If you are " on the fence" about whether or not to purchase a second home or even use your own home as a vacation rental, we are here to tell you that this is one of the best investments you can make! It is no wonder that the Airbnb industry has blown up, there must be something to this "renting my home" thing... right? We wanted to share with you the top five reasons why you should invest in a vacation rental property.
Reason #1: Earn extra income.
For most people, this is the main reason they are considering owning a vacation rental in the first place. I mean, why not? Who doesn’t want additional income and have a vacation home they can retreat to whenever they need a vacation? The earning potential of your rental income will depend on which city you buy in, thy type neighborhood, the type of home you have, and many more other factors. We recommend checking out some listings on Airbnb and HomeAway/VRBO in your desired area. Check out the nightly rates that other Homeowners are charging and see how the rates and availability change depending on peak season and offseason.
Reason #2: The home may increase in value.
Think of it this way. When you decide to buy a home, the hope is that it will appreciate in value so you can make more money off it when you sell it. A vacation rental property works somewhat the same. Your property will hopefully increase in value year over year. This is true especially if you buy in a high-demand area. Before making a purchase, take a look at past and current trends in the market you’re hoping to buy in.
Reason #3: There are tax benefits for business-related expenses.
You are starting a buiness, don’t forget about tax deductions! If you are paying taxes based on your rental income, you can deduct any business-related expenses. Deductions you might be able to claim include housekeeping, restocking, and the cost of your property management company (*hint). Just remember to keep each and every receipt. We recommend getting a business credit card or account to pay for any expenses related to your rental so you can see everything you paid for in one place. You also might be able to deduct your mortgage interest, property taxes, and homeowners insurance. Talk to a tax professional in your city to figure out exactly which deductions you can claim each year.
Reason #4: Have a vacation home to visit whenever you want.
We all need a vacation at some point (most wish it were everyday). Well when you own a rental home, you always have a place you can go to. Especially when you are working with a professional vacation rental management property who manages your guests rentals around your schedule. To maximize your revenue, we recommend heading to your vacation home in the off-season. You’ll also have a place that friends and family can stay in (whether you make them pay the full price, a reduced rate, or nothing is up to you). And while retirement may be a long way off for you, a vacation home is the perfect place to retire to when you decide that you’re ready for it, especially in sunny South Florida!
Reason #5: You can leave all the hard work to us!
If all of the guest scheduling, rate management and home maintainance sound like a lot, there are people who can help. Vacation rental property managers like Easy Air Rentals can do everything for you, so you don’t have to worry about a thing. A great property management company works hard on marketing your home by creating a listing on all of the major sites travelers use and social media platforms. They’ll use professional photography to make sure your home stands out among the thousands of others that might come up in a search.
Another way a good property manager will be able to help you manage your rental is by being there for guests. For example, Easy Air Rentals has friendly and professional Guest Service Staff that are available 24/7 to quickly answer any question a guest might have. You can also rely on your Property Manager to handle housekeeping and regular maintenance. Easy Air Rentals will take care of the making sure the homes are fully stocked with cleaning products, towels, linens and soaps and any minor maintenance tasks like changing light bulbs, replacing batteries, etc. to make sure your home is always perfect for every new guest. They have designanted Area Property Managers who will walk through the rental before any guests arrive to make sure the grass it cut, the pool is crystal clear and the house is in immaculate condition. Rest easy with Easy Air Rentals!