The market for a short term rental property is booming! With the growth of sites that specialize in offering private homes for vacation rentals, people are more and more aware of the benefits of staying at a privately owned property instead of a generic hotel when they decide to travel, especially to luxury destinations such as Vail and the surrounding area. Does this mean you should use your Colorado vacation home as a short term rental property? Here are some great reasons why you should consider the possibility.
Earn Passive Income with a Short Term Rental Property
If you have a vacation home in Vail, you’ve already made the investment. Why not make passive income off that investment when you’re not there? If the property is your second home or your vacation home, there’s a good chance you aren’t using it a majority of the time. Instead of letting it sit empty, let someone else experience the magic of the mountains from the unique perspective of a private home. You get the benefit of earning passive income while they get the benefit of enjoying all that the Vail Valley has to offer.
Boost the Tax Income for the Community
You probably care about the community around your vacation property; otherwise, you wouldn’t have chosen that location. When it comes to offering your property as a rental when you’re not using it, you can benefit from it financially, but so can the surrounding area. As tourists come and go, they spend money at restaurants, shops, ski resorts, and more, all adding to the tax income of the community.
Less Wear and Tear on the Property
Short term rental is only one option for your property. Many homeowners choose the long term rental option, but that isn’t always the best choice, no matter the income potential. A short term rental property produces less wear and tear than a long term rental does. Instead of year round occupancy, a vacation rental gets less traffic, with more care and upkeep in between visitors, resulting in less damage over time.
Use It When You Want
One thing people worry about when trying to decide whether to rent out their vacation home between uses is whether they’ll still get to use it when they want. Having a short term rental property means you get to decide when it’s available for others, and when you want it for your own use. When you use it is still up to you.
The Benefits of a Managed Vacation Rental
Home management is a serious consideration when choosing to rent or not. By hiring a reliable management company, you never have to worry about a thing. You don’t have to worry about cleaning or upkeep, whether there’s damage done by renters that needs repairing, customer service issues, or even marketing or advertising to keep it occupied. A good management company will take care of all that for you. That means you can take advantage of the passive income without having to worry about managing the rental process.
A vacation home doesn’t have to be a drain on your finances. You can use your home to boost your income and give others the chance to experience the place you love to call a second home. For the help you need to turn your vacation home into a short term rental property, contact the team at Fireside Properties.