When you are in the process of deciding whether or not to rent out your Vail vacation home, you probably have some questions. We’ve outlined a few that you should consider as you journey through this decision.
Here are five things to know before taking the plunge.
When you rent your Vail property or look to rent it for less than thirty days, you should know the town’s short-term rental requirements. These apply regardless of how you market your property — through a management company, Airbnb, newspapers, or word of mouth.
You can register here if you’re ready to start renting your property.
You need to ask yourself if you’ll make enough money off your rental to cover your expenses, including taxes and maintenance costs. Calculate the costs of renting it out, then compare them with the money you can expect to make from running it as a vacation rental.
You will need a team of people on board to help manage your rental property — especially if you live elsewhere!
Your team could look like this:
You’ll have to manage it yourself or hire a company.
You’ll have to learn how to screen tenants and handle maintenance requests if you manage it yourself. If you choose not to do anything, you’ll need to find a suitable property management company to handle these duties. If guests have any issues or complaints during their stay, your property manager will handle them.
You’ll have to find someone to clean between guests so your home is pristine for each new visitor.
If renting out your home short-term, your insurance policy probably provides little or no protection. Renting out your home on a short-term basis may require special insurance coverage. Consult your agent for information.
If you decide to rent your vacation home to travelers, your city, county, or state will require you to register it as a business.
If you are a property manager in Vail or an individual that accepts bookings directly from guests, you are responsible for collecting and remitting sales tax for those bookings.
In the end, your decision to rent your vacation home is a personal one. You must determine your needs, what you’re willing to sacrifice, and which course of action would make you happiest. However, we hope we’ve provided some advice and information to help you make a more informed decision.
If you’re still in the process of finding a vacation home in Vail, we can help. We know the area well and would be glad to take you on tour.
Call us at 970.331.1110 or reach us through our contact page, and we’ll get back to you promptly and personally.
Thanks for visiting!