Vacation Rentals Made Easy
What are Vacation Rentals?
Let’s talk a little about what exactly a vacation rentals are. Throughout the world there are all kinds of areas known as tourist destinations and the most popular happen to be coastal cities and towns in exotic locations. While they are destinations for others, you have the indigenous population that lives there year round. When these people go on vacation they often make their homes, furnished apartments and villas available for people to use for short term usage. This is known as vacation renting and it has become very popular.
Why choose a Vacation Rental over a hotel for your next trip?
For many staying at a hotel for a week on a vacation is perfectly fine since they don’t really plan to be cooped up in the room that much anyways. However, imagine on your next trip you book a fully furnished four bedroom house right on the beach, when you put the key in the door and open it you feel like you are about to walk into an inviting home, instead of the sterile feel of a freshly prepared room.
Other options include renting a room from a local family that have opened up their home to visitors to rent a spare room in their home. This is a way to immerse yourself into the local culture of the area you are visiting.
Advantages to a Vacation Rental
- Lower overall costs when you factor in food savings over hotels
- Offer much more privacy for parent traveling with children
- Vacation rentals often have many more amenities
- Get a more intimate cultural experience
- If you’re traveling in a group of more than two, a single hotel room isn’t the option. For the same price of a single hotel room, you can get a more spacious one or two-bedroom apartment.
- It’s great for team building. Wouldn’t you rather hangout as a group in the same living room than being a crowd in someone’s hotel room?
Disadvantages to a Vacation Rental
- Depending on the area, availability could be a problem
- Vacation rentals are homes away from home, and you have to do the housekeeping or pay someone to do it.
- Sorry, no room service involved, unless otherwise stated.
- Location is not always the best
In as much as vacation rentals have a lot of advantages over hotel rooms, some occasions require hotel. Hence, hotels serve their purposes optimally.
Who can own Vacation Rentals?
Vacation rentals is the new source of accommodation. Anyone can own it as far as you have some space to spare or to share. You do not necessarily need to have a multi-million worth of building to invest in vacation rentals.
If you are a regular traveler and while you are away on your trips, no one is left behind at home, you should consider listing your apartment on a vacation rental website like Likizo Lettings. By doing so, you get to set availability for the days you’ll be out of town and providing accommodation to someone else. The income from the vacation rental can be used to cover your travel expenses, not bad right?
Also as home owners, at one time or the other in our lives, we find ourselves alone in the house for a long period of time. Probably because kids are away at school, or even grown and decided to move out, what we do with the extra space is up to us.
Apart from providing companionship, every square inch of your extra space becomes a source of income generation. And mind you, vacation rentals can be in any form – studio, shared apartment, entire apartment, whole house, condo, sofa bed, and even villas.
Advantages of Owning Vacation rental.
- Income generated can be used to pay up mortgage and other property investment expenses.
- Unlike long-term rentals, you will be able to check on your short-term rental regularly, clean it, and do required maintenance.
- You can maximize profit by setting your rates according to the season demand.
- You get to make new friends from far and beyond and all walks of life thereby learning new things about other cultures. This aspect is cool, isn’t it?
Disadvantage of Investing in Vacation rentals
- Rate is subjected to season. You may be forced to reduce your rate at some period in time, thereby making cash flow planning harder.
- Due to the amount of different people in and out of your property, there is likelihood of theft and burglary or problematic renters.
- It is time consuming to manage.
- If you are not listed on a vacation rentals website, getting your rent from guests can be problematic.
- In some places, there are legal restrictions on vacation rentals.
To maximize your profit, you need to invest in good location and ensure that your marketing strategy is sound to increase your occupancy rate.