The sought after dream lifestyle of a primary house as a base and a secondary holiday house in the sunshine of St. Maarten can be readily achieved with a good income and realtor. Even more so it can be achieved by choosing the perfect holiday house to serve as an income generator when you are not there. Offsetting a significant portion of expenses make a holiday home an affordable luxury.
Opting for a second home on the island has helped many clients supplement their income and cover important expenses such as education for children, retirement funds and even a new small business venture.
The basic costs of having a holiday rental include:
Your monthly mortgage payments (including interest, taxes & insurance)
Insurance (building and liability)
Complex, or grounds fees (if you own an apartment or complex)
Maintenance, repairs and redecorating
Housekeeping, or housekeeper’s fees
Advertising and marketing costs
Your mortgage rate cost should be fixed, so it’s easy to determine what your annual expenses should be (e.g. x12 your monthly payments). Only the final three costs are expenses generated by turning your second home into a holiday rental. Maintenance and repairs would still need to be paid whether you rent to travellers or not, but it’s likely you will need to spend more if you have paying guests in mind. The cost of marketing is relatively low, so the main extra expense is housekeeping.
Having a property manager is key in having a holiday rental. Century 21 St. Maarten offers a full property management service. The agents take care of everything from ensuring rent is collected (if required), looking after regular maintenance and repairs.
A holiday rental can be very worry free with Century 21 Island Realty! Contact us today to learn more about our property management service and realty estate listings.