As summer begins to wind down, children and parents begin to look forward to going back to school. For many families summer is time for vacations and, often, the only time. However, as more and more schools change to year-round programs, vacations begin to occur at different times of the year, other than summer.
So here’s a question: Is that summer vacation home sitting empty in the winter? And: Could that be an income opportunity?
With the recent decline in the housing economy opportunities abound for individuals to purchase low cost homes both as an investment and a vacation property. But a vacation property that sits empty off season may provide additional income.
In a recent article on bloomberg.com (July 30, 2012) Carla Fried writes about “How To Rent Out Your Vacation Home.” It is a valuable article for those that have such an opportunity.
Some people have already realized the opportunity to gain additional cash flow to the family budget. In fact a few turn to renting vacation homes as a means of recovering from the Great Recession of 2008.
Financial concerns pushed Heather Zorzini, a retired flight attendant, to rent out her three-bed, one-bath farmhouse in Milford, Connecticut. “Renovation costs on a house built in 1835 are astronomical, and my postretirement plans didn’t include the 2008 stock market meltdown,” she says.
As with any opportunity there are inherent costs, steps, and challenges. Fried highlights several items:
• Renting the property. This takes time and a slow response to an inquiry one could lose a valuable prospect.
• Guest, not tenant. Fried quotes in her article, “It’s a mistake to think of yourself as the landlord and the renter as your tenant.”
• Marketing is king. Renting out a vacation home is a highly competitive market, there is a cost in getting a property on the right websites and, subsequently, in front of the right clients.
One item of discussion not mentioned in the article may be critical: Tenant Screening.
On the surface one may consider a vacation home renter a guest, but ultimately they are a short-term tenant, whether a guest stays one-week or several months. Certainly a background check need not be as extensive as a traditional one, but protecting the property as well as neighbors of the property may be of some concern. Further, should a vacation home rental extend beyond a short period of a week or two, the level of tenant check may increase.
Tenant screening helps protect property, specifically it protects an investment. In challenging economic times where individuals are seeking additional income, not potential additional cost, a tenant check makes sense.
TenantScreeningUSA.com provides full service background screening to landlords and property managers of any size. Whether it is a long-term permanent rental, or a relatively short-term vacation rental, TenantScreeningUSA.com can assist the specific needs of an owner, landlord, or property manager. For more information explore TenantScreeningUSA.com today.