Owners are realizing that, in a soft economy, their vacation homes can be a welcome source of extra income. Here’s what you need to know to become a successful landlord.
Courtesy of Hotel del Coronado
Consider who will be drawn to your home and what they will expect. Bill Williams, a broker with Sotheby’s International Realty in East Hampton, New York, had a client with a lovely four-bedroom home in Amagansett, but it lacked a grassy yard. “Most people renting that size house have kids, and they want a place for them to play,” he explains. The owner recently planted a lush green lawn (cost: $5,000). It was a wise investment. “Last year she asked $35,000 for the summer season,” Bill says. “This year she is asking $55,000—and she will get it.”