There’s nothing better than escaping the stresses of everyday life with a vacation, especially when you have your own place to call (second) home. While you may not have to worry about finding a rental or seasonal availability, the responsibilities of owning a vacation home shouldn’t be taken lightly.
Who takes care of your property when you aren’t there? What happens when there’s an emergency and you’re thousands of miles away? We’ve curated several tips and tricks for every type of vacation homeowner to utilize.
Pro Tip
- If you don’t have a property manager or a neighbor you trust to pop in every now and then, you should at least be prepared with a list of local repair companies. Take the time to gather contacts (preferably through personal referrals) for plumbers, electricians and exterminators, before you find yourself in a situation where you need them.
DIY Vacation Homeowners
For those who plan to visit their property only a couple of weeks out of the year, there are several things to consider. Whether you choose to rent while you are away or not, you should plan for frequent maintenance visits.
Those who choose to forgo hiring a property manager might want to at least form a relationship with a permanent neighbor. This way you have eyes on the property year-round and someone close by who you can call prior to natural disasters or other environmental events.
Renting your vacation home is a great way to offset the cost of a second property, but there are several expenses that go along with successfully running your own small business. It’s a good idea to list your property on sites that have a two-way rating system such as Airbnb, HomeAway or VRBO. You’ll sleep better knowing in advance that a guest is going to be respectful and treat your property as you would.
Pro Tip
- If you can find reliable long-term renters, consider offering them a discounted rate. You won’t need to pay a cleaning service as frequently and you have the added bonus of a steady income while you aren’t enjoying the property yourself.
Vacation Homeowners with Property Managers
Utilizing a property management company is a great way to keep yourself organized when renting, though it does come at a cost. According to author, speaker and podcast host Christine Karpinski, property managers typically get 20 to 60 percent of the rental income from your vacation home.
Next time you stay at your second home, spend some time getting to know your neighbors and find out if they, too, spend part of the year somewhere else. Referrals are always your best bet when it comes to finding a property manager you can trust to take care of your home and general landlord duties.
Finding the right property management company can take the weight off your shoulders, especially if you own and rent more than one property. You will likely have to find two companies, one in each area, but the freedom from day-to-day responsibilities makes it all worthwhile.
Perhaps one tier below hiring a property manager is hiring a cleaning company and having a reliable handyman on speed dial.
Pro Tip
- This is also a great time to cash in on a neighbor check-in. Have someone you trust stop in and see how efficiently your money is being spent. Better yet, get a keyless security system with a passcode that can be given to trusted (always check references and ask for proof that they’re bonded and insured) repairmen or cleaners over the phone.
Second Homes vs. Vacation Homes
If you truly plan to spend half of your year at one property and the other half at another, you’ve got needs at both properties while you are away. According to ADP, a human resource company, there are four signs that you need to hire more staff. No matter how small your operation, you should consider the following when deciding whether or not to hire:
- Are you losing valuable time on nonessential tasks?
- Is customer service suffering or are your ratings going down?
- Are you completely overworked?
- Can you afford to grow in size?
Answering these questions will help you decide your next steps as you continue to invest in real estate.
Pro Tip
- If you are spending a month or less at a time in your second home, you can register to have local police and registered volunteers periodically check the perimeter of your home. This takes some of the burdens off your closest neighbors to spot things out of the ordinary, but you should still have someone physically go inside the home when it’s vacant for more than a month.
Jenny Wise is a contributing writer. Feedback welcome at feedback@cityscenemediagroup.com.
