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Convert vacation condo into rental - worth it?
Old 03-08-2012, 10:11 AM   #1
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Convert vacation condo into rental - worth it?

Having no experience as an owner of rental property, I'm interested in learning from the experiences of others. We own a small condo at a ski resort in NH. Worth about $200k, owe about $70k. It's not a huge financial burden right now, but I definitely feel it. We don't get up there nearly as much as we used to, and I'm ready to put it on the market, but DW has a scooby-snack reaction on those infrequent times we do get up there; she loves it and completely unwinds. We've never rented it out (primarily based on avoiding the skeevy "someone is sleeping in my bed" feeling), but I'm wondering if that might be something to consider so it would make some kind of financial sense to hold on to it. Anybody in a similar situation? Is it worth becoming a part-time landlord to allow for our "every-now-and-then" visits?
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Old 03-08-2012, 10:18 AM   #2
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If your wife gets that much out of it, why aren't you using it more?
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Old 03-08-2012, 10:41 AM   #3
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If your wife gets that much out of it, why aren't you using it more?
Life's been getting in the way. That, and we've tried to experience other places when we've had time to get away, which is tough to do sometimes because we feel kind of an obligation to use it since we own it.
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Old 03-08-2012, 12:20 PM   #4
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Originally Posted by Tree-dweller

Life's been getting in the way. That, and we've tried to experience other places when we've had time to get away, which is tough to do sometimes because we feel kind of an obligation to use it since we own it.
One way to look at it is that you are missing out on approx $8000 (maybe more) worth of vacation money a year by keeping it.
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Old 03-08-2012, 02:08 PM   #5
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One way to look at it is that you are missing out on approx $8000 (maybe more) worth of vacation money a year by keeping it.
You beat me to it. ^

Unless there is a serious buzz of some kind from owning, think what you could do with the annual total cost in cash in your pocket.
Rentals tend to twist your tail at the wrong moment if you do your own property management; if you hire a manager, most times it's hard to get them to pencil out. If more than 20 miles away and out away from repair supplies, it can be a killer. If rental $ returns are really juicy in the area, and competent mangement is available, maybe. why not try to find somebody nearby who rents their place, and poll them for results?
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Old 03-08-2012, 06:29 PM   #6
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Yep, pretty much supporting how I feel. I'll miss it, but I won't miss writing the checks.
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