If you are one of the property owners who are lucky enough to own a vacation home in Colorado, you may want to consider using it as a rental property when you are not using it. This can maximize your investment in the property while still giving you that escape you were looking for when you bought your Colorado vacation home.
When you rent it out and how much you charge depends a lot on the location and the season. Many rentals have “off-season” and “high-season” rates. I will go into how to price a rental home in another column.
Today I want to focus more on the initial steps in turning that fantastic Colorado vacation home into some extra money in your pocket.
It is important to check out the competition.
What are other prices to properties similar to yours around the same neighborhood? Are both properties close to the main street of Breckenridge, nearby Lake Dillon, at the base of Winter Park?
Decide how you want to manage the property.
If your primary home is located within an easy drive of your vacation/rental home in Colorado, then it may be feasible for you to manage the property yourself. However, many people choose the convenience of a property manager instead. A property manager can make sure the property stays clean. Or that people are checked in and out efficiently and correctly.
Get the word out!
Consider local advertising opportunities that may be free or low cost. Also, make sure you are worldwide, and by that, I mean on the internet. To fill the vacancies while you are away, make sure you get the exposure outside of Colorado borders.
If you are still in the market to buy a vacation home in Colorado that can double as rental income…get in touch with the professionals!
Always remember that Colorado Exclusive Buyers Agents are experts at helping you find the perfect Colorado vacation home!