All Forum Posts by: Danae Pitcher

Hi Nathan - I'm a Realtor and I always encourage my buyers to get the extra coverage. You can either add it on the policy or there are separate companies who do the umbrella coverage. In a real world example, a guest got severely injured and the regular $100,000 coverage on the policy was not enough so the umbrella picked up the rest. It ended up saving my owner hundreds of thousands. You never know when an accident will happen and for the few hundred dollars an umbrella policy costs , it's worth it. I also have it on my residence, just in case. It's not just for STR's , but in those cases, I cannot see not having the extra coverage.

I agree Michael - the more the better.  People don’t realize how affordable it is and it’s something so valuable to have.  

STR Owners and potential STR owners - Here's a little advice. When getting insurance for your STR's, strongly consider getting the additional $1,000,000 liability umbrella coverage. It doesn't add a lot more to the premium and it's well worth it. Happy Renting :-)

Hi Aaron -  you will definitely want to have a game room and the best use of space is to normally convert the garage.  Most management companies will tell you that games rooms definitely increase revenue.  Agree with most of the comments regarding painting the walls, putting a finish on the floor, and adding some gaming systems unless you have a loft area inside to do the Playstation / X box setup.  I would also do some theming or have someone do mural work - anything to make it stand out in photos.  One thing to remember is that it gets very hot in the garages in the summer, so you should consider getting a portable AC system that can be vented out.  That really helps and isn't very expensive to do.  Best of luck with your rental.  You hopefully will have it in time for the summer rush.  @Alice Horn - any other advise for Aaron?

A couple of very important factors are:

Location - you want a community that has attractive amenities ( ex. Lazy River, water slides, gym, restaurant/ bar, etc).

Themed rooms - make the bedrooms attractive by theming them with characters (Disney, Harry Potter, Star Wars, etc).

Games Room - these are often located in a garage conversion or a left area.  This is a space where this is a pool table, arcade games, gaming chairs, etc.  

For those owners or folks who are looking to purchase a Vacation Rental, what is the most important part of owning this investment for you?  Most of my clients over the years have cited the ability to use the home for friends and family members and have it cover some or all of the costs of ownership.  When you think about this purchase, what stands out the most?