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One of the biggest pleasures of owning a second home is sharing it with other people. And if these people are willing to pay for that privilege, all the better. If renting out the property is one of your main reasons for buying a ski condo, then you should first consider some important questions before you do.
The location of your ski condo can significantly impact its attractiveness to renters in the future. For ski condos, this means you will want a property that is on or near the slopes. Even if you find a condo that you love that is a few blocks away from the bus line to the ski area, you would still do better to find a condo that is on the bus line. This will make it infinitely more desirable to renters.
Renters love amenities, especially when it comes to ski condos. Renters will be looking for fireplaces, a hot tub, and multiple bedrooms, so a property with these features will be a big draw. Real estate agents will tell you that travelers these days expect the little luxuries, such as flat-screen TVs, spacious bathrooms, and hot tubs. So, if your ski condo is older, you will need to fix it up to make real income with it. Otherwise, you will have to be willing to accept less money.
Who controls the rental process might also influence the ski condo you purchase. For example, if you decide to let a property management service handle the rental process, you might want to choose a condo that has experiences managers on site. If you don’t want to use such a service, you have more options as far as where you buy. If you choose to use a management company, they can take care of everything from deciding a rental price to finding tenants to setting up housekeeping. A property management service can also give you peace of mind, as you will know if there are any problems with a particular tenant since there will be a representative in the house on a daily basis. Furthermore, you can also request bans on certain things, like smoking or pets, to help preserve the condition of your property.
On the other hand, managing the rental process yourself has definite perks. First of all, you will pocket more cash. A property manager’s commission usually ranges from 30%-50%, which is a large chunk of your profits gone. In addition, you have total control over who uses your home. You will probably do a better job screening your renters because you get to talk to each prospective guest. In this way, you get a chance to connect with the people who will be living in your house. If you’re concerned about property damage, you can relax because it is rarely an issue with short-term rentals. However, most real estate experts do advise you to put away sentimental or priceless items before your renters arrive.
