you organize your own rentals. "Make sure you know who is
going to manage your home in your absence," she advises. Running
a full-fledged bed and breakfast is even more time consuming,
requiring much longer hours than an office job, and probably
hiring staff to help you manage.
Neil Thornton, owner of a 4-bedroom executive
villa in Orlando, Florida warns about the grief caused by
hurricanes, a common occurrences in the tropical climates where
vacation rentals are most popular. "Can you be 5000 miles away,
knowing there are guests in your villa, there is a hurricane
approaching and all the power lines and telephones are down.
What do you do?" asks Dave Gordon, owner of Lindisfarne
Villa.
Perhaps the most obvious advice comes from Lesley and Gerry
Heane, owners of Our Dream
Villa south of Walt Disney World: "Always check out the area
and the site of the Villa." It goes without saying, but I have
seen too people kick the tires on a car but never try driving it
before buying - and I am sure it is the same with vacation rental
properties, especially since they are so often so far away.
What all these vacation rental owners are saying boils down to
knowing what you are buying, what it could cost you and being
prepared before you buy. Every one of them enjoys owning
vacation rental property, but many people jump in too soon, only
to realize that this is not the place they want to be.
Before you jump in, make sure you really want to own a vacation
rental. If you do, I wish you many years of success and
pleasure.
Freelance writer David
Leonhardt is also a humor writer and author of an energizing self-help book on happiness.
Read more free travel articles for reprint.
It's a dream I've heard so many people express: "I want to run a
bed and breakfast. They are so cute" Or "I want to own a
vacation rental property, so I can get a free vacation and make
money the rest of the year.