Step Four: Live It
Step four zooms in on the practicalities of managing your vacation home. This section includes quizzes, checklists and expert advice to help you select the best management option for your needs. It also highlights strategies for future-proofing your investment so you can enjoy a sustainable vacation home for years to come.
Managing Your Vacation Home
Take the Management Matchmaker Quiz to discover the best way to manage your vacation home: through a property management company, a co-host or on your own. Weigh the pros and cons of each option to select the one that fits your ideal time, budget and interest constraints.
Hiring a Management Company
This chapter is for vacation home owners considering a management company, comparing both local and national options while reviewing typical fee structures. A Compatibility Checklist will guide you in vetting potential partners, ensuring you select the company that aligns best with your needs and goals.
Finding a Co-Host
Explore the differences between co-hosts and management companies. Gain a clear understanding of the typical fee structure and learn where and how to find the right co-host for your needs. Utilize the Compatibility Checklist (from the previous chapter) to screen potential co-hosts and find the best match.
Going Solo: Self-Management Tips
Self-management takes more time and effort but allows you to keep more of your earnings by avoiding management fees. This chapter offers a top-line overview of key steps to get started, like opening bank accounts, selecting tech providers, finding a cleaner, and creating your listing.
Future-Proof Your Home
Your vacation home is an investment you hope to enjoy for years, if not generations, and this chapter shows you how to set it up for long-term success. It covers essential strategies like understanding seasonality, building a rainy day fund, setting aside money for off-season expenses, and saving for future renovations that are sure to add value and enjoyment.
