Owners

Income means Taxes

Now is the time to get your vacation home items together for tax season. Get all those receipts and tally those revenues. This will make it easy for you come tax season. The IRS provides information on rental property tax issues at there website.

Another tax issue you must pay attention to is weather you are subject to any local “tourist” taxes that homeowners are sometimes subject to by renting their homes. Be sure you are aware of your responsibility with regard to taxes! Contact the local government for this information.

Make sure you save all the receipts you can every time you visit your vacation home. If you are working on your investment there may be deductions that can benefit you. The more you know about the tax laws involving vacation property’s the more prepared you will be.

Cost-saving Electronic Thermostats

If you add an automatic thermostat to your Hidden Valley vacation property, you’ll save on your heat and air costs. Digital thermostats let you set program settings for
winter and summer seasons. Most allow you different settings for weekends vs. weekdays.

Thermostats can be very simple to install yourself, and a very good one should cost you less than US$100. Instruct your cleaning staff or property management company to re-set the thermostat, each time they visit the unit.

It is also a good idea to put warning signs up near the thermostat instructing the renters not to adjust it. If it is to cold or hot they are likely to make there own adjustment so it might be worth giving them the know how to do it right. It is also a good idea to review your heating and electric bills. If you are not careful you will end up paying way to much in the winter.

Pets Allowed or Not?

Allowing pets can increase your rental level and even the rate you charge, but it requires the owner to accept a higher risk of damage. My family allows dogs but no cats because of alleges. I have found that if you allow pets you are much more likely to rent your place out. Most people who have pets bring them with or with out your permission so its better to get a few more dollars out of the deal.

If you bring you own pets to your vacation property you should definitely consider allowing others. We have a dog so we already have carpet cleaner and other supplies to clean up after accidents. Make sure you make it easy for your renters to clean up after there pets. The easier it is the more likely they will do it.

Of course you should be sure to protect yourself by clearly spelling out your pet policies in your Rental Agreement. Most Home owners at Hidden Valley charge a pet deposit. We take an extra $200 and as long as there are no problems we give the money back.

Get to know your neighbors

Most vacation home owners don’t live near their vacation home and therefore must rely on outside help. For most, the local property manager is there to maintain the grounds, remove trash and deal with renter problems. A good property management company will also provide many other services such as a plumber, electrician, housekeeper, carpenter and pool maintenance guy.

Giving an extra house key to your local rep (Hidden Valley Foundation) may save the day. With a list of service people to contact from while at home, the vacation homeowner can quickly and efficiently provide for any vacationer issue. Be sure to post your phone numbers prominently, by the phone or on the refrigerator. I also recommend leaving any important emergency numbers.

The best property management company I have found locally is Mountain Resort Properties. They will hand out your keys, clean your unit and deal with any issues that may arise. I also recommend getting to know the staff at the Hidden Valley foundation. The foundation can be a great resource in times of need.

You can also meet a lot of local owners and neighbors at the Hidden Valley Foundation meetings. For more information check out there website.

Must Have a Guest book

Your guest book is your best resource learn everything you can from it. You’ll find some valuable suggestions for improvement. And you can publish the testimonials in your advertising: “Great ski cabin, exceptionally clean and very well equipped.” — Nate Bowls 2005.

If your guests’ comments are not complimentary, then you should take the hint, make some real improvements to your property To encourage your guests to write a few lines before they leave, leave your guest book in a prominent location, like the kitchen table. Open it to the last guests’ entry, and leave a pen on top.

Your quest book should also contain information that your quest can use. Local phone numbers, hiking and biking spots. It should be a directory of information that a visitor will find useful. Tell them how to turn on and off the hot water and heat. This is your guide to the area and house.

Furnishing Your Vacation Home

There are many local stores that cater to the mountain home look. Lots of wood and animal heads, some are really nice and others are out of control. When you’re furnishing your Hidden Valley Resort vacation rental, it’s usually most effective to pay extra for durability and quality. Tough furniture will withstand the rigors of rentals far longer than low-cost alternatives. Carpeting should be carefully selected for ‘heavy use’ and pre-treated for stain resistance.

The higher cost of durability is usually recovered in labor saved chasing down replacements, longer product life, and in quality-related goodwill and return bookings of your rental clients. Yards sales can also lead to some great furnishing finds. Remember that your home will have to stand up to people of all size. Also think about how many beds you can fit in. The more beds the better in my experience.

Also consider buying the old furnishing from the past owner. We got our home totally furnished for $2000 extra on the sale price. Now we did replace a lot of it but much is still in use. Having the place furnished from the start also allows you to rent your unit out from day one.

Vacation Home Security Ideas.

Think carefully about the security of your Hidden Valley vacation rental. Most police departments or local security companies will watch your vacation home, free of charge. Provide them a written schedule of expected occupancy. Paying a neighbor or relative to check your property is also a good solution. Make sure your newspapers are not piling up outside your front door. .

Always lock all doors and windows, Put a light and TV on a timer to create the illusion of occupancy. Consider buying a hotel safe. They can be found for less than a $100 and will give your renters the peace of mind they deserve.

Owners closets are also a good idea. pick one or two closets in your house and put a pad lock on them. These closets will keep your personal ideas safe while you are away. My family keeps our skis and snow gear in them. These closets can also be used to store food and bathrooms supplies.

Provide Things to do in the Rain

Indoor activities are needed in every vacation property. IF you don’t want to have unhappy vacationers you must provide them with something to do if the weather does not work out. Cable TV and a VCR/DVD player is always appreciated. I have found board games to be a cheap and fun solution. In our house we have a ping pong table.

Local yard sales are the best for picking up indoor goodies. My family has a small library of books my mom and dad picked up. Make sure you pick books carefully, mixing in local history books and outdoor books can also be beneficial You can buy local travel guides and vacation books almost everywhere in a resort area.

A small video selection is also easy to gather. You can get VHS tapes for under $5 at video stores. Or ask your friends who now have DVD players to sell you there old tapes. Holiday movies and classic’s are the best ones and easiest to come by on the cheap.

Setting a Price for your Rental

Make sure that your price is competitive with other vacation properties that are available at Hidden Valley Resort. Share some of the savings you get by renting it yourself with your renters - If you do this, you will increase your total income because you will get more nights rented.

Know your peak and off seasons. The peak seasons are winter and summer at Hidden Valley resort. In these seasons there are also peak weekends and weeks. The holidays are always worth more than non-holidays. Three day weekends are also big money makers. It is also a good idea to look at any major events being hosted in the local area. If there is a big concert at 7 springs resort then it should be a big weekend.

Offer a discount for weekly rentals. You will save money on cleaning the unit and your unit will be producing income during the week. My family try’s to find long term renters for the summer. For the last two summers we have found families that wanted to rent our unit for 4 straight months. To get an idea of what others are charging check out our rentals section.

Rental Agreements

To protect both you and your renters, owners should use a , straightforward rental agreement that is ultimately signed by both owner and renter. Every owner should have at least 3 rental agreements. One, for short term renters, people staying only a night or two. One, for long term renters such as families renting for a week or longer. And another for seasonal rentals. Which would include anyone renting for longer that a two months. Include this info:

• 1. Agreed upon dates, including arrival and departure times.
• 2. Never surprise your renters with hidden charges! Total price, showing your rate plus any additional items such as cleaning fees, taxes, non-refundable deposits, fees
  for additional persons, etc.
• 3. Fully describe your cancellation policy.
• 4. Specify reservation and security deposits.
• 5. List extra policies for children, pets, smoking, etc.
• 6. Let the potential renter know if maintenance workers may come in for routine tasks while they occupy the property.

Remember to charge your seasonal tenant for utilities. I find the best way to handle utilities during a seasonal rental is to have the renter’s put as many of them in their name possible. Also don’t overlook the cost of firewood. Supplying the renter with the local firewood delivery companies number is also a great way to go. But make sure your renter know what you will be supplying and what they need to take care of.

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