Vacation Property Walkthrough: Maintaining A Vacation Home
AAA
  1. Vacation Property Walkthrough: Introduction
  2. Vacation Property Walkthrough: Reasons To Purchase Vacation Property
  3. Vacation Property Walkthrough: Considerations When Choosing A Vacation Property
  4. Vacation Property Walkthrough: Timeshares And Fractional Ownership
  5. Vacation Property Walkthrough: Financing A Vacation Property
  6. Vacation Property Walkthrough: International Vacation Properties
  7. Vacation Property Walkthrough: Maintaining A Vacation Home
  8. Vacation Property Walkthrough: Renting Out A Vacation Home
  9. Vacation Property Walkthrough: Selling A Vacation Property
  10. Vacation Property Walkthrough: Conclusion

Vacation Property Walkthrough: Maintaining A Vacation Home

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
Although property management services add to the home's monthly expenses, the costs can be worth it in the long run since the property will be well-cared for, and any problems can be quickly identified and corrected. Water damage that is caught right away, for example, may require small repairs; left for a while, however, that small leak could mean replacing a roof, ceilings, furnishings, floors, as well as costly mold remediation. Vacation Property Walkthrough: Renting Out A Vacation Home

  1. Vacation Property Walkthrough: Introduction
  2. Vacation Property Walkthrough: Reasons To Purchase Vacation Property
  3. Vacation Property Walkthrough: Considerations When Choosing A Vacation Property
  4. Vacation Property Walkthrough: Timeshares And Fractional Ownership
  5. Vacation Property Walkthrough: Financing A Vacation Property
  6. Vacation Property Walkthrough: International Vacation Properties
  7. Vacation Property Walkthrough: Maintaining A Vacation Home
  8. Vacation Property Walkthrough: Renting Out A Vacation Home
  9. Vacation Property Walkthrough: Selling A Vacation Property
  10. Vacation Property Walkthrough: Conclusion
RELATED TERMS
  1. Bare Walls Coverage

    A type of insurance coverage that applies to communally used ...
  2. Commercial Real Estate Loan

    definition of a commercial real estate loan
  3. Accessory Dwelling Unit (ADU)

    A legal and regulatory term for a secondary house or apartment ...
  4. No-Appraisal Refinancing

    A type of mortgage for which the lender does not require an independent, ...
  5. No-Appraisal Loan

    A mortgage that does not require an appraisal of the property’s ...
  6. FHA Streamline Refinance

    A mortgage-refinancing option offered by the Federal Housing ...
  1. What are common factors that lower your net worth?

    Net worth is determined by calculating financial assets versus liabilities. As the liabilities increase versus the assets, ...
  2. What does your net-worth consist of?

    Discover what your specific assets and liabilities are and how to classify the components that go into calculating your net ...
  3. How can a reverse mortgage help wealthy and poor retirees?

    Learn about the ways a reverse mortgage can help both wealthy and poor retirees by allowing them to borrow against their ...
  4. How should you choose the amortization period for your mortgage?

    Read about key considerations that homeowners should take into account before choosing the amortization period for their ...

You May Also Like

Related Tutorials
  1. Budgeting

    The Complete Guide To Planning A Yearly Budget

  2. Budgeting

    The Complete Guide To Retirement Planning For 40-Somethings

  3. Taxes

    The Complete Guide To Retirement Planning For 30-Somethings

  4. Home & Auto

    Homebuyers' Walkthrough

  5. Home & Auto

    The Complete Guide To Real Estate Renting

Trading Center