How To Turn Your Vacation Home Into An Income Property
In general, most property owners can only spend a certain amount of time in their vacation home each year. By setting up a rental program, you will enjoy the extra income to offset your annual costs and even start producing a healthy reserve fund for the property.
While most would prefer to spend the majority of their time south of the border, the reality is that jobs, family and school just do not permit it. This can often leave your vacation home sitting empty for up to 10 or 11 months a year.
Establishing a rental program to occupy the property with guests, can solve this problem. Not only is it a great income source, but renting will also ensure that the property is being lived in and looked after in your absence.
Who Will Be Renting?
The trend in vacationers preferring to rent a villa or a condo with all of the comforts of home has been growing rapidly over the past few years. Guests feel that they are less confined to a hotel structure and have more of a culturally rich experience of living in the area.
Now, the question is: What do I need to do in order to produce rental income?
5 Steps To Get Your Property Rented
Here are 5 easy steps that will help you jumpstart a rental program for your vacation home.
Step 3: Decide if you want to rent your property by the week, month, or long term (6-12 months).
Step 4: Discuss with your property manager the expectations you have for the services and attention to your rental guests.
Step 5: Decide where you want to receive your rental income. If you intend to use the funds to offset your home expenses in Mexico, then using a Mexican bank account may be the best option.
Keep in mind, that repeat guests are one of the reasons that a property will really start to show steady income, so be sure they have the best experience possible!
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