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How To Rent Your Beach Vacation Property As An Owner - Travel - Vacation Rentals
How To Rent Your Beach Vacation Property As An Owner by BR Valentine
in Travel / Vacation Rentals (submitted 2011-10-16)
Why Would I Want To Rent Out My Home?
There are several reasons. If you've moved into a new home and still own your old property, renting is one option to generate income while you wait to sell. You might be interested in keeping your old home and renting would be one way of generating additional income, treating this property as an investment for years to come. Depending on the state of the economy and your local real estate market, if you're interested in selling your property, but prices aren't exactly where you would like them, renting your property while you wait for prices to stabilize or improve is also an option. Another scenario is if you happened to inherit a property from a deceased relative, renting may be your best option while you decide what to do with the residence. Depending on the length of time of probate, if you happen to be the executor of the deceased estate, renting would be an option to generate income for the estate.
Is It Easy To Rent Your Home To Others?
The process is generally easy to advertise and promote your property, one of the big factors will be the location of your property and what the demand for rentals are in your area. A popular community located on a beach or with lakefront access is probably going to be pretty easy to rent out. Families are always looking for a vacation on the water and rental properties may be a better option based on prices compared to hotels or resorts in the area. Pricing your rental property is important, so make sure to do a little upfront research on what other similar rentals are going for in your area to make sure you don't price yourself out of the market and are able to get rental offers on a regular basis.
The difficulty in renting may be in managing the property, either yourself or through a property management company. Managing the rental on your own can be time consuming, so make sure you're able to put in the necessary time and to be available when problems arise. If you don't have the time or necessary skills to handle maintenance issues for your property, hiring a property management firm is probably your best option, but you'll need to factor in the costs associated with hiring someone to handle this aspect of the rental process.
I Don't Know Where To Start. Where Would I Advertise My Property?
Your local newspaper will offer classified ads, so contact them to see what ad rates are for listings. You should also check around town to see if there are any special real estate periodicals that are printed and distributed, you may see these distributed near storefronts, drug stores, gas stations or possibly restaurants. If you live in an area with a lot of vacation properties for sale or rent, you'll probably find a couple of options to choose from regarding print ads.
Beyond print ads, in today's world with most people having access to the Internet, publishing ads for property rentals has never been easier, giving you access to people all over the globe. You can post ads on eBay.com easily or you can use an online classified ads site like Craigslist.com targeting listings in your community. If you search around online you'll also find large websites focused exclusively on advertising rental properties that have ads all over the world or specific to your country, state, city or neighborhood. Niche property rental sites have become extremely popular. You can even find niche rental sites focused on the type of property you're looking for such as properties listed for fishing vacations, ski or snowboard vacations or beach rentals. Some of these sites also focus their advertisements on properties owned and rented by their owners, such as BeachRentalByOwner.net or VacationRentalByOwner.com.
How Much Does It Cost To Rent Your Property In Advertising or Other Upfront Expenses?
To advertise your property as a rental, the upfront costs will all depend on who you choose to advertise with. Some print publications or websites will offer free ad listings while others may charge a small monthly fee or up to hundreds of dollars per ad or per period, like an ad listing for a 1 year period. Make sure to read the fine print on any agreement you choose to make sure the costs are within your budget and that you feel you're getting your moneys worth. Another cost that may come up would be for pictures. Some will offer free pictures, but others may charge you for all photos or if you want to show more than a certain number, say pictures over 5.
I Just Rented My Home Out For A Week. Is The Money I Received Taxable?
Most likely, any income you receive from the renting out of your property would be taxable income, but there may be instances where paying taxes on the payment you just received can legally be avoided. It would be advisable to speak with a tax professional to determine if you need to claim this specific income as taxable income on your annual tax return.
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