Gatlinburg Vacation Home Insurance: Tips for Rental Home Ownership

Vacation Home Insurance Gatlinburg: Tips for Rental Home OwnershipGatlinburg Vacation Home Insurance: Tips for Rental Home Ownership

Purchasing a home or cabin for the purpose of renting it out to vacationers can be a very fruitful investment. Of course, if you are doing so it is important to understand not only the financial and legal obligations you will face, but also know what to look for when purchasing a vacation home for rental. Here are some tips for rental home ownership that can help you decide on exactly what kind of home to buy.

Determine if it truly is a good investment for you. Typically, purchasing a second home can provide you with a personalized vacation property that is perfect for you, your family, and your friends. In addition, renting it out to other vacationers produces attractive financial returns for you.

Be aware of what vacationers are looking for. Potential visitors will usually measure the size of your vacation rental by how many bedrooms and bathrooms it has, not necessarily the square feet of the property. To maximize your nightly rental rates, purchase a home with the maximum number of bedrooms and an equal number of bathrooms.

Consider location. A few considerations to make as you examine areas and specific developments include:

  • Real Estate Prices
  • Average Nightly Rates
  • Number or Peak Nights Each Year
  • Historical Occupancy of Similar Homes
  • Distance from Major Attractions
  • Community Amenities
  • Time to Your Primary Residence

Understand the logistics. Many vacation home owners choose to self-manage their own property, but some choose to hire a professional management company. If you are unaware of how to calculate the proper nightly and weekly rates, or you don’t know how to handle guest arrivals and departures, confiding in a management company may be a good idea.

Another very important factor to purchasing a home for the purposes of renting it out for vacationers is ensuring that you have the appropriate Overnight Rentals Insurance policy. At Barnes Insurance Agency, we have custom tailored policies to accommodate the needs of various industries. We will evaluate your needs and provide the coverage that suits you. For more information about our vacation home insurance programs, please contact us at (866) 733-5424. If you would like to speak to our Overnight Agent Specialists directly, please ask for Jessica Hale or Jill Wilson.

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