Maximize Your Deep Creek Lake Vacation Home Rental Income
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By: JonBell jbell@railey.com 301-501-0735 February 11th, 2009 Category: Deep Creek Lake Buyer Info, Vacation Rentals |
Did you know that a pool table / game room in a vacation rental home brings in an additional $225+/- in rental income per week?
If you are in the market to buy a vacation home in the Deep Creek Lake area you should know that renting to vacationers can offset some of the expenses of owning a second home. Because of the area’s four season activities and close proximity to several major metropolitan areas, the Deep Creek Lake vacation rental market is alive and growing rapidly. Renting your home to vacationers can be a fairly easy process with the help of our sister company, Railey Mountain Lake Vacations - the largest full service vacation rental agency in the Deep Creek Lake area.
So, what should you consider when buying a vacation rental home?
A recent Penn State Study by Jon Nelson examines the rent premiums for prime Deep Creek Lake locations. You can read a summary of his report on Jon Bell’s Deep Creek Lake Real Estate blog or email Jon Nelson at jpn@psu.edu for a complete copy.
Buying the right property is very important. Working with your real estate agent, you will need to do some homework before you decide which property to purchase. If a property had previously been on the rental market, your agent should be able to provide a copy of the rental history, showing an exact income statement for the house. If the property has no rental history, a rental projection from the rental company of your choice showing a high and a low projected rental income can be made available.
Please feel free to email me at jbell@railey.com if you have any questions or if you would like to schedule an appointment to meet and take a look at any property that sparks your interest.
Tags: Deep Creek Lake Real Estate, Investment, Vacation Rental