There are many reasons owning a vacation rental in Palm Desert will benefit you but before you jump in, here are some things to consider.
If you enjoy having a place you can call home, what's better than having a second place you can call home? Having a second home will give you an easy choice for a getaway at any time of year, with the added bonus of finding favorite things to do that you can look forward to coming back for throughout the year.
During the times you are not planning on living in your second home, you can use it to generate some rental income by renting it to others. Using the proceeds of this rental income can often times pay the mortgage and help with other fees to maintain it.
Big Draws to the Area
Many people love traveling to the Coachella Valley for a vacation during the winter months to escape the cold winters at home. Winter months often bring more visitors and may fill up quicker than summer months. If you want to make the most of your rental options, leaving the home available during the winter months is the best way to bring in more cash.
Another great draw to the area is the increasingly popular special events such as the Palm Springs International Film Festival held annually in January, or the Coachella Valley Music and Arts Festival held in April. Knowing when these community events are held will give an idea of popular booking dates.
Some homeowner's associations do not allow a home to be used as a rental property. This is important to do some homework on before purchasing a home if it is a deal breaker. You can find out about homeowner's associations by contacting the listing agent for the property of interest.
City Rules and Regulations
Each city in the Coachella Valley has different city rules and regulations regarding vacation rentals. Some allow short-term rentals but not long-term rentals, others have no problem with either. Short-term rentals usually generate more income for a vacation rental. This is another area to investigate before purchasing a home.
City ordinances, rules and regulations can usually be found online or by calling the city government office.