Excessive rental rate Hawks Nest on the Beach??
- Thread starter bl2005
- Start date
-
Trouble logging in? Send us a message with your username and/or email address for help.
Figuring out
Rather than one big house, we have two smaller 3-bedroom, 2 bath cottages side by side and that's working out very well. The advantages of this strategy are:
1. We usually don't need that much space when we stay in SoWal, especially since we spend much of our time outside so we can stay in one cottage and rent out the other (this will also work at retirement time when we want to spend more time there). We also like smaller homes (there's a small home movement) because they tend to bring families/friends together, especially when they are well-designed with spaces for sitting and spending time together (as well as with well-designed spaces -- bedrooms -- for privacy). Big lazy porches are wonderful in small or large places because they become outdoor rooms.
2. We seem to get very nice young families staying at our cottages and tend to avoid big crowds of young people who like to party -- they seem to go to bigger houses.
3. Financially, smaller places worked for us. If we find out we're in a financial pickle someday, we can sell one cottage and keep the other.
4. We also like being high up on a dune because we feel more protected from storm surges. And we like having only one story because it's easier and less expensive to take care of one story places if you do some of the work yourself. One six foot ladder seems to be all we need inside and out most of the time.
All that said, someday we'll probably get our families together and rent one of those big rambling houses on the beach off season to get a first-hand experience at what it's like.
I don't expect to cover all of our cottage expenses with rentals -- it would be nice and we hope to someday, but right now I do extra work in my day job to cover expenses that aren't covered by rentals. With all the building going on, there's going to be a lot of competition for renters so good prices and great services will be critical. At some point, the area may have many more renters, especially if people from the north discover it, but that will be a while.
If someone purchased a home in SoWal a while ago, they could probably cover expenses though. We do cover mortgage, interest, and some of insurance, though, through rentals. But all those other bills add up -- e.g., utilities, association fees (our's are low but they still add up), buying stuff for cottages, maintenance, hurricane prep when necessary, etc. And it's work to take care of the cottages and guests (though it's work I enjoy very much).
Everybody makes their own trade-offs when it comes to buying/renting property and this kind of discussion helps people figure out what those trade-offs are. These were the things that we thought about and are happy about now that we've had these cottages a few years.
Rather than one big house, we have two smaller 3-bedroom, 2 bath cottages side by side and that's working out very well. The advantages of this strategy are:
1. We usually don't need that much space when we stay in SoWal, especially since we spend much of our time outside so we can stay in one cottage and rent out the other (this will also work at retirement time when we want to spend more time there). We also like smaller homes (there's a small home movement) because they tend to bring families/friends together, especially when they are well-designed with spaces for sitting and spending time together (as well as with well-designed spaces -- bedrooms -- for privacy). Big lazy porches are wonderful in small or large places because they become outdoor rooms.
2. We seem to get very nice young families staying at our cottages and tend to avoid big crowds of young people who like to party -- they seem to go to bigger houses.
3. Financially, smaller places worked for us. If we find out we're in a financial pickle someday, we can sell one cottage and keep the other.
4. We also like being high up on a dune because we feel more protected from storm surges. And we like having only one story because it's easier and less expensive to take care of one story places if you do some of the work yourself. One six foot ladder seems to be all we need inside and out most of the time.
All that said, someday we'll probably get our families together and rent one of those big rambling houses on the beach off season to get a first-hand experience at what it's like.
I don't expect to cover all of our cottage expenses with rentals -- it would be nice and we hope to someday, but right now I do extra work in my day job to cover expenses that aren't covered by rentals. With all the building going on, there's going to be a lot of competition for renters so good prices and great services will be critical. At some point, the area may have many more renters, especially if people from the north discover it, but that will be a while.
If someone purchased a home in SoWal a while ago, they could probably cover expenses though. We do cover mortgage, interest, and some of insurance, though, through rentals. But all those other bills add up -- e.g., utilities, association fees (our's are low but they still add up), buying stuff for cottages, maintenance, hurricane prep when necessary, etc. And it's work to take care of the cottages and guests (though it's work I enjoy very much).
Everybody makes their own trade-offs when it comes to buying/renting property and this kind of discussion helps people figure out what those trade-offs are. These were the things that we thought about and are happy about now that we've had these cottages a few years.
Paula,
You are correct, those cottages create a really relaxing environment.
Please pass on a message to Bob through Gretchen - I am going woop his butt in bocce next weekend.......
RBP
You are correct, those cottages create a really relaxing environment.
Please pass on a message to Bob through Gretchen - I am going woop his butt in bocce next weekend.......
RBP
Try the house next door! Built identical to Hawks Nest. Not as new on inside but cheaper!bchlvr said:
Re: Hawks Nest on the Beach
Mango check your pm's
Mango check your pm's
Many of the SoWal property sales are 1031 exchanges, so cash sales. I have been told that a large majority of the sales of more expensive properties are cash sales, so that makes sense. Obviously, any revenues based on cash sales would be significant. That's another angle. I stand by my earlier post about the inadvisability of losing long-term renters due to drastic rent increases. It has been our experience that repeat renters can be counted on to book every year and to take better care of your place (not to mention appreciating it more) than new ones might. As you say, different strokes for different folks, though.
Rather B. Paddlin said:
Bocce!!!! You're going to play bocce!!! Well Mr. Paddlin, you are now one of the finest people I know! Gretchen and Bob are wonderful people and let's get them to SoWal one of these days. Another reason to party in SoWal.
As for little cottages, rambling houses, convenient condos, whatever at the beach, any kind of place can make people happy depending on what they want. Heck, they're at the beach!
Glad you're back on SoWal RBP... You were gone for a while.