Buying a Vacation Rental Home in the Greater Palm Springs Area – Part 14

5. There are financial ramifications to consider.

While generating income is certainly desirable, you must evaluate:

• The related tax considerations
• Funds needed to bring a vacation rental house up to rental condition
• Additional costs associated with renting such as management fees, increased utility fees and certain
  maintenance fees.
  
  6. It is important to note that there are regional differences, depending on where your property is located.

• Many vacation rental properties have minimum standards and requirements not only for furnishings
  and supplies, but also for owner usage, preventive maintenance, etc.
• Ask questions to determine the conditions to place your vacation home in the rental program of a
  property management company.

  7. You should also look to see the type of properties that a property management company represents.

• Are those properties similar to your home?
• Are those properties in a similar location?
• Once you determine a short list of potential vacation property rental management companies, be sure
  to set up an interview to discuss your property.
• In certain cases the company may want to preview your home, so be sure to advise them of your
  property’s qualities and conditions prior to interviewing to ensure a good fit between your property,
  the other properties in the company’s inventory and the overall niche of the vacation rental
  management company.

Read Buying a Vacation Rental Home in the Greater Palm Springs Area – Parts 1-13

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