To Rent or Not Rent?
The Pros and Cons of Renting Your Investment Property in Breckenridge
Renting out your second home or investment property in a popular vacation destination like Breckenridge, Colorado is a tempting proposition for so many reasons. Here are some pros and cons – from our pros – to consider when you’re thinking about renting your Breckenridge property.
Pro – An Immediate Return on Your Investment
Rental income is the biggest advantage of renting your investment property or vacation home. You’ve already invested in the real estate and outfitted your mountain retreat; renting the unit can deliver an immediate cash return when all of the pieces fall into place. Services like VRBO can help you determine how much to charge for renting your vacation home based on features like location, number of bedrooms and extra amenities.
Con – It May Be More Work Than You Think
There are a lot of things that need to happen to successfully rent your investment property. Factor in marketing, managing reservations and maintenance when planning and budgeting to rent out your place. If you’d prefer to have someone else handle the day-to-day details, consider a full-service vacation rental management company.
Pro – New Online Resources Can Help
If you decide to rent your property, you’ll find more and more resources on the market these days to help you. Companies like Airbnb and Turnkey can help you connect with potential renters. Fees for web-based services can also be lower than traditional rental managers if it’s the right fit for you and your property.
Con – Beware Neighborhood Rules
Restrictions on short-term rentals are a hot-button topic in many communities. Towns like Breckenridge are exploring how to balance the needs of owners who want to rent out properties with full-time residents who don’t want short-term renters for temporary neighbors. Be sure to research any rules in your HOA or community charter that might influence your plans for renting your investment property.
Something to Consider – Balancing Your Plans with Rental Demand
If you’d like your investment property to do double duty as your vacation home and a rental property, remember that rental interest and income is likely highest during the times when you may want to stay there yourself.
It’s important to weigh the pros and cons, as well as do your research before purchasing an investment property in Breckenridge. Feel free to look into our other investment property resources, or contact The Moen Team to find your dream investment home in Breckenridge!
Related Reading: Breckenridge to Revamp Rules for Short Term Rentals