3 Crucial Details You'll Need to Address if You Want to Buy a Home & Make it a Partial Vacation Rental
Extensive researching and a thorough analysis of your lifestyle are two things that you should consider doing before you look into buying a home. It is important not to commit to a property that you will not be satisfied with from the get-go and possibly even want to sell shortly after assuming homeownership. If you are determined to make some money by managing a vacation rental within the home, the last thing you want to happen is running into complications that keep this from being a possibility. Covering the important details will help you buy a home that is fully capable of providing what you want and need.
A vacation rental can be profitable, but you must not forget about the taxes and fees. For instance, you will likely have to pay a transient occupancy tax, which include rates such as 10% for Marin County and 12% in Los Angeles County. The percentage will vary in different cities and states, so you want to know exactly what you will have to pay where you are most interested in buying a home. If you do not think your profit margins will be that high, moving into a certain city or neighborhood may not be worthwhile.
Type of Rental
It is crucial to figure out what type of rental you are making the property you buy. A basement or separate suite are the perfect places to have a dedicated rental, but these features are not always easy to find. If you have no problem with people coming into your home and seeing your personal belongings, you can always just rent out an extra bedroom or two and start reaping the financial benefits. The more space you provide, the more appealing the rental will be to those who are traveling. You may also want to look for a place that you are comfortable with renting out the entirety of whenever you go on vacation.
Certain amenities are a must-have for guests. For instance, high-speed Internet is something that people have gotten used to, so you want to make sure that they do not have to go without this amenity. A fully functional kitchen and bathroom, along with all the kitchenware they need is ideal. You can even set aside part of your driveway to boost your income and make it a little easier to park in busy neighborhoods.
With these details covered, you should be able to buy a future vacation rental property with confidence. If you still have questions, talk to real estate services that have homes for sale.