Vacation/seasonal Rentals Question
Do any of you folks do weekly rentals? I'm going to be using my current primary as a rental sometime early next year, and it's in a golf course community that has other weekly properties going for $800/week (same size and amenities), or $1800/month.
It seems like making sure that the property is booked enough during the season would be one of the primary issues, and insuring that the household amenities (furniture and electronics) that you provide stay put from week to week.
If you've done this, did you do it in your hometown? With a property manager? Alone? Did you have any unanticipated problems?
Thanks!
- Mandi
[addsig]
some thoughts:
If you are going to be a long-distance owner or owner in abscentia, then I would get a property manager or at the very least a friend to act as a property mgr in your absence. You will still need to have someone arrange for cleaning the place, check/replace linens when they wear out, replace light bulbs, etc. SOMEONE should perform move-in and move-out walk-throughs, even it is only rented for a week at a time.
Make sure you have an agreement down in writing. I have seen handshake deals go south at the end 'cause of misunderstandings about duration of stay. By the time the misunderstanding surfaced, the place was committed to other people...it was a mess, and some people were not very happy.
Who's going to pay utilities and phone? Need to think about that, unless they are included. If you rent it out by the week, are you going to read the meters?
If you provide phone service, you may want to block long distance calls. Folks can still make credit card calls, or pre-pay calls, etc., but then you are out of the loop for paying for them and then getting reimbursed.
Going to provide maid service? If not, make sure they understand that. If so, make sure they understand exactly what services the individual will provide. Will the hired help wash the tenant's dishes? Do their laundry? Make them dinner?
Believe it or not, all this things have surfaced as issues for us. Many folks who wanted to rent our condo thought it was going to be managed like a resort...they wanted EVERYTHING done for them. Others were either very experienced or at least realistic in their expectations.
Good luck.
Thanks for the response!
I hadn't thought about the phone too much, although I am concerned about the pay per view channels on satellite/cable (can I block those, too - I assume so). I'm also trying to figure out how some of the landlords down here include golf memberships with their rentals; it doesn't seem to be that the membership transfers with the tenants (although I'll have to look into that).
It may be that monthly is a better way to go, or even long term executive - wouldn't have to furnish or provide utilies if it were annual! But then you miss out on the income part of the deal....
I'm going to be living in the next development on the street, so I'll be able to do inspections and whatnot myself.
Stuff to mull over. Thanks again!
- Mandi