Posted on: 11 February 2016
As you get older and entirely pay off your first home, your monthly expenses drop substantially, which leaves you room for taking on another major expense. Buying a second home is an option that allows you to live in excellent weather conditions all throughout the year. However, leaving houses empty for half of the year is not financially beneficial. Turn each of the properties into a vacation rental for the part of the year you are not living in.
Put Away Specific Items
Putting away personal belongings, such as family photos, handmade blankets, and fancy dinnerware, is crucial. Just as rental property owners try to maintain a neutral home to appeal to most applicants, you should try to do the same with both of your properties when turning them into temporary vacation rentals.
If your home is full of sentimental and stylized items, you should think about buying things like bedding, dinnerware, and wall decorations that cater to a neutral style. This will help you achieve a high occupancy rate, which will naturally maximize your profits. Another great tip is to only buy or keep kitchen items that are dishwasher-safe as you want to make it easy for your guests to enjoy their stay.
Get Storage Units for Both Locations
While you could try to rent out each home with your personal belongings inside, it would not appeal to many people. Instead, get a storage unit in each location so that you can store your personal belongings there while people are renting your property. Moving your things twice each year might seem like a hassle, but it will be worth the money you'll be able to make from rentals. If you're looking for a storage unit, contact a company like L M Storage.
Hire Two Vacation Rental Managers
Rental property owners hire property managers to take care of their home, but you will need two vacation rental managers who specialize in this particular type of property. You need people who will take care of standard maintenance and repairs, as well as advertisement of the property and regular cleaning services.
When you buy two homes and live at each one during different parts of the year, the last thing you want to do is create a stressful situation in which you manage each vacation rental on your own. It is better to hire a local professional that can show up to the property at any time to handle an issue or emergency.
So pick out your new house and start turning both houses into money-making machines!Share