One of the easiest ways to make a return on your beachfront property, or just to earn a little bit of extra money for it, is to rent it out for certain times of the year. Whether you are looking to buy the property as an investment and rent it out full time, or would just like to keep your house making you some money when you’re not around instead of letting it sit empty, there are several things that you need to think about before renting out your beachfront properties.
The first thing you should do before deciding to rent a property out is to get acquainted with the local housing market. This is especially true if you are buying the property as an investment and want to rent it out full time. In some areas, beachfront property prices have dramatically outpaced the prices that people are willing to pay for a rental for a week. This results in rental prices that won’t actually cover the mortgage and upkeep costs for the property. Beware of this if you are planning to be making a profit off of your beach home.
When you are doing this, it would be advisable to talk to a local real estate agent about the different opportunities for rental in the area. They will be able to tell you about how much a property like yours will rent out for and the different costs and fees that will be associated with renting your property out. On top of having to pay the normal maintenance costs for your home, when you rent out the property the real estate agent that you use will most likely get a cut, you will need to hire a maid service to clean it after the guests leave, and you will most likely need to invest a little more in things such as sheets and dishes.
Next, before you decide to rent out your home, get familiar with the local and state laws that govern rental properties. Some states place restrictions on properties that are rented out so that the owners can only stay in them a few weeks a year to perform maintenance. If you’re planning on making lots of visits down to the beach, this might make you choose not to rent your home. Also make sure that you’re not running afoul of any building codes. Many times homes or condos that are used for renting will need to have additional safety features, like frequently tested smoke detectors and fire extinguishers that allow the local authorities to come into your home and check if they are up to date. If privacy is a concern of yours, this may also make you a bit more wary to rent out your vacation home. Insurance on homes that are used to rent can also be higher than on homes just used as residences.
Renting out beachfront properties can be an extra source of income for people that have the money to invest in property by the beach. Just make sure that are well aware of all the rules and regulations that your house or condo will be subject to and that the revenues from the renting will be enough to cover the costs of owning if you’ve bought it as a strictly rental property. Only you will be able to know if the costs and benefits of renting our your property will be worth the costs associated with it as well.