If you’re like many people, you want a winter home in Scottsdale – but how can you make ownership a little easier (at least financially) on yourself?
Here’s what you need to know about how to make your winter home in Scottsdale profitable while you’re not in residence.
How to Make Your Winter Home in Scottsdale Profitable When You’re Not There
When you buy a winter home in Scottsdale, you know you’ll always have a place to escape to when the snow starts to fall – but what about when you’re not there? Will you have to keep paying for an empty house?
If you rent out your home as an Airbnb or bring in temporary, short-term tenants, you could cover your entire mortgage payment – but there are a few things you should know before you start house-hunting:
- Your winter home has to appeal to a wide range of potential renters
- Do the math on every property you like
- Make sure the location is right
Appealing to a Wide Range of Potential Renters
The bottom line is that this is your home, so you need to love it – but if you plan to rent it out while you’re not in residence, it has to appeal to other people, too. Eccentric and quirky houses might be off the table for you, as are those with moderately inconvenient layouts and designs.
Having to appeal to a wide range of potential buyers can also hold you back when it comes to decorating. (Are you having second thoughts? We just want to make sure you know what you’re getting into if you decide to rent out your winter home in Scottsdale.)
Do the Math on Every Property You Like
When you find a home you like and you think it might be “the one,” whip out your calculator or use an online simulator to run the numbers. You’ll need to cover your mortgage for the months you’re not in residence, so figure out how many days per week or weeks per month you’ll have to rent it out to stretch out the finances.
You also have to consider how much work you’ll have to do (or hire out) on the property, taxes, property management fees, cleaning and more. Don’t forget electricity, water, phone service, WiFi and cable, gardening expenses and homeowners insurance. (Owners who have tenants are typically required to buy a special kind of insurance – plain homeowners insurance won’t cut it in this situation.)
Make Sure the Location is Right
While you can rent out a home in Scottsdale any time of year, the better its location and the greater its amenities (like golf), the more likely you are to be able to keep people in it until you arrive for the winter.
Your Scottsdale Realtor® can walk you through several areas of Scottsdale and the neighboring communities so you can make the right decision on location – but it’s important to explore as much as you can.
