Have you visited the Outer Banks enough times to know you want to invest in a property, but you’re not sure how to proceed? Use a vacation rental income calculator! It’s a tool to help you research the benefits and risks of purchasing a vacation rental based on your income. The worst thing you can do is fall out of love with the Outer Banks because you made the wrong investment. To safeguard yourself from this, be sure you’ve done your research with this vacation rental income calculator.
After using the vacation rental income calculator below, you’ll want to contact a Real Estate agent for help making sense of the results. At Shoreline OBX, we have one of the top Real Estate teams on the Outer Banks, and we’re here to help you through the home buying process. If you’re ready to move forward with your beach house dreams on the Outer Banks, contact us today!
How to Use the Vacation Rental Income Calculator
The Vacation Income Rental Calculator
To help you find accurate projections of vacation rental income, you must first know your expenses. The Rented.com Vacation Rental Income Calculator is a comprehensive way to evaluate your vacation rental income projection. Start by entering your average rental period with choices like nightly, weekly, monthly, and annually. Then, determine your average rate per rental period. Next, you will need to estimate your occupancy rate. Based on this data, the calculator will determine your annual gross revenue.
Calculating Your Expenses
After you’ve determined your gross revenue, you need to estimate your annual expenses for the property. This includes marketing, utilities, booking costs, insurance, property taxes, your personal cost efficiency, occupancy taxes, maintenance, HOA fees, landscaping, and onsite property management. It may sound like a lot, but don’t be discouraged! There is a learning curve to owning a vacation rental property, and the vacation rental income calculator is a great way to start.
The final result should indicate whether you’ll be in the red or the black for your vacation rental property. Just because you may start in the red doesn’t mean that owning a vacation rental home is a bad idea. This is a great time to reach out to your Shoreline OBX Real Estate Agent to see if the benefits outweigh the risks.
Another great tool you can use to estimate short-term revenue potential is the Rental Grader. It will help you break out costs to determine your potential revenue earnings.
It’s time to make your dream a reality! At Shoreline OBX, we know the ins and outs of owning and renting vacation rental properties in the Outer Banks. We can help you navigate MLS listings, determine the right location for your property, and more. We also offer homes for sale in the Outer Banks if you want to search for an investment property. We are your resource for an OBX vacation rental and are happy to help get the ball rolling on your Outer Banks vacation rental!