Renting Your Vacation Home at Lake Tahoe
When considering buying a vacation home at Lake Tahoe, you may want to offer your property as a vacation rental. It may be that you need to offset the cost of ownership of your second home by renting it when you are not here. Many people want to retire into their dream retreat and want to take advantage of current prices, but will not need the property until much later. In addition to being a real estate agent in Lake Tahoe, I can also offer you property management services.
There are often tax considerations in buying a second home. If you are planning to exchange or rent your property, you should discuss this with your tax advisor. There may be limitations on renting it out based on how you purchase the property so your tax advisor can help you prepare for your purchase.
Here are a few tips to ensure your property rents out well and receives good reviews:
It should be furnished with either new furnishings or decorated tastefully in the style of Old Tahoe if you are using older furniture or antiques. You will need to supply good quality linens and kitchen utensils that meet the standards for vacation rentals. Many homeowners stock their vacation home with either second hand items or with items they would have thrown away. If you are considering renting your home as a vacation rental, it needs to be comfortable, well-decorated and completely stocked.
Even if you choose to promote your vacation rental through sites like Air B&B or VRBO.com, you will still need a property manager. The home will require cleaning and management in between rentals and at Wells & Bennett, we have many rental customers and will ensure that you and your renters receive top notch customer care.
During the winter, the property will need to be plowed and shoveled in preparation for tenants. We will inspect the home prior to renting it to a tenant and ensure it is clean and ready for your guests. We will also monitor the heat settings to avoid freezing pipes or to ensure that heat is not left running on high after guests leave. Having a property manager ensures that your home is cared for and ready for you when you return.
The vacation rental market for North Lake Tahoe and Truckee continues to grow each year and like resorts and hotels, homeowners benefit by all of the promotion that is done by the North Lake Tahoe Visitors Association. Even if you decide to rent your property out long term, we can help you.
A good property manager ensures that renting your home doesn't become a place for parties or a larger number of guests than what is in the agreement. If you have any questions about buying or selling your home with the additional benefit of receiving an income through rentals, I would love to help you. Please contact me today!