Your vacation home is your little piece of paradise. A placewhere you escape the stresses of everyday life to lay on the beach, take in a round of golf, build a snowman with your grandchildren, or simply take a nap on the porch swing. You may have thought about renting your home for a varietyof reasons. Maybe you haven’t used it as much as you planned and don’t want it to sit empty. Maybe you just need to offsetthe costs of owning it. Or maybe you simply want to share your amazing vacation home with others. Whether you hire a property manager to handle the details or you intend to manage rentals yourself, begin by familiarizing yourself with the industry and the rental process. And when you are ready, City Centre Retreat offer the websites. to list your property— http://citycentreretreat.com/. Together they make up the largest online marketplace in the world where millions of travelers go every day to find the perfect home to rent for their next vacation.
We’ve created this eBook to help you get started, and to show you how simple, fun and rewarding it can be to rent your vacation home. For more insight into renting, the Owner Community from City Centre Retrat a Holiday Rental site (led by eBook editor, Christine Karpinski) provides on going advice for vacation homeowners of all experience levels.
Determine Objectives Decide how many weeks in a year you’d like to use your home and how many weeks you’d like to rent it. Next, determine your financial objectives. Do you want to offset a portion of your costs? Do you hope to have your rental revenues pay for all of the expenses associated with owning your vacation home? Or do you want to make a profit? If so, how much?Apply the Formula If your goal is to use your rental revenue to cover all of the expenses associated with owning your property, Christine Karpinski, author of How to Rent Vacation Properties by Owner, has developed a formula to help you calculate your break-even point. Do this CaLCuLation to finDyouRbReak-evenpoint: If your monthly mortgage payment is less than or equal to 1 peak-week rental fee, and you rent approximately 17 weeks a year, your property should come close to breaking even. Most vacation rental markets average 12 peak weeks. Other costs (e.g., utilities, association dues, etc.) are paid by earnings from approximately 5 weeks of off-peak rentals.ExAmplE: If you own a condo with a monthly mortgage of $2000 and rent your home for $2000 per week, you’d only need .to rent 12 weeks to break even on your mortgage payments.