If you currently own and manage a vacation home, you might be worried about how much you are spending on maintaining and running it, and you might be looking for ways to cut down on your vacation home-related expenses.
This is especially the case if the current economic problems have affected you and your family, or how many people are deciding to book a week or two at your rental. As such, if you are concerned about the amount of money that you are spending on a weekly or monthly basis, here are some of the steps that you should take to save money on your vacation rental.
Hire a Rental Management Service
Although you might think that rental management services are just another unnecessary expense, this is not the case. You will have to pay out for this service on a monthly or annual basis.
However, this single cost can help you to save much more money than you would normally be able to. This is because a rental management service can ensure that your property is well-maintained and look-after at all times.
They can boost the occupancy rate of your rental and ensure that your property is always being marketed to new audiences for a fraction of the cost of developing your own giant marketing scheme.
Not only this, but they can keep your customers happy, which can minimize the number of refunds that you need to give out and can ensure that you are able to enjoy repeat custom throughout the years.
To make sure that you can reap the benefits, you should look around now for a service that provides rental management Hawaii if you have recently bought a property in this state.
Keep Up With Maintenance
Keeping up with the maintenance of your property is one of the top steps that you can take toward saving money. The more you can maintain your rental, the less money you will have to spend on expensive repairs that can drain your bank account and force you to close your rental to bookings for a couple of weeks or months.
Keeping up with maintenance on your property can also ensure that it is in top shape for your guests, which can enable you to get good reviews and can encourage more people to stay within your rental.
If you are struggling to perform this maintenance yourself and carry out property inspections often, you should consider looking for professional handy-people who will be able to perform these tasks quickly and to a high standard.
Clean the Property Well
However, your property will quickly decline in quality if you are unable to keep it spick and span. Dirt, sand, mold, and grime can become ground into your carpets, your walls, and your furnishings within a number of weeks if it is not removed, and this can create an unwelcoming and uncomfortable place for your guests to stay.
Not only this, but if you leave your vacation home dirty for a long time, you might eventually have to call out a deep cleaning service as it will be too difficult for you to remove these substances yourself. This means that you should make sure that your property is professionally cleaned after each of the guests that stay with you.
Check Utilities and the Internet
Your utilities can cost a lot when you are running a vacation home, especially since your guests are not likely to think about how much water, electricity, and internet they are using when they are not in their own homes.
This means that you should regularly look for deals online that can help you save on your bills and minimize the strain that they are putting on your ability to manage your vacation rental. By doing this, you may be able to shave off a few dollars from your monthly expenses, which you can use on purchasing new furniture and décor for your rental.
Invest in Durable Fixtures and Furnishings
To make sure that you are not constantly spending money on new fixtures and furnishings for your vacation home, such as flooring and wallpaper, you should consider investing in durable options that can withstand the test of time.
For instance, you should consider opting for vinyl or wooden flooring that is hard-wearing and easy to clean, even if your guests tread through the house with muddy shoes. You should also look at investing in PVC or stainless steel as these are heat resistant and will likely look as good as new in many years to come, no matter how well your guests treat them.
You should also avoid spending a lot on these furnishings just for them to be damaged or require replacing, as this can prevent you from constantly worrying about them.
Check Tax Benefits
You can also save money on your vacation home by taking advantage of the many tax benefits that a property rental can offer you. For instance, you might be able to claim any repair costs as an expense, as well as any interest that you garner on your mortgage of the property.
You may also find that you are able to deduct property taxes as a business expense if other people stay at the property and if you do not use it as your main personal residence. Although this can make for a more complex tax return, it can stop your tax payments from being quite so daunting when you reach the end of the year.
Ask for a Deposit
You should also ask for a deposit from your guests before they stay in your rental. Not only can this cover your costs if they do not show up and ensure that you are not left completely without income, but this can also cover any breakages or disasters that occur within the property when they are staying there.
This will prevent the cost of new furnishings or an extra lick of paint from having to come out of your own bank account.