Breckenridge
Short/Long Term Renting Breckenridge Vacation Home
By RealEstateColorado.com

Before or after investing in Breckenridge real estate for family or company vacations, consider whether renting out your Breckenridge property will make your resort Breckenridge real estate pay for some of itself.  With a little planning, during this period of Breckenridge real estate’s overwhelming popularity, people like you are recouping major portions of their investment by running short- and long-term rentals.  However, keeping in mind that the fluctuating economy, be prudent in your assessments.

Once the decision is made to turn a Breckenridge vacation property into a Colorado vacation rental, the easiest way to proceed is to hire the services of a reputable Breckenridge property management company that is familiar with the Breckenridge real estate rental market.  Depending on your own skill sets, resources, and determination, it is also possible to save the substantial management fees and do it yourself.  The Internet is making the later a feasible option, even for owners who live across the country. 

To refresh your memory about the industry, here is information to get you going.  If you need your home only in winter or summer or for a long family reunion every other year, then it may be possible to rent it out long term for 6 months or a year at a time.  However, if your needs are more sporadic, then you will need to think about short term.  Short term is usually renting to one party for 3 to 14 nights.

A property management company will charge 35% to 50% of the gross rental income in fees, depending upon the location and other factors.  Those fees generally cover linen service, cleaning, marketing, advertising, reservations, check in, and check out.  Some companies charge an additional annual marketing fee.  RealEstateColorado.com will be happy to refer owners to the best companies in the area.  If your property is a condominium or a townhouse, be sure to find out if the association requires the owners to use a specific management operation. 

Normal procedure is that the owner sets up the property with specific amenities such as TV, VCR, microwave, phone, linens, kitchen equipment and wares, and furniture.  In fact, management companies require signed agreements stating that the required amenities for each property are or will be in place.  Once the renters have possession of the property, the management company will arrange for minor repairs and those maintenance costs are passed on to the owner.  The owner, of course, is also responsible for the mortgage payment, association dues, utilities, cable, telephone, and other items that may be added into an agreement such as firewood. 

Your net income will depend on factors such as how many weeks a year it is rented out, what type of property it is, what amenities are necessary to keep your property in demand.  Properties with pools, saunas, hot tubs, and other toys like pool tables are in higher demand during off times.  Another helpful amenity is the sleeper sofa or Murphy bed or other way to accommodate extra children or guests. 

So keeping these factors in mind, ask yourself if the extra income being generated is worth the inconvenience of sharing your new home with visitors.