The Pros & Cons
The good news about vacation rentals / short-term rental properties is that it can be very financially rewarding! Rent revenue for a vacation home can be 3-times the amount of a long-term rental. Guests tend to be more respectful of your space, and payment is guaranteed since they pay in full before they arrive.
You can also rent out just a portion of your property, such as a casita, in-law suite, or guest house. The disadvantages of short-term rentals include the cost to get your house / space ready for guests which can be considerable up front.
There is a LOT of turnover from guests to guest. If you are using a property manager or professional host, the management fees are generally higher than if you had a long-term rental unit.
But keep in mind…
This is general information and your specific property could do extremely well as a vacation rental even though it’s off the beaten path. In fact, some of the best rentals these days on Airbnb and VRBO are incredibly unique and unusual spaces and they get a TON of attention!
If you’re not sure which way to go for your rental property, contact us and we can help you come to a decision that will be beneficial for you financially and bring you peace at night knowing you’ve made a great choice!
