Common Myths about Renting Your Vacation Home... Debunked
The truth about what it take to start renting your second home as a vacation rental. Many vacation homeowners have misconceptions about the ins and outs of renting their home as a vacation rental. While renting a vacation home is not without its wrinkles, the pros of renting out your home far outweigh the cons.
Here are just a few of the myths about renting vacation homes:
- You have to live nearby. Thousands of vacation rental owners rent their homes from a distance. The key is finding a reliable housekeeper or caretaker in the local area or using the services of a property management company.
- You have to use a property management company. While you definitely have the option of using a property management company to find renters and handle bookings, many homeowners self-manage their homes-- also known as renting by owner. These homeowners choose to rent by owner for the increased control over who rents their homes and, of course, to save on the 30-50% commissions that many property managers charge.
- Your home will be grossly damaged by your renters. This is the number one fear of many vacation homeowners, but in reality is rare. If you take the time to properly screen your guests, extensive damage shouldn't be a problem.
- You'll have to go door-to-door to find renters. The Internet has made finding renters easier than ever. Vacation rental websites like HomeAway.com and VRBO.com have millions of visitors each year and are used by over 150,000 vacation homeowners.
- You won't be able to use the property yourself. As a vacation rental owner, you have the option to rent your property only when you want to.
Once you start renting your vacation home, you'll know that you made the right choice-- and the extra income doesn't hurt either.
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