Vacation Homes: Selling Vs. Renting!

Vacation Homes: Selling Vs. Renting!

Author: Marie R. Ferguson

Are you are thinking about selling your vacation home but you realize your timing may not be perfect? The news media is reporting that prices are down and the real estate market is overloaded with homes just like yours! However, you may be experiencing some financial problems. Your mortgage is high and the expenses are draining you. What should you do?

You do have some options: 1. You could make your property the most desirable property in your area, better than any other house on the market in the same price range and sell it. 2. You could hang on to your vacation home for a while and use it for short-term vacation rentals while preparing it for a future sale.

It is not easy to make the decision to sell your vacation home. It is a place where most families create a lot of great memories! This is where you gather around with your family and friends to share stories, play games and laugh together!

So, how do you make this decision? Of course, that is something only you, the homeowner can decide. But, here are some things to think about to help with that decision:

If you decide to sell, you need to find out as much about your competition as possible. Go to all the open houses in your price range in your area. Check out the size, location and condition of the houses that are for sale. How do they compare with yours? Once you find out what you are competing against, think about what you can do to make your house the best choice for your potential buyers.

Try to look at your house through the buyer's eyes. Remember, whatever you see wrong with your house, your potential buyers will see as well. Make a list of everything that needs to be fixed or changed. It is important to take care of those items before you show your house. It is a good idea to give it a new coat of paint.

Lots of sellers are now staging their homes in order to sell their property. For example: You could set your kitchen or dining room table with romantic settings. Add nicely scented candles on your counter. Outside your home, you could add a small fire pit with a couple of beach chairs around it to entice your buyers. You need to make your home more appealing than any other house on the market in your area!

Maybe you are not ready to sell but you do not know enough about being a landlord. Did you know that you can earn more income from short-term rentals than from annual rental properties? That is made possible when you make your property the most desirable vacation rental available in your area! You can design your home to earn maximum rental income!

If you have made the decision to keep your house and use it as a short- term vacation rental, there are some things you will need to know. Today's generation is willing to pay higher rental rates for quality and comfort. That is why it is important for you to take the necessary steps to make your vacation home the best rental available. If you provide your renters with more amenities and essentials than your competitors, your home will become the most desirable rental. You vacation home will warrant the highest rates! This will not only help you with your immediate situation, it can also provide you with a more valuable asset for a future sale.

No matter what your decision is today, whether you sell or rent your vacation home, one thing remains the same. You will need to make your vacation home more desirable than your competitors in your area to gain the highest return. In doing so, you will increase your chances of reaching your goals.

Copyright ©2006 Marie R. Ferguson

About the Author
Would you like to know more about how you can manage your own vacation rental? Marie R. Ferguson is the author of e-Book: Breaking all the Rules: How to Turn Your Vacation Home into a Vacation Rental. Website: www.howtorentvacationhomes.com