Renting does have its pros and cons. Some owners don’t like the idea of ‘strangers’ in their home. Others don’t want the hassle of being a landlord, especially a long distance landlord. And then there is the decision to give up the prime vacation season for rental income. The flip side is renting your vacation home provides a stream of easy money.

EscapeHomes.com offers advice and tips when considering an Eastern Shore of Mobile Bay AL vacation home purchase and deciding whether renting out that home is right for you:

Before You Buy
If you already know you will rent your vacation home, consider these questions as you look at properties:

Is there a rental market in the area?
What is the average rent that your neighbors receive?
If you are looking in a development, are there any by-laws which restrict your rental capabilities?
Is this a seasonal area or year-round location?

The answers to these questions will help you select a more lucrative property for your vacation home.

Rental Seasons
How do you decide when to rent your property and when to use it yourself? Since you are buying primarily for your own fun and enjoyment, you shouldn’t sacrifice this. If the home is in a one-season area, for example, summers at the Maine coast, then giving up that time of year for rental income defeats the purpose of having the home. In this case, you might look for a long-term (9-month) renter for the off-season, among the local population, while you use it in the summer. On the other hand, if you buy a winter ski condo or chalet, it is still highly rentable in the summer time for the mountaineering types. If you buy a property for weekend use, perhaps there are local people who need a Monday-Friday escape option. In short, if you balance your own needs with the market demands, you get both fun and money.

Practical Considerations
For successful renting, first find out the going rental market rate. Second, determine if you want to market it yourself, or use a rental agent. Self-marketing takes time, but often generates more qualified renters as you are not competing with all the other properties of an agent. Third, be sure to arrange for a property manager. This is different from a rental agency. The manager will take 10 to 20 percent of the rent, and free you up from cleaning, being on call for maintenance (especially important if you live far away), and dealing with the daily needs of the renters.

Make it Personal
By far, the most important factor in success is your personal investment in the process. This means your personal contact with your renters. From a simple welcome note and local maps to a thank-you note and on-going contact, your relationship creates a repeat flow of guests who not only love your second home as much as you do but also pay for the privilege of using it. What could be better?

If you are considering buying a second home in Eastern Shore of Mobile Bay AL, give us a call, 251-990-0569, we are glad to provide you with the information you need to make a good buying and renting decision.

Think you want to rent out your Eastern Shore of Mobile Bay AL vacation home, but don’t want to handle the day-to-day details yourself, we can recommend an Eastern Shore of Mobile Bay AL Property Manager.

Search all Eastern Shore of Mobile Bay AL vacation homes for sale.

Below are some items to think about, courtesy of BankRate.com, before deciding to become a landlord:

• Mortgage payments must be made regardless of if the property is inhabited.
• Costly repairs and maintenance work cannot be delayed if they inconvenience the tenant.
• Disputes with tenants could require legal representation and legal fees.
• There are many costs involved in renting a home – it is recommended that landlords budget 25-30% of the rent to be used for maintenance, repairs, or emergency. This should be a key factor when deciding how much rent to charge in order to break even.

In addition to extra tax advantages (on top of the regular deductions of mortgage interest and taxes), renting out your property might also allow you to continue to build equity in your old home at the expense of the renter.  You might even be able to make a profit from the rent, if your expenses are low enough!

If you are interested in buying or selling Mobile Eastern Shore AL real estate, please call me 866-560-7474 or visit JudySells.com.  Request a relocation package!

Below are some items to think about, courtesy of BankRate.com, before deciding to become a landlord:

• Mortgage payments must be made regardless of if the property is inhabited.
• Costly repairs and maintenance work cannot be delayed if they inconvenience the tenant.
• Disputes with tenants could require legal representation and legal fees.
• There are many costs involved in renting a home – it is recommended that landlords budget 25-30% of the rent to be used for maintenance, repairs, or emergency. This should be a key factor when deciding how much rent to charge in order to break even.

In addition to extra tax advantages (on top of the regular deductions of mortgage interest and taxes), renting out your property might also allow you to continue to build equity in your old home at the expense of the renter.  You might even be able to make a profit from the rent, if your expenses are low enough!

If you are interested in buying or selling Mobile/Eastern Shore AL real estate, please call me at 866-560-7474 or visit JudySells.com.