Also factor in how much time you plan on spending at the property. So you should have intention when buying a property – will this be a place where you allow strangers in, or will you limit it to family, friends and friends of friends? It also impacts the décor: homey vs. It can be emotionally difficult to allow strangers into your home and let them use your stuff. HOME SHARING CHALLENGE: DON’T GET EMOTIONAL Even if it rains the whole time and they never use it, they are so excited about the prospect of relaxing on that deck. And it works, because it’s something people are looking for. This is always the photo we post first on the rental listing, to get attention. In one house, we added an extra-large back deck that accommodates an 8-person dining table, sitting area and game space. We renovated each of our rental properties and knocked down walls in order to create open spaces for large groups. It must set itself apart from the sea of other rentals here or in other coastal communities. BE A UNIQUE GETAWAYįind a house that has something distinctive, like a cool architectural element, stained glass window or big roof deck. For larger homes, it’s often different groups of people who are staying there, so having a mix of larger and smaller private spaces is ideal. Houses that have ample bathrooms are also something to look for – a 4-bedroom, 1-bath situation would be less desirable because although your home is not a hotel, guests do appreciate that privacy. Also, they want to be able to hang out in a big open space and enjoy their time together, as well as a private space, like a smaller den or outside patio, where they can have an intimate conversation. Many visitors like to walk to the beaches or downtown, while others want a quieter environment. Guests like walkability, the proximity of the house to the things they want to do while here. When buying, think about what you look for when planning a getaway. Portsmouth Short-Term Rental Information BE A DESIRABLE RENTAL PROPERTY Middletown Short-Term Residential Lease Regulations All of these municipal regulations and geography need to be considered when shopping around. For example, Newport prohibits short term rentals (less than 30 days), while in Middletown, the time limits are looser but you need to live within 10 miles of the rental. And then the laws of each town should be considered. What happens if there is an emergency at the house and you’re not around to deal with it? You could hire a property management company, but those costs need to be factored in your calculations. You cannot live out of state and manage from there. In R.I., you must have a local point of contact to manage the property. So, if you want to buy a second home and make it available to rent, here are a few tips to consider. This is a great side business for us, and it can be for you too. So, as a real estate agent with 21 years of experience in financial services, I can recognize a good investment, and homes in this area continue to retain top value. My husband and I currently have two summer rental houses listed on AirBNB. With out-of-towners buying second homes here with ever-increasing speed, you have to be ready and stay the course to win big on your investment. While renting your home can be lucrative, it can also be a lot of work, and with demand for properties surpassing supply on Aquidneck Island, it can be hard to find an appropriate house. Clients of all kinds are asking me how to do it, where can they buy the right house, and how do they stand out in the crowd. Renting property is so popular in and around Newport that everybody wants a piece of it. Listing your RI home on AirBNB or VRBO is a great way to capitalize on your real estate investment.
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