It goes without saying that vacation home owners have quite a bit to look forward to… morning coffee on the lanai, sunny afternoons spent with your toes in the surf, and evening agendas that consist of nothing more than a freshly muddled cocktail and the sounds of the ocean. All things considered, owning a vacation home sounds to me like a pretty darn good decision!
If you’ve purchased or are considering a home on Isla Palenque, you probably already know some of the unique benefits of ownership on this wild private island. Aside from the near-perfect year-round climate, the homes themselves offer a truly special experience for visitors. It isn’t just about relaxation and escape – it’s about engaging with nature, connecting with a pristine wilderness, and immersing yourself in a lifestyle completely of its own. The Resort’s core commitment to sustainability sets the stage to amplify your enjoyment as a vacation home owner and assures that any travelers who rent your home will experience the same. Simply put, these homes are destined to be inhabited by the adventurous.
But for the not-so-lucky few of us who must return to reality every so often, the question lingers:
What will become of your vacation home when you aren’t there? Will it sit empty and idle, abandoned and unloved until you can effect your return? Or will it be filled with life as other travelers explore Isla Palenque and the Gulf of Chiriqui from your doorstep?
As a marketing professional in the vacation rental industry, I’ve acquired a well-rounded understanding of the ins and outs of opening your vacation home to travelers, and I’m happy to share my insights to help guide you as an Isla Palenque vacation rental owner. Read on to learn the pros and cons of renting out your property, as well as things to consider when making the decision to rent out your home.
Why Rent Out Your Home?
Opening your home to guests has many benefits, but it’s certainly not for everyone. Isla Palenque homeowners have a huge advantage in this, as the Resort takes care of all the nitty-gritty details involved in marketing and booking the property. However, there are other aspects of renting out your home to think about before making the commitment.
The most obvious reason to rent out your home also happens to be the driving benefit for many vacation home owners – the additional income generated from renting out your home can help defray the costs of ownership. Though the ancillary revenue derived from renting out your vacation property will not likely offset all of the costs of owning a second home, it can help cover accompanying expenses like furnishing or decorating your home, or even personal travel expenses.
Owners who plan to live elsewhere for the majority of the year commonly express concerns about the state of their home when they are away. For Isla Palenque homeowners who join the rental program, this is a non-issue: the Resort takes care of virtually everything in the absence of the owner. The property is maintained in perfect condition and everything from stocking toilet paper to making sure the lightbulbs work is seen to by the Resort. That means you’ll come back to a home that feels just the way you left it – clean, comfortable, and ready for another season of adventure!
Things to Consider When Renting Out Your Home
Allowing travelers to enjoy your vacation home does mean that there will be more wear and tear on the property than if you were the sole visitor. Vacation rental pro Matt Landau attests that a common concern among vacation rental owners is that their personal items will be broken or disturbed. Acknowledge that everyday accidents can and probably will happen – a glass of wine is spilled on the chaise, a lamp is broken…
The good news for you is that the Resort will take care of any minor repairs or maintenance from damage in your unit, which means you aren’t expected to jet down to Panama to fix the coffeemaker!
Perhaps most importantly, you’ll want to consider your planned personal use of the home. You invested in a property on Isla Palenque for a reason, and I’m guessing that it’s important to you that you have the opportunity to enjoy it! Depending on how often you plan to stay on the island and during which time periods, renting may or may not be a viable option.
Fortunately, the Resort’s flexible rental program terms allow you to choose the option that best suits your needs and preferences:
Perhaps you intend to live at your vacation home for much of the year, but would like to rent it out occasionally when you travel.
Or if you live elsewhere but visit Panama frequently, you may want to have the option of enjoying your home at the drop of a hat.
Maybe you have purchased your home as an investment, and while you plan to visit several times throughout the year, you are flexible in your travel dates.
No matter your plans, the Resort offers a variety of program levels, meaning you have the freedom to truly enjoy your Isla Palenque home on your own terms.
How To Prepare Your Home for Renters
Once you’ve decided to open your home to travelers, there are several steps that you’ll need to take to prepare it for guests.
Landau reminds us that one of the most important preparation measures is to protect your personal items. Of course, we would all love to live in a world of perpetual rainbows and butterflies – and Isla Palenque undoubtedly comes pretty close! – but practicality calls for vacation rental owners to take extra care with valuables, heirlooms, and other personal effects. Rather than having to schlep your belongings back and forth with you when coming or going from the island, I recommend investing in a small safe to put in a secure place in your home. You can safeguard anything from a laptop to important documents to your grandmother’s pearls and rest assured that your valuables will be there waiting for you upon your return. Another time-saving option is to purchase a padlock and keep items secured in a closet.
Hand-in-hand with protecting your personal items, an important aspect of readying your home to be rented is creating a detailed home inventory. When you own a home halfway across the globe that you aren’t living in full-time, it can be difficult to remember what you’re keeping there! Maintaining an inventory will help you keep track of what you’ve brought to your home, as well as assist with insurance claims in the unfortunate event of theft or major damage.
Lastly, one of the best things you can do to be a successful vacation rental owner is to make your property a home. Visiting travelers will be searching for the same things you were seeking when you found Isla Palenque – relaxation, adventure, comfort, and beauty. “Make your home as comfortable as you would personally appreciate, if not more so,” says Landau. Your guests will thank you.
Every homeowner has a different story for why they purchased a property on Isla Palenque, and now you can help guide the story of your home. Whether that includes allowing like-minded travelers to enjoy the island from your very own launching pad is up to you, but rest assured that resources abound for those who choose to become a vacation rental owner on Isla Palenque.