Investing in Your Own Home Vs Renting Vs Vacation Rentals

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There is nothing more relaxing than spending a vacation in your own home. Whether you choose to rent a vacation home for a week, month or year, you will realize that you can find more space and amenities at a vacation home than you could in an expensive hotel room. However, renting a vacation home requires some important steps to make sure that you get the most out of your rental experience. While vacation homes can be a wonderful investment and a great place to take the family on vacation, they can also be a confusing and stressful experience for homeowners. By taking the time to know what to look for, you can ensure that your vacation rental home is a relaxing and enjoyable experience for all of the individuals involved.

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Most importantly, when it comes to vacation property, you want to avoid anything that reminds you of a typical vacation rental. In other words, if you are thinking of investing in vacation rentals, you want to stay away from typical chain hotel motels, expensive cabins in the woods, or even old-fashioned hostels. While renting a vacation home, the landscape and atmosphere are so different than booking an upscale hotel, but the procedure and expertise are very different than renting a hotel room. Here are some of the top mistakes to avoid when renting a vacation property:

*Avoiding the Beach – When vacationing, it’s important to remember that no matter where you are staying, you’re still in the ocean. This means that you should avoid beach resorts or long-term rentals unless they offer guest-only accommodations. This is because there is no privacy, and guests are usually required to share rooms with other people. Instead, find a location that allows you to get out into the wilderness and view the beauty and serenity of the ocean without marring your personal space. Hotels in the middle of busy areas are also notorious for being the worst places to stay if you are investing in long-term rentals.

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*Avoiding Condos – Although condominiums can provide a great place to live, most people enjoy the privacy (and space) provided by the structure and do not wish to share with multiple strangers. Unfortunately, many hotels have turned to hotels with high vacancy rates in order to encourage travelers to stay longer on their trips and thus create more opportunities for profit. Unfortunately, while staying in a small condo may seem appealing in the moment, most travelers will quickly realize that the amenities provided are not up to par and will no longer live up to their high standards. When renting vacation rentals instead, tourists will be much happier as these properties are often more spacious and feature excellent amenities such as hot tubs and pool decks, private pools, tennis courts, hiking trails and more.

*Avoiding Taxes and Service Fees -If you are paying for property taxes and service fees on a monthly basis, you may want to seriously consider investing in a vacation property. Most hotels charge large service fees and taxes on guests who pay on a weekly or bi-weekly basis. This means that if you do not plan on using your property for a substantial amount of time each year, you will be better off renting rather than paying high property taxes and service fees each month. In addition, if your property is vacant for part of the year, it will not cost you nearly as much in taxes and service fees as it would if your property was occupied.

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As you can see, investing in your own home is generally a much safer option than investing in rental property. Keep in mind that the cost of investing in your own home is much more affordable than the cost of renting. When comparing home prices in comparison to those in rental homes, vacation homes are typically cheaper by as much as 50%. If you invest in your own home, you can avoid paying high property taxes, service fees and other expenses that can add up over time.

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