Owning a vacation rental gives you the luxury of having your own getaway, that pays for itself. It can be a significant source of passive income, and a “free” investment in real estate, if done right.
Here are the top reasons why we love vacation rentals as a business investment...
1. You’re building equity in real estate, on someone else’s dime. ‘Nough said.
2. Beyond having your mortgage, bills, & regular home maintenance covered -- you’ll be earning significant passive income as well. Unlike regular long-term rentals; Airbnb and VRBO hosts who know what they're doing are making $50,000-$120,000 (or more) per year in rental income.
3. You can use the rental income to reinvest in your property. You can build that new deck, buy a hot tub, upgrade your heating system, and replace your roof -- all paid for by renters.
4. You have a vacation getaway you can use whenever you’d like (for free); you just need to block off your dates on your own booking calendar.
5. No, you don’t need to let strangers sleep in your bed if you don’t want to. By putting locks on the rooms/closets you don’t want guests having access to, you can let them use your guest bedrooms and then unlock your own bedroom when you arrive so it’s still your own little private haven.
6. You get to have your property professionally cleaned after every single guest (which they pay for). Which let’s be honest, is way cleaner than you’d ever keep your own vacation home.
7. You don’t even need to manage it yourself or “deal with” guests. Hiring a property manager means they’ll take a percentage of the income, but you’ll never have to respond to a guest message, coordinate with a cleaner, or take care of unexpected maintenance issues.
8. Airbnb and VRBO’s online platforms offer the structure & protection you need to make this a seamless system. You'll get paid promptly and securely, communicate with guests easily, and leverage the host/guest rating systems so that you can feel confident in who you’re renting to. They also provide host insurance protection, so if anything goes wrong, you can involve them as a middle-man and get reimbursed.
9. Renting to vacationers short-term offers much better peace-of-mind than being a landlord with tenants. Tenants move-in, don’t treat your rental like their own, and when they move a year or 2 later... they leave you with carpet stains, repainting, and wall damage. Vacationers have to treat your property like gold, otherwise they’ll be paying for any damage out of their security deposit or through Airbnb/VRBO’s host insurance.
10. It’s really rewarding! Getting those 5-star ratings and glowing reviews from your guests is really darn satisfying, to know that a family or couple got to enjoy visiting your neck of the woods with your home as a great ‘home base’ while on vacation.
If you're thinking about getting started in the short-term rental business, reach out to us to chat. We can provide guidance, insights, and recommendations -- no charge.
Getaway Vacation Properties is a New Hampshire-based consulting & design studio specializing in the vacation rental industry. We provide a variety of strategic, creative services to help "real estate entrepreneurs" get their vacation rental properties set-up to stand out in the sea of other online listings, get more bookings, deliver 5-star guest experiences, and maximize year-round passive income.
LEARN MORE: www.GetawayVacationProperties.com