73 F
Saturday, December 4, 2021

Weighing the benefits of owning a vacation rental

Latest headlines

‘Mayan ball game’ World Cup kicks off in Mérida

Mérida has kicked off an international Pok ta Pok tournament, also known as the "Mayan ball game" World Cup. 

We got a robot artist to paint Yucatán, here are the results

One could be forgiven for brushing off AI art as a fad, but sometimes these technologies deliver some very interesting results.

Festivities celebrating the Virgin of Guadalupe to be scaled back once again

For the second year in a row, Yucatan's Catholic archdiocese is urging its faithful to not assist to large events commemorating the day of the Virgin of Guadalupe on Dec. 12. 

New York artist finds an unlikely muse in rural Yucatán

Lohin's artistic subject matter ranges from portraits to landscapes and renderings of her favorite model — a donkey named Camila.

Casa Cielo in La Ermita is managed by Remixto.
Casa Cielo in La Ermita, managed as a vacation rental by Remixto, has a contemporary chic style.

This is the first of a three-part series on vacation home ownership, excerpted from the upcoming book “Vacation Rental Success in Mexico” by Stanley Kahng, founder of Remixto, which has partnered with Yucatán Expat Life.

So many people dream of having a home in sunny Mexico.

The warmth of the people, the rich culture, the inexpensive shopping and lifestyle leave people dreamy eyed and with a tiny sigh of regret. But there are two types of people who have this dream: the dreamers and the doers.

There are many ways to make owning a home in Mexico a reality, either as a primary residence or a second home for vacations. If you won’t be here full time, owning a vacation rental makes a lot of sense.

Why own a vacation rental?

Income: In the right location and marketed well — which is not as hard as you may think — short-term vacation rentals can make significantly more money than a long-term rental. Unlike long-term rentals, you receive payment upfront, usually 30 days prior to their arrival. If they don’t pay, they don’t stay. And while you do have additional expenses, such as utilities and marketing, those are often offset by the increased per-night or per-week fee.

Growing Industry: The vacation rental industry is robust and healthy. Getting in now positions you in the market before others join the pack.

Casa La Rosalina in Mejorada/Chen Bech, is managed by Remixto for its owners.
Casa La Rosalina in Mejorada/Chen Bech, is managed by Remixto for its owners.

Wealth Building: According to a recent study by G. William Dumhoff, of the wealthiest top 10 percent in the United States, 77 percent own real estate beyond their primary home. And while that includes many types of real estate, including commercial buildings, parking lots, and long term rentals, none is more fun to own than a vacation rental.

Free Travel: Owning an income property allows you the opportunity to trade unused weeks with other property owners all over the world. Most vacation rentals do not achieve 100 percent occupancy. Turn some of those empty weeks into a free trip to the beach, the mountains, or Paris, maybe? Ooh, la, la!

Tax Deductions: Real estate offers significant tax deductions. Travel to your vacation rental can be a legitimate tax expense. Utilities, supplies, furniture, advertising and property management fees can all be deductible. Always check with your tax advisor. Taxes are not an area for a DIY approach.

This wide house near the hotel zone is a sensibly decorated income property.
This wide house near the hotel zone is a sensibly decorated income property. Next week’s story shares design tips for owners preparing their homes for paying vacationers.

Get started with a professional

There are a million what-ifs that can get in the way. However, one sure foot forward is to chat with a professional vacation rental specialist about your dream home and overall goals. He or she knows the market and can offer advice on the kinds of things to consider and how to get started. 

With the right advice, you’ll find the right property and be on your way to a home for yourself, a bit of rental income each month, and a lot of free time to enjoy it all when you visit.

Next week: Making your vacation home irresistible. In two weeks: Maintaining your rental house in the tropics.


kahngmugExcerpt from the upcoming book “Vacation Rental Success in Mexico” by Stanley Kahng, founder of Remixto

- Advertisement -

Subscriptions make great gifts

More articles

International TlaquepArte handicrafts show returns to Mérida

Expo TlaquepArte returns to Mérida on Friday. Photo: Courtesy With the 200 exhibitors from 16 countries, the 113th...

A big win for Yucatán, the newest member of the World Tourism Organization

A campaign to further boost the state’s economy has paid off. Yucatán has been granted membership in the elite World Tourism Organization.

New petition seeks intangible cultural heritage status for Mayan language

“The importance of the language can be observed from the perspective of its psycho-emotional value or potential", says Cocom Bolio. “Language also creates a sense of identity and belonging; and, at the same time, a tradition or way of life.”

Yucatán’s congress declares high-speed Internet access a human right

Yucatán’s congress has passed a bill making Internet access a human right. 

Wonders of the land: Organic food production in Yucatán

Organic food production is a somewhat newer trend in agricultural ventures, as it promotes a friendlier environmental process, and is overall said to be healthier for consumers. 

US ambassador joins governors of Mexico’s southeast for bilateral summit in Mérida

The US ambassador to Mexico, Ken Salazar, joined the governors of Mexico's southeastern states for an official bilateral summit in Mérida.

Villa Navidad to benefit a trio of charities for the holidays

Villa Navidad is a weekend-long holiday event Dec. 4-5 to collect donations for three local charities.

2 Cuban migrants die in shipwreck off Yucatán coast

Unofficial reports claim that Mexican authorities helped 19 people to disembark the badly damaged ship.

Angels: What makes Adele Aguirre’s new art exhibit at SoHo Galleries so moving

Adele Aguirre's "Angels" exhibit at SoHo Galleries responds to a personal crisis, but will be cathartic to everyone suffering loss. ...

Frustrated animal rights activists blockade Mérida shelter

The protestors set up camp outside of the facility and took to laying on mats and pieces of cardboard to demonstrate their commitment to settling the issue without violence.