Obviously the purpose of investing in a vacation rental home in Costa Rica is to make extra money on the side, however, and unfortunately, it is not uncommon that many times we learn of stories that describe terrible experiences when it comes to owning a vacation home to rent in Costa Rica.
So is it really worth it? And why are people having these bad experiences?
Costa Rica is a perfect location to invest in real estate; the property value is still considerably less than in North America, even for a beachfront property; in addition to this, the number of tourists that visit this country is almost 3 million a year, 50% of them are from North America, while European tourists have also increased in numbers over the past two years.
The reasons to visit Costa Rica are many, vacation, business, medical or dental tourism, sports, etc. The fact remains that every visitor needs a place to stay, vacation rentals have grown in popularity since they represent savings and a level of privacy and commodity that cannot be offered by hotels.
Another advantage is, that the variety of activities that Costa Rica offers have considerable diversity. Visitors are not just focusing in popular tourist areas, but are experiencing other types of tourism in different parts of the country, vacation rental properties can be anywhere, in San Jose, Limon, or Guanacaste and it will still be a good business year round.
Property owners generally have bad experiences renting their vacation homes in Costa Rica because they do not have the time and patience to properly manage their property.
Even though it may sound easy to rent your house out, it really takes a lot of effort to do it right:
1) Marketing: You need to have a clear strategy, know your target market and take the time to take quality photos, write catchy descriptions, etc.
2) Using platforms like Airbnb to attract potential clients is a great place to start, but this is not a magical solution, as with anything else, it takes time to maintain, answer inquiries and stay on top of things.
3) You need to still be able to give your property adequate maintenance and offer a prompt solution to your guests in case there are any problems. If you are not living in Costa Rica this can be very tricky even if you have someone looking after the house sometimes that’s just not good enough.
4) Screening guests. This has to be done. You have to be clear on the type of guests you want for your house, and what you will not allow. Guests can cause many damages to a house if you are not careful and on top of things.
5) Keeping track of reservations, paying bills, etc. also requires time. Issues with reservations can cost you. Having your guests arrive to a house with no electricity because you forgot to pay the bill, will definitely get you a horrible review.
For all the reasons listed above and if you don’t have the time or patience to properly manage your vacation home, the best thing to do is hire a vacation rental management service.
Vacation rental management services such as Expat Housing, take care of everything we listed above, they handle your house maintenance, your listings, bookings, guest screenings, etc.
The most common concern property owners have about vacation rental management services is cost. Expat Housing charges a management fee depending on the services you require which ranges from 10% for a standard package and goes as high as 20% for a deluxe package.
When you consider this alternative, you have to take into account that a vacation rental management service will work to maximize your revenue, they will handle all the hassles and problems for you and save you time and money, at the end, you are making a wise investment to ensure you get the most out of your vacation rental property while at the same time buying peace of mind and time to dedicate to other priorities in your life.
Contact Expat Housing, and start making real money on your vacation rental property.
www.expathousingcr.com – [email protected] – +506 6255 7577.