I really didn’t know where to post, in any case, I’d like to know what investors think about vacation homes investment for income.
Considering the massive amounts of tourists in any economy,Orlando seems a very good option.
Vacation homes involve an awful lot of work. Between guests the house will need a thorough scrubbing, window washing, yard work, and laundry done. In Florida, the pool will need cleaning.
Someone will have to take reservations and meet the guests to give them the keys, and be there to inspect for damage when guests move out.
Since stays are short term, that all has to be done once a week, Because of the work load, hired managers are expensive and if you are not there to do it yourself, you will need to pay a maid service and a gardener.
Yes, I do know people who are making a living by owning vacation rentals. So it can be done. Just make sure you know what you are getting into.
We have A LOT here in Costa Rica and tourism is back. If you need a condo here, they have onsight managment and maids service available on request. It’s a flat fee per guest stay per week.
If you want some, I’m here already. I also know people that were make money off of renting out their vacation home, so they bought more.
My husband and I currently have investment properties in our area (michigan) but we have thought about venturing out to the vacation rentals in the yucatan. Can I ask the average price that you pay for a property, details of location, size and how much you receive weekly on average. I know I’m asking personal info. but I would appreciate any info you can give me.
Thanks!
hanatal,
You can search the VRBO website (Vacation Rentals by Owner) and also Homes Away website for prices for nightly bookings, etc. There are several other websites as well for vacation rentals, several of them international.
There are also books: How To Make Money From Vacation Rentals (or similar title).
Good Luck on your quest.
Furnishedowner
Thanks will do! . I love a new read!
A vacation home can add to your wealth. With the right property in the right location, you can make enough money to pay for itself. You can even charge more for the rental since vacation home are short-term rentals.
It also means that you can rent the property over and over. Even if there are bad tenants, you know they won’t be around for very long. Just wait until their contract is over and rent it to someone better!.
Lastly, there may be some compelling tax incentives for having a vacation rental property like enjoying a tax-advantaged vacation if you use the property yourself. Just make sure you talk to your accountant or tax attorney about the tax incentives you might have available to use.