| > | | | | Of course, when it comes to décor, you can't |
| It's a dream I've heard so many people express: | | | | please everyone. Sue Evans, owner of an Orlando |
| "I want to run a bed and breakfast. They are so | | | | luxury villa ( ), does not enjoy "having to read |
| cute" Or "I want to own a vacation rental | | | | emails from people saying they don't like your |
| property, so I can get a free vacation and make | | | | décor or want to stay at your property for |
| money the rest of the year. | | | | peanuts." You need a thick skin to own a vacation |
| But what is really involved in being a vacation | | | | rental property. |
| landlord? Is it a business that is right for you. I | | | | Christine Creasey, owner of the Florida Golf and |
| asked 9 vacation rental owners for their advice | | | | Disney Villa ( ), reminds potential vacation rental |
| to would-be vacation rental owners. | | | | owners how time consuming it can be to look |
| "Can you afford the mortgage if your home is | | | | after the property, especially if you organize your |
| not rented at all?" asks Stewart Granville, owner | | | | own rentals. "Make sure you know who is going |
| of an Orlando Florida vacation homes listing site ( | | | | to manage your home in your absence," she |
| ). "If interest rates rise (which they almost | | | | advises. Running a full-fledged bed and breakfast is |
| certainly will) can you still afford the payments | | | | even more time consuming, requiring much longer |
| along with the utilities ,taxes, insurance, | | | | hours than an office job, and probably hiring staff |
| management fees ,pool cleaning ,lawn | | | | to help you manage. |
| maintenance ,running repairs — can you still | | | | Neil Thornton, owner of a 4-bedroom executive |
| afford it?" | | | | villa ( ) in Orlando, Florida, warns about the grief |
| That is an obvious, but often overlooked, factor. | | | | caused by hurricanes, a common occurrences in |
| Before rushing into a purchase, make sure that it | | | | the tropical climates where vacation rentals are |
| does not get repossessed if somehow your | | | | most popular. "Can you be 5000 miles away, |
| marketing is fruitless at first. Paul Rowney agrees. | | | | knowing there are guests in your villa, there is a |
| Owner of a 4-bedroom Florida Gulf Coast | | | | hurricane approaching and all the power lines and |
| vacation rental ( ), he says to be wary of | | | | telephones are down. What do you do?" asks |
| "realtors who promise you'll rent your property | | | | Dave Gordon, owner of Lindisfarne Villa ( ). |
| for 40 weeks a year." It helps to do your | | | | Perhaps the most obvious advice comes from |
| homework. Is there already rental saturation in | | | | Lesley and Gerry Heane, owners of Our Dream |
| the area you want to buy in, or are people | | | | Villa ( ) south of Walt Disney World: "Always |
| already lining up for too few vacation homes? | | | | check out the area and the site of the Villa." It |
| "You can't get too personal with your home if | | | | goes without saying, but I have seen too people |
| you are using it for renting - you have to think | | | | kick the tires on a car but never try driving it |
| what your client wants," warns Michelle Prince, | | | | before buying — and I am sure it is the |
| owner of Secret Key Villa ( ) in Kissimmee, | | | | same with vacation rental properties, especially |
| Florida. That means your ideas of the perfect | | | | since they are so often so far away. |
| bright red-orange kitchen might have to be | | | | What all these vacation rental owners are saying |
| shelved if your customers have more subdued | | | | boils down to knowing what you are buying, what |
| tastes. | | | | it could cost you and being prepared before you |
| Andrew Piper, owner of a 5 bedroom vacation | | | | buy. Every one of them enjoys owning vacation |
| rental villa ( ) advises not to expect that all your | | | | rental property, but many people jump in too |
| friends are a market waiting to rent your | | | | soon, only to realize that this is not the place they |
| vacation home — they are more likely | | | | want to be. |
| going to hope for a freebie, staying silent if they | | | | Before you jump in, make sure you really want |
| are too embarrassed to ask. Remember, owning | | | | to own a vacation rental. If you do, I wish you |
| a vacation rental is a business, or else it becomes | | | | many years of success and pleasure. |
| a very expensive cottage. | | | | |