Hiring a vacation can be a very profitable and profitable business. This can be a very difficult, frustrating and expensive experience if we do not avoid the basic pitfalls. Some pitfalls to be avoided may seem obvious, but it is worth repeating. Others may be things that they probably have not even thought of.
I've got five historic Key West resorts, and I'm marketing and managing more than 50 people. I've been in the vacation rental business since 1994 when I turned to my first holiday home in Key Largo, Florida. Based on the experience of decades, I offer 8 bases as the simplest and common property pitfall to avoid the home of the holidaymaker. Over the years, in this business, I continue to see that people have repeatedly made the same mistakes that could easily be avoided with foresight, better planning and professional guidance.
Although it is not pleasant to talk about the negative realities of having a vacation, I hope that I can learn from others by failing and take full advantage of the advantages of having a vacationer. Think of these carefully before you "dive" into the property.
Do not buy a bad house:
Does it seem like an obvious statement? Well, "Hindsight 20/20" is a good thing to consider in this critical first step. I've seen many people "fall in love" with a house or holiday you find on vacation while you decide to find an ideal second home and a perfect lease. Make sure you "knock romance out of your head" and carefully consider how desirable it is for potential guests to perceive the property and if they can afford it. First you can find out what size and configurable properties you are looking for in the area you are most looking for in the area you want to buy. For example, how many bedrooms and bathrooms are most renters looking for? Do you want historical homes, apartment houses, holiday homes, studios, or counting? Is the pool or a garden important? Are you willing and able to carry out any necessary renovations?
Do not forget to make a business plan:
Make a basic business plan and determine and justify your purchase. Ask a rental technician and an accountant or financial advisor to prepare for the preliminary plan. Find out how much you can pay for your holiday property management and how much you can expect to earn. Obtain actual or predicted booking ratios from a specific local rental office. Find out what time you can count on your home release. Do you have a short tourist season or have a year round season? Some communities have a high demand for private accommodation and they have excellent rental rates. But in other areas, a lot of unsold homes offer vacation properties, rental rates are too low to cover the cost of second home ownership.
Do not buy a seat in the wrong place or neighborhood:
Carefully study the place, eg. Just because there are not a big deal for 15 blocks from the city center or the beach, it's too far and you can shop for potential guests. In other words, make sure that the property you buy will be attractive to potential vacationers. And what do the neighbors think of the vacation rental houses they live in? It was and is still a huge ongoing problem for many communities across the country. Many cities are involved in licensing or limiting short-term rentals. Some neighbors are firmly opposed to the idea of the "swinging door of tourists" coming in and out of adjacent areas.
As holidaymakers are increasingly popular, many communities have set up rules that limit and regulate the lease charges. Contact the community licensing department where you want to buy a vacation property. Find out if there are any restrictions on the time and frequency of renting your home. Find out whether you need to buy a business license or a special temporary lease permit. Ask if there is a need to check health and safety for a city, county or state. Find out if there is a need to collect and pay tourist tax and public sales tax. Do not ignore the rules and rules. In some communities, executive executives of the code search for relaxing websites to look for real estate that offers illegal leases. It may be a relief for the law, it may be expensive and embarrassing!
Do not forget to avoid renovations and major repairs:
You are ready to accept the fact that continuous quality control becomes a life-style. Unless the property is located in an area where luxury and comfort are unnecessary, they expect to renovate and preserve the quality of the property. If you want the rent to be competitive on the holiday market, you will be looking for the kitchen, bathrooms, carpets, floors, decks, verandas, windows, painting, landscaping and renovation of the roof. In some locations you need to add a swimming pool or at least one jacuzzi. Make sure the local building department allows you to make updates. Take the time to make the necessary repairs and mark the time in the rental calendar to work.
Do not estimate the importance of maintaining your household and ownership:
the holiday home is upgraded and operated, you have to undertake continuous household and on-call maintenance services. If you do not provide for good cleaning and regular property maintenance to keep the property at a high quality, you will likely live with constant complaints. And you can expect such unhappy guests who will be forced to write bad internet reviews about the real estate web travel journals and rental websites. The maintenance person must be called to repair small things in the house such as Blubber, poorly functioning air conditioner or boiler, swimming pool problems, poorly functioning internet connections and TV remote controls are low. The more you rent your property, the more you need to maintain and save.
Do not you think your house can be successful without adequate furniture and time-out: The owners of the second home thought they could decorate their property with cheap items, garbage items or disposed personal items. When people do this, they end up with a house that looks like a used shop or a private garage sale. If you have a dress for decoration, go for it. Choose a decor style to be entertaining. It is perfectly acceptable to mix old and new elements, but ultimately they all have to work together in a unified style. Buy comfortable furniture – a nice sofa and light chair. Choose an attractive microfiber fabric for ideal holiday homes. Make sure you have good bed mattresses and appropriate bed sizes. Most travelers today want a king or at least a queen size bed. Buy a larger flat-screen TV in your living room or den. Unless you have the know-how and the time to do these tasks, hire someone to do them. There are many shop staff with decorating staff who offer this service for free.
Do not you think you can simply go to market and manage your vacation:
If you've read so far Do you know that there are so many more properties that you own and operate than you first encounter? With the spread of mega holiday websites that make home owners feel easier to advertise their own property, it looks simpler than the one they are. There is more to this business than setting up a web site and answering e-mail queries and phone calls, and keeping the availability calendar. Leasing contracts, collecting money, taxing and paying taxes, community permissions and rules, guest check-in and check-out, housekeeping and ongoing maintenance, handling complaints, handling financial damage caused by guests, and dealing with unhappy neighbors can be daunting . And I did not even deal with the demands and failed to create a successful marketing campaign. In today's market you go beyond good advertising copy and quality real estate on a web site. Get ready for social media such as Facebook and twitter to get to your potential tenants.
After all, the owner of a rental apartment can be a very lucrative and enjoyable business if he knows what he is doing. The safest way to avoid the most common pitfalls is to find and buy real estate that has established and successful history as vacation rentals and rent a local, local administration to handle property. http: /vacationhomesofkeywest.com
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