One thing to consider when buying is what a guest would be looking for in terms of location. Go through as many Villages rental sites to see where houses seem to have the best rentals. Is it a specific square, golf front or water front, proximity to pools, and stores. There is quite a bit you can find out with researching the rental websites. This will also help you set a potential rate. Then, figure out your approximate expenses. Will the income match the expenses and if not, are you willing to take a loss to spend time in The Villages with a property that, in the past, has appreciated in value?
There are a few management company's in the area. We've had rental property in the Outer Banks, NC for 15 years and wouldn't consider managing it ourselves. In The Villages, we've found our Home Watch and our keeping excellent records, makes it better for us not to have a management company. This is our experience and the additional income is worth a little more involvement on our part. When we were doing our research a year ago, Corky from Remax was the most helpful and their management contract was easier to accept than some of the others we read.
If this is your first time renting a furnished house, you will need to ask yourself, do you mind if someone puts their feet on your table, eats crackers in your bed, or breaks a plate or dish? You have to separate business from personal. It isn't for everyone.
No matter how complete your ad may be to rent your property, you will have people email or call without reading the write up. Are you prepared to field these inquiries? There may be 20 in a day. If the guest forgets the pass code to the door, the guest can't figure out how to use the remote, or they shut the slider on the curtain and it tore, are you prepared to handle the situation? If not, you need to make sure you have a local contact in the area to handle the things you can't when you are miles away.
We settled 2/14, set up the house 3/14, and for the most part, has been rented steadily. We have no regrets. The guests have been wonderful, taken good care of the property, and we have a home watch that allows us to have peace of mind. We've learned if we keep the property in pristine condition, provide everything a person would need to live in the house to be comfortable, and communicate with the guests, the guests will in turn respect the villa.
This is an exciting time for you. Have fun exploring all your options. This is a wonderful forum that has helped us immensely. There are very knowledgeable people here and the search tool at the top became our go to spot.
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