Since the owner will be absent some (or most) of the time, it is important to make plans to take care of the property. If the vacation property is a condominium unit, the maintenance responsibilities for the building, grounds and common areas will already be taken care of by the condominium association. For most types of properties, however, the owner will need to hire someone (or a company) to keep an eye on the interior and exterior of the property and manage the everyday maintenance responsibilities (such as lawn and pool care) as well as unexpected repairs and emergencies (such as a flooded unit or a leaky roof).
A property management firm can provide home watch services that may include:
- Weekly visits to the home to check the condition of the interior and exterior
- Running the water and flushing toilets, checking appliances, bringing in mail/newspapers, watering plants
- Replacing air filters, light bulbs, etc.
- Looking for and identifying any problems
- Arranging for and oversight of repair and maintenance services
- Housecleaning services before and after owner visits
- Home set up (arrival services) for owner visits, including adjusting the thermostat, turning on the water, turning on the hot water heater, wood in the fireplace, snow removal, etc.
- Departure services including making sure all doors and windows are locked, adjusting the thermostat, garbage/recycling removal, winterizing, etc.
- Concierge services, such as dining reservations or concert tickets
- Acting as local point of contact for alarm systems
Vacation Property Walkthrough: Renting Out A Vacation Home
Managing WealthDiscover the financial factors behind owning a second home and how weighing your options can determine if a vacation home is right for you.
InvestingIf you're thinking about purchasing a home with an FHA loan, here are some standards that must be met for the deal to go through.
InvestingGoing in with friends to buy a vacation home will save you on the mortgage and expenses. But if there's conflict, it could end up costing your more.
InvestingIf you can't afford property close to home, consider taking the real estate plunge elsewhere in the country.
InvestingA step by step look at everything you need to know about purchasing vacation properties.
TaxesHere's a rundown of the specific tax rules that apply to homeowners renting out a vacation property.
InvestingFind out if the house you're eyeing is really a good deal.
InvestingProperty rights are laws governments create that enable investors to control, benefit from, and transfer property.
InvestingYou should be aware of the many additional costs of buying and owning a home, because they can be shocking.