Cole Harris
Before investing in vacation rental properties, it is extremely important to take some time for yourself to understand what you actually want to do with your new home. Most of the managers and owners take several factors into consideration to understand whether they should choose short-term holiday rentals or long-term holiday rentals. You can easily make the choice depending on your goals and property nature.
What you need to understand here is, both the renting techniques have their own advantages and disadvantages. This post is for all those who want to know whether long-term or short-term renting technique work for them.
What are long-term rentals?
Long-term accommodations are often rented for one or more months. Whether you rent a full property or just a single room, tenants normally pay the homeowners every month and are responsible for other expenditures such as energy bills. Destin is one of the famous beach towns in the US. This town has transformed from a little fishing village to one of the most popular tourist destinations in the world.
This place is also famous for cruises, snorkeling, SCUBA diving, and other activities. All these activities make Destin a fantastic destination for the people who love to enjoy their life maximum. If you are planning to invest in apartments for sale in Destin then check the site Destin Florida.com. There are so many people who want to invest their money in the cottages, condos, and townhomes in Destin.
When you buy a property in Destin, you can either give them for rent to the tourists or use it for your personal purpose. If you really love Destin then you must definitely buy a property in Destin to stay comfortable during your trip. When you own a property in Destin, you can stay in that place anytime, without worrying about your accommodation. You can also prepare food on your own by having your own property.
If you don’t have any idea about the properties for sale in Destin then you could take the help of the real estate experts. Real estate experts will have sound knowledge of the properties for sale in Destin. Moreover, they can also help you in applying for a loan. The main advantage of choosing real estate experts is that they will find the best property for you keeping your requirements in view. This means you can happily take your trip, without worrying about anything.
What are the advantages of long-term rentals?
- You can expect consistent income by investing your money in long-term rentals. This actually gives some relief to you, if you are worried about your monthly expenses. Long-term tenants are generally responsible for paying their utility bills.
- Whether you want to manage the property on your own or hire a manager to manage your property, it generally takes less time when compared to short-term rentals. Long-term rentals don’t require more promotions, unlike short-term rentals. You have to take care of only one thing in case of long-term rentals i.e., whenever someone vacates your property, ensure that someone rents it.
- You can actually charge some good security deposit from your tenants or guests when giving your property for rent or lease. And, you have to return this amount when your tenants leave your property. Let your tenants know that if any damage occurs to the property, you are going to deduct the amount from their deposit amount. You can actually stay with peace of mind by doing this.
- Some long-term visitors might bring their belongings like furniture and electronic items with them. If you are planning to give your unfurnished property for rent or lease, this actually helps you save a lot of money because you don’t have to spend money to buy furniture. The best part is, you will get a monthly income.
The main disadvantage of choosing long-term rentals is, owners will not have the flexibility to ask their tenants to vacate the property as they want. For example, most of the owners want to stay in their own property during their trip to Destin. However, if they have already given their property for lease or rent, they cannot ask the tenants to vacate it immediately. This means, you must look for some other property for your stay.
Another disadvantage of such properties is you must keep your tenants informed about the property checks if you want to do any at least before 24 to 48hours. However, this is not the same in case of short-term rentals. In simple words, you can visit the property at any time for property checks.
What are short-term rentals?
Short-term rentals indicate leasing a furnished property for a limited period of time. Such properties are usually rented for a week or a day. The popularity of short-term rentals has grown tremendously in recent years due to their flexibility, which allows tourists to rent for as little as a few days to as long as a few months. Most people prefer short-term rentals over hotels rooms because of their pricing and furnishing.
What are the benefits of short-term rentals?
- They are extremely flexible for the owners. In fact, owners can actually block the dates, when they plan to travel to Destin and rent their property on the remaining dates. This means, you don’t have to worry about your accommodation anymore.
- You can actually make some good income during peak tourism season from your short-term rentals. You will see a great demand for your property during peak tourism seasons.
The only problem with short-term rentals is that they require more maintenance. When you want to make some good income through vacation rentals, it is important to maintain your property clean and neat. Otherwise, tourists might not show any interest in your property. Another disadvantage of short-term rentals is that you cannot expect consistent income from them. You may not get the expected income during off-peak tourism season. Your income always depends on the season in this case.
If you are planning to invest in the properties in Destin Florida then make sure that you take the help of the real estate experts. Otherwise, you may end choosing the wrong property!
