Since the real estate market is beginning its rebound, maybe you've finally decided to make that retirement condominium purchase. But you've got a few years left until retirement day and would like to offset some of the costs of ownership. Consider putting your Rehoboth Beach condominium on the vacation rental market until you're ready to make the move.
If you plan to place your Rehoboth Beach condominium on the rental market, here are some things to consider:
- Not all rental companies are alike. Research area rental companies that actively market the area where your condominium is located to maximize occupancy for your unit.
- Just as you would with a home you're trying to sell, make your condominium interior cozy and home-like that complements your oceanfront area. Avoid dark colors and stay with light blues, light tans and nautical themes.
- Avoid wall to wall carpet in your rental unit. While it might be ideal for your personal space, renters will not treat the unit with the same respect. Hardwood flooring or tile with throw rugs are ideal.
- Do not put too many personal effects in your unit or leave any items of sentimental value or monetary value. It won't be there when you return.
- Consider a monthly inspection by someone unaffiliated with your management company. Your management company may be telling you one thing and doing another. Having an extra set of eyes on your unit will give you a clearer picture of your rental activity.
- Consider sprucing up your unit prior to the beginning of each rental season. Fresh paint, deep cleaning of upholstry and drapes and changing out throw pillows will make your unit appealing year after year.
- While your unit will be occupied most weekends from Memorial Day to Labor Day by your management company, don't be afraid to market your unit to friends, co-workers and colleagues during the off season.
These are just a few tips for maximizing the return on your Rehoboth Beach condominium investment. If you're ready to take the next step towards your investment property purchase, contact Mann & Sons today. And during your search our rental agents are available for consultation.#shareaholic#