You are considering a vacation home in Central Oregon. The area is beautiful with an incredible diversity of activities. You make the trek from a major metropolitan area numerous times over the course of year to Central Oregon and one day, you decide that you’d like to find something that will be there when you get there, ready to accommodate your family and friends. So you decide to buy a vacation home.
Now what? You have a vacation home hours away from your primary residence. Did you consider how you will manage the property in advance? Should you hire a property manager?
In most instances, a property manager is a good idea. But for the sake of discussion, I’m going to give you three reasons why you should consider it and three reason why it might not suit your needs.
- You are multiple hours away. If for instance, you use the property only occasionally, having someone to check on it periodically, especially after a storm event can help you catch a repair before it becomes a full blown project.
- You plan on using the vacation home as an income producing property. A good property manager will handle the clients using your home, sifting through the paperwork and inspecting it afterwards. They may even handle marketing and housekeeping.
- You have an extended family. In many instances, family thinks of your vacation home as an extension of their own residence. Having a property manager to handle these bookings, even at a discounted rate, will help you manage who is using your home.
- You are a DIYer. If doing some work, even minor repairs, gives you a sense of satisfaction, having a property manager to schedule repairs, market and book guests, and otherwise inspect your property could be a waste of money. It has been estimated that this type of owner spends between 9-12 hours a month.
- You will use the vacation home extensively. If this is the kind of residence you plan on using regularly, more than twice a month, you will be able to catch many minor repairs before they become too large. Frequent users often develop beneficial arrangements with neighbors who might be there year round.
- You can’t afford it. Formal property management, especially those who provide full services related to nightly rental activity can be expensive and is ideal for a vacation owner who might have numerous properties, or wishes to be entirely hands-off.
Some additional things to consider: What does your HOA fee cover? Can you hire a neighbor or a “castle keeper” to look in on your property when you are not there?
A broker like those on The Jones Group @ Sunriver Realty team can help answer some of those questions for you. With their extensive experience in Central Oregon real estate, they have seen it all and may have some helpful words of wisdom. Also, talk to people you have met on your vacations and discuss the pros and cons with them.
How can we assist you today?
On behalf of The Jones Group @ Sunriver Realty
Nola Horton-Jones, Principal Broker/Realtor | ABR, C-RIS, e-PRO, GREEN, RSPS, CCIM Candidate
Bryce Jones, Broker/Realtor | ABR, CRS, e-PRO, GREEN, GRI, RSPS, SFR
Karen Marcy, Broker/Realtor
The Jones Group @ Sunriver Realty | 57057 Beaver Drive | Sunriver, OR 97707
Mobile: 541-420-3725 | Mobile: 541-420-4018 | Mobile: 503-327-9611 | Fax: 541-593-5123
Licensed in Oregon