With scenic views of the lake and mountains, fun water activities, and a wide range of outdoor recreational activities, Lake Chelan has long been a popular holiday destination in Washington State and all around the country.
Its fantastic location, excellent amenities, and profitable return on investment make Lake Chelan real estate highly sought after. Investors and homeowners alike are turning to the area to diversify their portfolios and generate additional income by renting out their vacation homes.
FACTORS TO CONSIDER BEFORE RENTING OUT YOUR HOME
Thinking about renting out your lakefront home? Consider the following first of:
Check out the conditions on your loan application
If you intend to rent out your home with an FHA loan, you need to live in it for one year before being able to do so. The lender must also be notified if you’re buying a home solely for rental purposes.
Make sure you save three months’ worth of household expenses
It’s a good idea to save the equivalent of three months’ worth of household expenses to cover potentially unexpected costs or if you don’t rent out your house as quickly as you want it to.
Consider hiring a property manager
A property manager’s responsibilities include housekeeping, screening tenants, collecting rent, handling maintenance requests, and filling vacant units. In short, a property manager will make life easier for you, especially if you live some ways off from your rental or do not want to manage the property yourself.
GETTING YOUR HOUSE READY FOR RENT
Clean and declutter
A clutter-free home makes deep cleaning easier, and seeing areas of the house that have been tidied up can motivate you to do more. Thorough cleaning goes beyond sweeping and mopping, washing the windows, and keeping the bathrooms spotless. Thorough cleaning also means reaching hard-to-reach or overlooked areas like the back of appliances, ceiling lights, ceiling fans, walls, baseboards, kitchen cabinets, and shelves.
Spruce up your property.
To make your property more appealing, you may need to make some updates. Refinish hardwood floors, repaint walls, and update kitchens and bathrooms. Investing in home staging and hiring a professional photographer can also help your Chelan house for rent stand out from the crowd.
Repair anything broken
Even the smallest and simplest details can make or break a deal – or ruin your reputation. So make sure your rental is in tip-top shape every time you welcome new guests. Replace dead light bulbs. Check doorknobs, locks, and sockets, as well as bathroom and kitchen fixtures to ensure they all work properly. Replace heating and air conditioning filters as needed, and check that all appliances are functional.
Decide whether the property is for a long-term or short-term rental
The following are the distinct sets of advantages and disadvantages associated with the two vacation rental strategies:
- SHORT-TERM RENTALS are typically rented on a daily, weekly, or month-to-month basis.
Pros: Personal vacation use; greater income potential; flexible pricing
Cons: Lack of consistent rental income; maintenance and repairs; and off season vacancies - LONG-TERM RENTALS are normally occupied by a tenant with a 12-month lease.
Pros: Streamlined cash flow; reduced maintenance; lower tenant turnover
Cons: Landlord regulations; risk of renting to the wrong tenant; and no personal property use
LET THE EXPERTS HELP YOU PREPARE YOUR LAKE CHELAN HOME FOR RENT
Are you ready to jump into the rental market? The best way to navigate the real estate market is with the help of a professional. Let our Lake Chelan Realtors at Coldwell Banker Lake Chelan Properties help you maximize your return on investment by preparing your property for rental. Call 509.682.7777 or send an email