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How You Can Own Your Dream Vacation House Even If You Are Not Rich

March 01, 2012 | Comments: 0 | Views: 113

Have you always wanted to own a vacation dream house but thought that it would be too expensive? Investing in real estate has always been a sound investment, and owning a piece of property that you will enjoy staying at for a few weeks during the year and make money on it for the rest of the year is like icing on the cake. The best part is that you don't have to be wealthy to buy that perfect vacation rental house.

While owning your own weekend getaway can be exciting, there can also be a lot of questions about how to find and manage the property. How much money do you need to make to break even on your investment? Where can you find and how can you screen potential tenants? What other unforeseen expenses are involved with the property management?

The first step is to find out how many peak weeks there are during the year. For example, if there are 12 weeks of peak season then you should charge the equivalent of one month of the mortgage plus an additional 30 to 35% to cover other costs such as bills, insurance, taxes, and cleaning fees. This will give you a good idea of what the break even price will be. Next find out how much your competition is charging and find out if they are making at least this amount on their rentals. If they are then the property should be a safe investment.

Your next task will be to find some quality tenants. One of the best places to advertise your vacation rental is the internet. There are a lot of websites where you can add a listing cheaply. You should do a little research in order to find the best place to list because some sites focus on specific areas of interest and get more internet traffic than other websites.

When you list your vacation rental be sure to use plenty of high quality photos. Adding great photographs to your listing adds a lot of value to your ad. Use lots of lighting, or wait until the sun shines the most sunlight into the rooms being photographed. Take clear pictures because good clean images add a lot to the listing and can help improve the listing results.

Try to avoid commonly used words like beautiful, magnificent, nice, and spectacular because these words are used so much that they add nothing to your listing. Instead use words like clean, quiet, peaceful, cozy or rustic to get better results.

You can weed out the bad tenants by talking to them personally instead of using a rental agency to do the work for you. This will give you the opportunity to discover what kind of clients they are and if they are trustworthy. Dealing directly with your customers will also help build trust and give your business a personal and friendly atmosphere.

Even though renting a vacation rental isn't for everybody and it does have some risk involved, however it can also be a fun and rewarding new adventure.

Learn more about vacation rentals at Lake Millstone.

Source: EzineArticles
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