Archive for May 2009
Renting your second home a few good tips from CO Homes mag. blog
a property well positioned in Down town Winter Park for a sale or a rental
Colorado Homes & Lifestyles Blog
March 13th, 2009 at 04:14pm Tom
Renting out a vacation home can be a positive experience and help justify the cost and expense of vacation and second home ownership.
You may want to consider the following:
1. Rely on your real estate agent who has experience in vacation rental properties to give you a feel for the local market.
2. Check the fees on comparable rentals nearby on vacation-rental Web sites such as Homeaway.com, Ownerdirect.com, and Vamoose.com.
3. Determine whether the rental income would cover the costs of owning and maintaining the home. In addition to the mortgage and property taxes, the rental income should cover monthly utility costs, homeowners insurance, routine maintenance, and the cost of hiring someone to market, maintain and clean the home.
4. Decide who will manage the property. Fees for property management vary widely depending on location, but average fees run between 8% and 10% of the gross rental fee. The company should typically handle the maintenance, marketing and reservation.
5. Determine whether the home is a second home or an investment property. The IRS says if you use the home 15 days or more a year, or more than 10% of the days it is rented, it’s a second home so you can deduct expenses, including depreciation, repair costs and operating expenses.
6. Set up a rental contract. The contract should include details on cancellation fees, what the damage deposit covers and specifics on pets, smoking, etc. Free sample rental contracts can be found online at Formsguru.com, or for a fee you can order customized rental contracts from LawDepot.com.
7. Buy duplicates of bedding, towels, and kitchenware and store one set for your personal use away in a locked room or cabinet. Also, secure all personal objects, such as picture frames and family heirlooms.
Anyone have any other tips?
–Editor’s note: Tom Harris is the principal of Colorado Lifestyle Real Estate, which connects second home buyers and sellers with the top Realtors in Colorado resort towns. He blogs about Colorado’s real estate market for CH&L each week.
Tips for Renting Out Your Second Home
a property well positioned in Down town Winter Park for a sale or a rental
March 13th, 2009 at 04:14pm Tom
Renting out a vacation home can be a positive experience and help justify the cost and expense of vacation and second home ownership.
You may want to consider the following:
1. Rely on your real estate agent who has experience in vacation rental properties to give you a feel for the local market.
2. Check the fees on comparable rentals nearby on vacation-rental Web sites such as Homeaway.com, Ownerdirect.com, and Vamoose.com.
3. Determine whether the rental income would cover the costs of owning and maintaining the home. In addition to the mortgage and property taxes, the rental income should cover monthly utility costs, homeowners insurance, routine maintenance, and the cost of hiring someone to market, maintain and clean the home.
4. Decide who will manage the property. Fees for property management vary widely depending on location, but average fees run between 8% and 10% of the gross rental fee. The company should typically handle the maintenance, marketing and reservation.
5. Determine whether the home is a second home or an investment property. The IRS says if you use the home 15 days or more a year, or more than 10% of the days it is rented, it’s a second home so you can deduct expenses, including depreciation, repair costs and operating expenses.
6. Set up a rental contract. The contract should include details on cancellation fees, what the damage deposit covers and specifics on pets, smoking, etc. Free sample rental contracts can be found online at Formsguru.com, or for a fee you can order customized rental contracts from LawDepot.com.
7. Buy duplicates of bedding, towels, and kitchenware and store one set for your personal use away in a locked room or cabinet. Also, secure all personal objects, such as picture frames and family heirlooms.
Anyone have any other tips?
–Editor’s note: Tom Harris is the principal of Colorado Lifestyle Real Estate, which connects second home buyers and sellers with the top Realtors in Colorado resort towns. He blogs about Colorado’s real estate market for CH&L each week.
Great Article on line regarding Winter Park Real Estate
http://www.coloradohomesmag.com/Colorado-Homes-and-Lifestyles/Digital-Edition/index.php
Buyers looking to capture a lifestyle in mountain resorts are comparing different Colorado real estate markets and the adaptability to the credit crunch that has had the Real estate markets in a bind…
Have you ever considered purchasing at a Destination Resort
Have you ever considered purchasing at a Destination Resort
Monday, April 27th, 2009 | Buyers, Listing Updates, Sellers, U.S. Real Estate News, Vacation Home Living
Destination clubs are a popular choice for luxury travelers because of the diversity of units they offer. Members of destination clubs share access to fully-furnished multi-bedroom homes around the world.
- Destination clubs are a good choice if you frequently go on vacation with a large group of people. The homes typically have 3-5 bedrooms, making them an attractive choice for families and entourages.
- Destination clubs are a good option if who want to visit many destinations in a single year. When you are a member, you have access to a large portfolio of properties that you can choose from.
- Destination clubs are a lifestyle investment, but not a financial investment. You will not build equity in real estate by being a member, but you will have access to a variety of luxurious destinations.
- Destination clubs are a good choice for individuals and families without liquidity concerns. They require an upfront deposit of 20% of the average asset value of a portfolio residence.
- Destination clubs are ideal if you want to enjoy the services of high-end hotels within the privacy of a home.
Check out this website: www.bear-quarters.com, www.winterparkmountainhomes.com
Hello world!
Welcome to WordPress.com. This is your first post. Edit or delete it and start blogging!
