Renting Your Truckee Vacation Property
Several scenarios might lead you to consider renting your second home in Truckee. Buying a vacation or second home might require you to offset the cost by renting it. Others may want to retire into their dream retreat, but not need the property full time until much later. Renting out your property has never been easier because of the diversity of options now available through technology.
You will have to consider tax considerations in buying a vacation property. If you are planning to exchange or rent your property, you should discuss this with your tax advisor. Your property will need to be furnished and supplied with linens and utensils that meet the standards for vacation rentals. Many homeowners stock their vacation home with items they might have thrown away, which won't work in attracting vacation renters. As an investment and rental for a tenant, you will want to make your property comfortable and well stocked.
While you can use sites like VRBO and Air BnB to list your vacation rental and pay a nominal fee, you will probably still need a local property manager to handle the upkeep of the property. Because of the snowfall, the property will need to be plowed and shoveled in preparation for tenants. The property manager will inspect the home prior to renting it to a tenant. A good property manager will eliminate any issues like controlling the heat settings to avoid freezing pipes, or ensuring that protective measures to ward off wildlife entry can be monitored.
The vacation rental market for Truckee and Lake Tahoe continues to be strong and homeowners can usually enjoy a good return by renting out their home. There will be normal wear and tear over time, but a good property manager will take deposits to ensure that significant damage is minimized and fixed by the tenant.
There are also concierge service providers who can work with prospective tenants to stock the home with food, cribs or other necessities. Most of the homes in Lake Tahoe and Truckee are rentals and there are currently no restrictions against renting your home as a vacation rental. In South Lake Tahoe, where the hospitality industry is impacted, restrictions can be placed on renting.
Property managers are also important in ensuring that renting your home doesn't turn into a bunch of college students partying and exploiting the property. Neighbors are good at keeping an eye on each other's homes and will usually contact the property manager if they see anything suspicious going on next door.
Property management companies can charge 20 to 50 percent of rental proceeds to oversee bookings, manage deposits, orchestrate cleaning and to provide maintenance and snow removal. Online vacation rental portals charge an annual fees for each listing. VRBO and HomeAway start at $349 a year, but also offer pay-per-booking rates at 8% of the rental amount. Airbnb, which is also popular, charges a 3% processing fee to the owner, while charging guests up to 6 or 12% percent on the transaction. These online portals don't include any actual property management and are good for exposure and processing payment only. Therefore, it might make sense to hire a property manager who will use these services along with their website and booking engine to manage of all this on your behalf.
Renting your retreat at Lake Tahoe and Truckee can be stress free and operate smoothly as long as you look at this as a business investment and ensure that someone is available to help with tenant needs. I have several excellent property managers I can refer so if you would like additional information contact me today!