Vacation versus Long Term Residential Rentals - Part 1
Many people ask our REALTORS at Select Real Estate about renting their property. Should they place it in a long term, seasonal or short term vacation program? How much should we charge based on the term of the stay? Are there items that are a “must have” for renting? In these blog entries presented over the next few weeks we will be addressing these and other important questions clients have asked us.
First - Should we place our property on a long term, seasonal or vacation program?
The answer to this is actually a simple question in itself: Do you plan on staying at this property during any part of the year? If the answer is yes, then doing a long term rental is out of the question. But, if you do not like North Conway winters and never visit during the winter months, then a winter seasonal or short term rental would work for you. Maybe you don’t like the summer months in the Mt. Washington Valley, then a vacation rentals would fit nicely. Short term rental programs allow you to use your house when you wish and rent it out when you will not be there. Keep in mind that once a rental is booked, you cannot change your mind. Our on-line reservation system allows you to specify when you are using your property or reserve it for guests.
Waterfront properties, homes with beautiful views and wooded settings attract the most renters. In Eidelweiss Village, Madison, there are many beautiful homes with views and “pond” side with private beaches which are quite popular both in summer and winter. Cathedral Ledge, Iona Lake, Pequawket Pond and the Swift River are close to some of the homes found on our site.
Second - How much should we charge for our rental?
Ann Marie - our Short Term Rental Mananger says:
“As the old saying goes, “location, location, location!” In the summer, waterfronts definitely warrant the highest rental income. Being close to the ski slopes in the winter command the rates then. View properties are also in demand. The number of bedrooms, baths, amenities and of course condition and cleanliness of the property all factor in determining how we arrive at rates for a property.”
Third - What items are a “must have” for rentals.
This is an open ended question. If you are renting long term, furniture is not required. For short term rentals, all of the regular home items are required except linens and towels. The best way to think about this is: If you are coming home what do you want in your house? In the kitchen, most people expect the standard appliances plus a coffee maker and microwave. Keeping the property in good condition with updated furnishings always gives that “home away from home” feeling - and leads to repeat rentals!
We will continue this series of “answers” within the next two weeks.
If you have any questions about renting your property please feel free to contact Ann Marie at 603-447-3813 ext. 12.