What makes a house a mansion?

In real estate, interest rates play a significant role in shaping investment strategies. While conventional wisdom suggests that higher interest rates negatively impact investments, real estate investors can actually The power of cash savings One of the advantages of higher interest rates is the increased earning potential of cash savings. As a real estate investor, you likely maintain substantial cash reserves for various purposes like down payments, renovations and any unexpected expenses. When interest rates are low, the returns on cash deposits are minimal. During periods of high interest, however, you are rewarded by banks for having more cash deposited. This means you could use these savings to increase your earning potential. Leveraging higher mortgage rates on a home While higher mortgage rates may seem like a disadvantage, it actually presents an opportunity for you to maximize your returns and apply your interest income toward a real estate mortgage. Let's consider two scenarios to illustrate this point. Scenario 1: 3% mortgage rate, 0% bank interest rate In this scenario, you secure a mortgage at a low 3% interest rate, while banks are paying 0% on cash deposits. Although your mortgage rate is low, the opportunity cost of keeping cash in the bank is high, as your cash savings do not generate any meaningful returns. This can limit your overall earning potential. Scenario 2: 6% mortgage rate, 5% bank interest rate In this scenario, you secure a mortgage at a high 6% interest rate during a time when banks are paying a generous 5% on cash deposits. Despite the higher mortgage rate, you can generate a substantial return on your savings, resulting in a net positive income. To illustrate, here’s what you could earn in both scenarios with $1 million cash in the bank — and how it applies to purchasing a home. In the first scenario, you are not generating any interest income from your cash reserve despite having a low mortgage rate. Consequently, you would be paying $10,500 in mortgage interest. In the second scenario, however, you have the opportunity to earn $50,000 in interest income. While you would be paying $21,000 in mortgage interest each year, your cash savings income means you have a net income of $29,000.  This example demonstrates how higher mortgage rates combined with higher interest on cash savings can give you a cost advantage when you buy a home. Ways to maximize your cash returns In addition to capitalizing on their cash reserves, real estate investors can strategically allocate their funds to maximize returns. Here are a few ways to increase your earning potential and offset higher mortgage costs: Short-term investments Consider short-term options like high-yield savings accounts, certificates of deposit (CDs) or money market funds. These low-risk investments can provide more attractive returns than near-zero interest rates from banks. Portfolio diversification Explore alternative investment options that offer higher returns than cash deposits like bonds, stocks and real estate investment trusts (REITs). Diversifying your portfolio can help you to generate more net income despite higher mortgage payments. Prepayment strategies Analyze your mortgage terms to determine if any prepayment options are available. By paying down your mortgage principal, you can reduce the overall costs of your interest. Play it smart with your investments While higher interest rates may seem unfavorable to real estate investors, they also provide unique advantages. By leveraging the earning potential of your cash reserves and And with Pacaso’s

According to a 2022 survey, over In this guide, we’ll share Airbnb vs. hotel pros and cons, and cover the top 10 factors to consider when looking for your next accommodation. We’ll even introduce you to a third option — second homes — and share how it stacks up against the Overview: Airbnb vs. hotel Airbnb Hotels A The differences between Airbnb and hotels Now that you know how both business models function, let’s take a closer look at the differences between Airbnb vs. hotels. Price When it comes to Airbnb vs. hotel prices, Airbnb has a broad spectrum of accommodation options at different price points, while hotels are often more expensive per night.  Globally, the average cost of an Airbnb is The global average cost of a hotel is Accommodation types Hotels specialize in providing private rooms, while Airbnb has multiple accommodation types to suit your budget’s needs. Hosts can categorize their listing based on the layout of their lodging:  Although you can share a room with your friends and family, private rooms are the only accommodations you’ll find in a hotel setting. However, some luxury hotels offer penthouses and villas with a kitchen and a dining and living room. Safety When it comes to safety, hotels may have more resources to keep guests secure than Airbnb. However, even the largest hotel chains are not immune to security breaches. Since Airbnb listings are managed by individual hosts, it can be difficult to accurately gauge the safety of a location. A Both Airbnb and hotels can be subject to Locations If you’re looking for an off-the-beaten-path lodging option, Airbnb may have what you’re looking for. If a room in the city is what you need, consider staying at a hotel.  One of the most attractive qualities of Airbnb is that you can find unique accommodation options across the globe. From a Similarly to Airbnb, Booking.com currently features Privacy Both hotels and Airbnb have privacy concerns; however, many Airbnbs allow self check-in procedures that limit or remove face time with hosts.  Like safety, privacy can be difficult to gauge from Airbnb listings. Even if you book an entire home, you could still share a wall or outdoor space with your host.  While some hosts may live on the property, others live nearby or may remotely manage their property. The key to finding a private unit is to read the property description and reviews thoroughly.  In terms of your room, it’s hard to find a more private option than a hotel. However, once you leave that space, you may find yourself swimming in a sea of people in the common areas. Even the most luxurious hotels typically have a check-in procedure that requires guests to have public interactions before retiring to their private rooms. Hotels often provide guests with a few basics, while some offer more Airbnb amenities can vary from listing to listing. In general, don’t expect the same amenities as you would receive during a hotel stay. Available amenities depend on individual hosts, and their quality can differ per listing. Here is what One of the defining features of a hotel is the wide array of amenities offered to guests. Along with the amenities mentioned for Airbnb, hotels typically offer at least one of the following as well: Length of stay Hotels are ideal for a weekend getaway. But if you’re searching for a place to stay longer than a few nights, Airbnb may be the better option.  Booking an entire home on Airbnb may be more comfortable than hotels for long-term travel. Airbnb also offers Most hotels cater to short-term travelers who prioritize convenience and location over long-term travel amenities like a kitchen or laundry facilities. Accessibility features Both Airbnb and hotels try to create more accessible spaces for their guests; however, hotels are often more accessible since they’re commercial businesses. While Airbnb does have an “Accessibility features” section in their search filters, hosts are not required to comply with In general, hotels are required to comply with ADA guidelines. Along with the features mentioned above, here are some more examples of how hotels adhere to ADA policies: Checkout Some guests may prefer to stay at hotels to avoid the long list of checkout procedures some Airbnb hosts require. The Airbnb checkout experience can be as simple as locking the door when you leave or something similar to what’s expected from a paid housekeeper. Here is what a lengthy checkout procedure could look like for an Airbnb stay: The second home difference Whether you want a When it comes to booking an Airbnb vs. hotel, the cheaper option will be Airbnb. However, the price of a hotel may be well worth it. From guest services to prime urban locations, a hotel typically offers a consistent level of quality to every guest. If a unique accommodation equipped with a kitchen (and a potentially long list of checkout procedures) is what you’re after, book an Airbnb.  If a home away from home in a dream destination is your priority, then consider owning a second home. As a

When travelers choose to stay in a vacation rental Here’s what you need to know about providing the right set of amenities in your vacation rental.  Essential vacation rental amenities At your run-of-the-mill hotel, there’s a standard slate of amenities travelers expect to find in their room: a coffee maker, bath amenities like shampoo and soap, towels (and sometimes bathrobes), hair dryers, an iron and ironing board, and a safe for valuables. Of course, the room should also be equipped with comfortable beds, a clean and functional bathroom, a TV and Wi-Fi.  But when someone rents a single-family home or a privately owned condominium as their vacation accommodations, those hotel-level amenities are just the beginning. Let’s explore the must-have amenities you’ll want to provide, room by room.  Whole-home amenities Here are a few required amenities that should be functioning throughout the home.  Safety-related items The safety of your guests should be your top priority. What’s more, many of these items are required by law — or by rental listing platforms.  Kitchen essentials The kitchen is one of the most complicated rooms to stock, due simply to the long list of items needed to successfully prepare and serve meals.  Bedroom amenities A good night’s sleep is vital to a great vacation experience. Don’t overlook comfort.   Bathroom basics A fully stocked bathroom is an absolute must. Laundry amenities In-unit laundry is one way that vacation rentals stand out compared to staying in a hotel. Make sure your home’s laundry room is ready for every guest.  Consumables Always have plenty of these essential items that commonly have to be replaced during a guest’s stay. Amenities your renters will love Want to take your rental to the next level? Here are the amenities that will show guests that you’re going above and beyond to make their stay exceptional. Luxury amenities Luxury rental prices require luxury amenities. Discerning travelers expect high-quality amenities that turn an average stay into an indulgent getaway.  Family-friendly features Many people who choose to rent a home have small children and need more space than a hotel room allows. It’s important to offer them the amenities they need to keep the younger set safe and happy.  Fun-filled amenities It’s always a nice touch to provide your guests with some items to keep themselves entertained.  Smart home elements Today’s smart home gadgets make a stay more enjoyable for guests — and more convenient for owners and Outdoor amenities  Don’t focus so much on interior amenities that you forget to stock your home’s outdoor spaces.  Location-specific amenities Every vacation home requires some specialty amenities based on location: Other things to consider about vacation home amenities Making your vacation rental stand out If your rental is located in a popular vacation destination, it can be a challenge to differentiate your listing from others. Here are a few ways you can use your amenities to your advantage.  Upgrading your home’s amenities It can be expensive to outfit a whole home at one time. Start with the essentials, then build on your offerings over time. When time and budget allows, add or upgrade elements that will make your rental special. Not sure where to start? Read your guest reviews! They’ll let you know the most pressing issues that need to be addressed, whether it’s missing kitchen utensils, lumpy mattresses or simply “nice to have” items that would have made their stay even better.  Let Pacaso take care of it Setting up and running a vacation rental can be expensive and time consuming — and the amenities are just the beginning. If you’d rather spend more time enjoying your second home and less time managing it, consider buying a Pacaso.  While Pacaso homes can’t be used as vacation rentals, our unique co-ownership model puts a vacation home within reach that you might not need renters.  As a co-owner of a Pacaso second home, you’ll enjoy time in your very own professionally designed and furnished property. Every time you arrive at your home it will be fully stocked with Ready to find your dream vacation home with Pacaso? Explore our collection of

For those who love to travel, do so frequently, and want more out of their accommodations than simply a hotel room, vacation clubs and fractional ownership programs can be very appealing. While Two of the best known are How does Equity Estates work? A common gripe about timeshares is that you pay a lot of money into the program, yet you gain no equity in the properties you visit each year — you get only the right to use the property. Equity Estates offers an alternative. Instead of paying a membership fee, you contribute to an investment fund that buys you shares of the Equity Estates property portfolio. Down the road when your defined liquidity date arrives, the residences are sold and investors are paid back 100% of their initial capital contribution, plus 80% of the profits.  Properties and destinations During the years between investment and disbursement, investors enjoy access to 60+ destinations across over 25 countries. The properties are private, luxury homes valued between $2 million and $5 million, with amenities like oceanfront views, ski-in/ski-out access, swimming pools and private club access.  Access Depending on your level of investment, you’ll get a set number of nights per year. Equity Estates promises better availability than timeshares since homes are only available to investors. Cost In addition to your initial investment, which can start at $145,000 or more, investors pay annual fees to cover maintenance, daily housekeeping, a personal travel concierge, destination manager and local hosts.  How does Inspirato work?  Inspirato also promises luxury vacations at upscale private homes around the world, but the structure of the program is quite different from Equity Estates. Inspirato is set up as a subscription model featuring three tiers with varying levels of cost and benefits.  The Inspirato Pass The Inspirato Pass is the company’s core offerings. For a $2,550 enrollment fee and a monthly subscription of $2,550, members can choose from over 1.5 million Pass Trips, with all nightly rates, taxes and fees included. And it’s not just homes. You can also stay at top hotels and resorts and choose from cruises, safaris and guided tours. The pass is designed for travelers with flexible schedules, as you have to complete a booked reservation before scheduling your next trip. It’s also ideal for those who want to travel frequently but want the planning to be simple and straightforward.  Inspirato Select The second tier, Inspirato Select, comes with a higher price tag ($24,000 per year), but also offers three Select trips that you can use yourself or gift to others. Guests with the Select membership can make upfront reservations or book on a whim, and the cancellation policy is flexible.  Inspirato Club The third option, the Inspirato Club, costs $650 per month. Travelers get access to the Inspirato Collection of properties and experiences, with members-only nightly rates and travel planning assistance.  Inspirato luxury homes are owned by the company, but they have partnerships with hotel, resort and travel brands, ensuring you have access to stays and experiences all over the world.  Which option is right for you?  Whether you choose to go with Inspirato or Equity Estates depends on what you’re looking for out of a vacation club.  The people who join Inspirato tend to be frequent travelers who spend a lot on travel each year and have a flexible enough schedule to work around some of the inherent booking limitations.  Equity Estates appeals to people who spend significant amounts each year on travel, but want to see some return on their spend. Because of the potential for investment gains, the initial investment is higher than other options.  Equity Estates pros and cons Inspirato pros and cons Now get to know Pacaso Equity Estates and Inspirato aren’t the only innovators in the world of luxury travel. In fact, Pacaso takes the best of what these companies offer and delivers a smarter way to enjoy second home ownership.  With Every Pacaso home is fully managed, professionally designed and ready for you to enjoy, with equitable scheduling among owners.  Pacaso co-owners purchase shares in a property-specific LLC, and when you’re ready, you can sell your share to realize any returns on your property.   Comparing Pacaso and Inspirato Pacaso has some key advantages over Inspirato:  An owner’s view of the differences Pacaso owner Mark also has an Inspirato membership. While he uses his Inspirato to “fill the gap” when he wants variety in destinations, he says he loves that his Pacaso gives him true ownership in a destination he loves.  “We’re kind of creatures of habit,” Mark said. “We like to go back to the same place that we know. We know it’s going to be quality. We get to know people in the community … it’s a totally different animal, and we prefer having the house.”  

There’s no getting around it: Remote work is here to stay. In fact, an estimated The flexibility of working wherever and whenever you want means it’s finally practical for families to take extended workcations away from their primary residence — whether that be on an extended cruise, road trip or even a vacation home.  By learning to balance work and play within your home — Follow this step-by-step workcation guide to do just that. What is a workcation? What is a "workcation?" Unlike a typical A workcation does not require you to clear a solid block of time out of your schedule — you only need the ability to perform your tasks via the internet. You will still meet all your deadlines and answer your emails, but instead of doing them in the office, you can do them from the comfort of your second home or vacation rental. And your precious vacation days can still be used when desired. Which jobs and roles are a good fit for a workcation? Unfortunately, not every kind of job is well suited for remote work. If you work in a role that requires frequent in-person interaction with customers or colleagues, you may not be able to swing it. Similarly, work-from-home roles that require a lot of equipment may not be particularly suited for a workcation, simply due to how much packing and setup is required. Generally, people with office work, self-employed roles and those who already work remotely from home are the best candidates for a successful workcation. Should you take a workcation? If you’ve never experienced the benefits of working on the road before, it can be difficult to finally take the plunge. A lot can be at stake if something goes wrong. Evaluate your workload to figure out if a workcation is right for you. Questions to ask yourself If you answered yes to those questions, then a workcation might be just the thing you need to squeeze more travel into your life.   How to plan a workcation in 7 steps If you want to take advantage of all the benefits a workcation has to offer, then there are several steps you can take to maintain productivity. Establishing a routine and defining boundaries will go a long way toward keeping your days focused and your nights free.  1. Schedule it in advance Your boss is the first potential obstacle to making your workcation dream come true. Before you approach your boss, prepare your answers to any likely objections. Reassuring them that you will still meet important deadlines and be reachable during core hours during your workcation is crucial.  When raising the topic, be direct. Tell them exactly what you want. Tell them why you think it would be beneficial. Let them know you’re a team player. Tell them you've thought through the technology requirements. Explain that you’ll still be reachable when needed, even if you’ll be in another time zone. Even if you already work remotely full time, it is still a good idea to communicate your travel plans to your manager and co-workers. Letting them know in advance that you will be traveling is a good way to prepare them for any mishaps that may arise, such as a flight delay that strands you in an airport or a connectivity issue.   2. Set a routine If you’ve never worked remotely before or are only used to working in a specific location, a new environment can really throw you off. Reinstating a familiar routine can help you regain your bearings. The temptation to work in your pajamas may be strong at first, but try to avoid it. It’s important to change into day clothes to remind yourself that there is work to do. Save the vacation mindset until after you’ve clocked out for the day. Similarly, try to stay in a place that has a dedicated It can also be helpful to incorporate parts of your normal routine to your destination. If a cup of coffee or a big breakfast was a pre-work staple before, keep it going for your workcation. If a morning gym session helped energize you to go into work, keep exercising. You can even adapt your typical routine to this new location. For example, substitute your normal gym class for a 3. Declutter physically and digitally Space can be limited at a Wherever that space is, start by clearing out anything that is not conducive to a working environment. Remove the clutter that only serves as a distraction in your vacation rental.  Once you’ve isolated yourself from physical distractions, focus on the digital distractions. Clean up your desktop from all of the loose files you have no intention of using. Delete emails that are no longer relevant so that you can quickly locate the information you need to do your job. 4. Define boundaries with colleagues The demands of every position are different, but it is important for everyone to draw lines for when work does and does not happen. Well-defined boundaries can make for more productive workdays and help you avoid burnout — at home and during a workcation. Communicate to your coworkers when you will be online and when you’ll be at lunch, and resist the urge to answer messages outside of that window. An added complication of remote work is that it becomes mentally harder to take sick days. This applies to workcations, too. Often, remote workers will rationalize working through illnesses since they will still be home anyway. But taking breaks from work are important aspects of the recovery process. This goes for mental health days as well. If taking a day off can improve your wellbeing and future performance, you owe it to yourself to do so. 5. Define family boundaries Family boundaries are just as important as co-worker boundaries. In fact, A separate room is ideal for family boundaries. Having a door to close and cut yourself off from distractions will send a clear message to your companions and help you focus on the work at hand. 6. Schedule your free time A workcation can quickly spiral out of control when you’re trying to please both your boss and family. Use a schedule to keep all of your commitments in order. But don’t forget to commit some time to yourself.  This is your workcation. Making time for your hobbies and the activities that interest you helps make these trips worth it and makes you more likely to do them in the future. Doing what you enjoy isn’t selfish, as leisure activities are 7. Stay productive Since one of the main reasons for your workcation is to experience what a new location has to offer, you’ll want to work efficiently so you can maximize your free time. Otherwise, you might as well have stayed at home.  Aside from having a dedicated workspace, there are other ways to maintain productivity on a workcation.   Best workcation destinations The Aspen, Colorado Nature lovers will have their hands full taking advantage of all that Jackson, Wyoming Another city known for its amazing natural surroundings is Miami Beach, Florida Miami Beach has a surplus of sand and sun for those looking to bypass the four-season year. Take advantage of the ocean access by chartering a fishing boat, take an architecture tour of the distinct art deco buildings, or experience the nightlife by visiting the many vibrant dance clubs. Sunny work-from-home rentals will bring fresh energy to your normal day-to-day routine.   Sonoma, California Looking for a middle ground between mountains and beach life? Take a tour through A workcation can open up new avenues for finding a work-life balance that was previously unattainable. Ready to become a workcation pro? If you end up loving the remote work trip life, consider making it a regular occurance. As a co-owner of a

Dreaming of waking up to ocean waves and balmy breezes? You're not alone. In 2023, While coastal Our guide will break down the four steps of buying a beach house and discuss the pros, cons and considerations of owning a second home by the water. 1. Understand the beach house market In 2023, the luxury modern beach house market was valued at Some areas, particularly those popular with tourists or As By understanding these dynamics, you can enter the beach house market with a realistic perspective on pricing and competition. Location is key, so researching specific coastal communities is crucial for making informed buying decisions. Financing options to buy a beach house For example, conventional loans for vacation homes often require a higher For those who don't require full-time ownership, Co-ownership allows you to enjoy the benefits of beach living without the full financial burden and responsibility of sole ownership. 2. Find the best beach house location While the allure of beachfront living is undeniable, location goes beyond just proximity to the water. Consider the following when searching for the best place to buy a beach house: Prioritizing these preferences will help narrow your search and ensure your beach house becomes a true haven. For example, if you're a 3. Evaluate the long-term value of a house near the beach Beyond the initial purchase, consider the long-term value proposition of your beach house. Owning beachfront property can be a fantastic By carefully evaluating the following points, you can ensure your beach house becomes a tailor-made space that fulfills your coastal living dreams: While the allure of beachfront living is undeniable, factoring in the property's long-term usability is essential. If this amount of upkeep seems overwhelming, consider hiring a 4. Complete inspections and due diligence Before finalizing any purchase, thorough inspections and due diligence are crucial to avoid These could range from structural issues due to age and wear to potential problems with plumbing or electrical systems exposed to the harsh beach environment. For example, research flood zones and storm risks in your chosen location because, while beachfront property offers stunning views, beach living might also be more susceptible to flooding or storm damage.  Standard homeowners insurance typically doesn't cover flood damage, so factor in the cost of beach-specific flood insurance when Pros and cons of owning a beach house Owning a beach house offers a unique lifestyle with undeniable advantages, but it also comes with challenges and considerations that go beyond the idyllic vacation picture. Let's dive into both sides of the equation to help you decide if a beach house is the perfect fit for your dream home. Advantages of buying a beach house Owning a beach house isn't just about proximity to the water. It unlocks a lifestyle brimming with advantages: These are just a few of the many advantages that owning a beach house can bring. But remember, the decision requires careful consideration.   Disadvantages of buying a beach house While the allure of beachfront living is undeniable, it's important to acknowledge the potential drawbacks before making a significant purchase. Here are some of the challenges that come with owning a beach house: By acknowledging the challenges alongside the undeniable advantages, you can make an informed decision that aligns with your lifestyle and financial goals. Things to consider when buying a beach house Beyond the idyllic vision of beachfront living lies the reality of By carefully considering these factors, you can confidently approach beach house buying. Remember, a beach house can be a magical escape, but with thoughtful planning and proactive maintenance, it can also be a sound financial decision that brings you joy for years to come. Co-own a beach home Owning a beach house might seem out of reach due to the high cost of purchasing and maintaining a waterfront property. But what if you could enjoy the benefits of beach living without the sole financial responsibility? Co-ownership through a platform like Pacaso presents an innovative solution. Pacaso offers

Staying in a rental home can be a great way to spend a vacation. You aren’t confined to a single hotel room, and you have access to creature comforts like a kitchen, laundry and outdoor space. When it comes time to book a vacation home for an upcoming trip, it can be hard to know where to start. It seems like there are about a million Here are the differences between Airbnb and Vacasa, two of the most popular vacation home booking sites, plus an alternative that offers a true home away from home.  Vacasa is the largest full-service vacation rental property management company in North America. Unlike Airbnb, which primarily functions as a listing platform connecting travelers with hosts, Vacasa distinguishes itself as a comprehensive property management company. Vacasa's unique approach caters to both homeowners and travelers, providing services that go beyond mere listings to include property management, maintenance, and customer service. Recognizing this fundamental difference between Vacasa and Airbnb is pivotal for both homeowners and travelers when selecting a service for their vacation needs. Where you find listings  Airbnb listings are found on the Airbnb. You can use their full website or app to book, but the listings are the same. Homeowners have chosen to list their home (or room) for rent on the Airbnb platform specifically.  Since Vacasa is a full-service property management company, they list their clients’ homes  on multiple platforms, including their own website, Booking.com, Vrbo and yes, even Airbnb. Their goal is to showcase listings in as many places as possible to increase bookings for homeowners.  Available destinations and listings As of August 2022, there are roughly Vacasa takes a different approach. They focus on what they call “drive-to” vacation destinations, with roughly 35,000 listings concentrated in the most popular vacation hubs in the United States. (One reason is their use of local, on-the-ground property management teams.) Choose from beach destinations like Hawaii, San Diego, Myrtle Beach, Miami, Cape Cod and the Florida Keys. They have a big presence in ski areas, too: Park City, Lake Tahoe, Stowe, Sun Valley and Vail. You can also find Vacasa-managed homes in Belize, Canada, Costa Rica and Mexico.  Types of rental properties  Vacasa focuses on whole-home rentals, including condominiums, townhomes and single-family properties. You’ll find homes with a wide variety of amenities, including If you’re looking for a more unique experience, Airbnb is a great place to search. You can choose from shared rooms, private rooms in a home or full home rentals. In addition, Airbnb offers a range of 3D walkthrough  You can’t always believe what you see in rental property listings, and it can put a damper on your vacation to arrive at a home that looks dramatically different from the pictures. Vacasa tackles this problem by providing virtual 3D tours for many of its properties, allowing you to get a better feel for the layout, views and size of the home you’re thinking about renting.  Currently, Airbnb doesn’t allow hosts to upload videos or 3D tours to their listings, so you’ll only find still photography on their platform. However, many hosts include links to videos of their homes on external websites.  Fees Vacasa charges renters a booking fee, cleaning fee and damage waiver. Additionally, you may be subject to extra fees, like a pet fee, hot tub fee or early or late check out fees. Be sure to click on “pricing details” to see what you’ll be required to pay in addition to the nightly fee.  Similarly, if you rent a home through Airbnb, you’ll pay a cleaning fee and a service fee. You also may be subject to a security deposit, extra guest fee or local taxes.  Regardless of the platform you use to book, it’s important to take a close look at the required fees and any cancellation penalties, as these line items can add up quickly. As of November 2022, Airbnb added a feature to its search results page called “Total price display,” which allows you to see available homes with the fees included.   Level of customer support Because Vacasa is a full-service property management company, renters staying in Vacasa-managed homes enjoy 24/7 customer service via phone or their app. There are also local management teams in case you need in-person support during your stay. And because If you experience an issue while staying in an Airbnb rental, your first course of action will be to reach out to your host. This could be the owner of the property or a property manager working on their behalf. That means that the speed and quality of the response can vary. If you can’t reach your host, you can contact Airbnb customer service and request help via AirCover, their included travel protection program.  Technology  Vacasa has a well-earned reputation for in-property technology solutions that help ensure a smooth vacation for renters. This includes things like smart locks and Wi-Fi. The Vacasa app serves as your primary resource for every rental, with home access instructions, directions, parking details and a complete home guide.  Airbnb leaves the smart home technology up to the individual property owner, but renters can access a lot of helpful booking information in the Airbnb app, which is also how you can contact your host.  Go from renter to owner with Pacaso If you find yourself regularly

If you bought your A So, how much does a property manager cost in 2024? We’ll break down all the factors,  from property types to the climate of the housing market, that contribute to property management costs– plus, highlight which ones apply to short-term or long-term rentals. 1. Property management fee structures There are three ways Let’s explore each property management fee structure more in-depth, plus share their pros and cons. Percentage of monthly rent In this arrangement, One advantage of this model is that Flat fee Also known as a fixed-rate fee model, in this arrangement, Using this model, you may go through periods when your property management fee only makes up a small portion of your monthly earnings. When your rental isn’t generating much income, however, it may feel like a significant expense. If you don’t intend to rent out your vacation home, a property manager could charge a flat fee to look after your property while you’re away. The upside to Guaranteed income fees It’s also possible to The property management company will propose a rate based on how much income they think the 2. Type of property The 3. Condition of the property Older homes are generally subject to more repairs and maintenance. If your property is older, you may incur higher property management fees than you would with a newer home — even if it’s been renovated.  4. Property size and amenities In general, the larger your property, the higher the property management fees will be. This is because the more square footage you have, the more space the property manager will have to manage and maintain.  If your property includes special 5. Location Properties in high-traffic tourist areas or harsh weather environments may be subject to higher-than-average property management fees. For example, urban locations tend to have lower management fees than beach or 6. Market climate Similar to how rent prices reflect 7. Rent collected vs. rent due An important distinction to bear in mind is the difference between property management fees based on rent collected vs. rent due. Here are the main differences: Make sure your property management contract explicitly states which model you’ll use during your partnership to avoid payment discrepancies.  8. Other typical property management fees When hiring for a property management company, look for a company that is straightforward about its fee structure and any additional setup costs or fees. Here are some additional fees property managers may charge depending on the property type..  Account setup fee When you first sign on with a property management company, they may charge a one-time Advertising fee The cost of advertising your property on social media or within the property management team’s network is an additional service that could result in an advertising fee. Although this isn’t necessary, it is a good option to consider if you’re struggling to find tenants or don’t live nearby. Bill payment fee Some property management companies may also charge a separate fee  for the hours spent paying recurring bills like homeowners association (HOA) dues, utilities or even the property’s mortgage. This fee is typically around Early termination fee This fee is only applicable when homeowners terminate their contract with a property management company earlier than expected. Eviction fee Evictions can result in court appearances and costly legal fees. The total amount of this fee may depend on how time-consuming the eviction process is on a case-by-case basis. Late or unpaid service payment fee When homeowners are late on their property management payments or don’t pay them at all, a property manager may charge an absence of payment fee. Lease renewal fee Since a lease renewal potentially reflects your property manager’s sound performance, some property management companies may charge a small fee for every lease they’re able to renew. A Maintenance fee Most contracts cover basic maintenance in their fees but often limit what they include. For example, you may have to pay extra for things like snow removal and landscaping. Or they may be specifically excluded, and you’ll need to schedule those services with your own vendors.  New tenant placement fee Whenever a property manager secures a new tenant or lease, you may have to pay an additional fee equal to Reserve fund fee A reserve fund is what some property managers use when unexpected fees arise or when they need to pay recurring bills on your behalf. This may be an ongoing cost since you may need to refill the fund when it gets low.  Returned check fee A property manager may charge anytime you or a renter provides a bounced check or invalid form of payment that results in an additional round of payment processing. Vacancy fee Depending on your agreed-upon fee structure, some property managers may make less when your property is vacant. In that case, a vacancy fee can give the property manager the funds to continue maintaining the property.  So, how much do property managers charge? Although their base fee can be 8% to 12% of the rent, there is a long list of additional fees to factor into the total cost, leading some homeowners to DIY property management. If learning