OWNING VACATION RENTAL PROPERTIES IN MAINE
Maine Vacation rental owners ideally should look to yield no less than a 10% return on their investment. That means your income minus expenses (net operating costs including any mortgage payment) should be no less than 10% of your initial investment per year.
Maine Rental Property Calculator
Find out what your potential property yield is by using the calculator below:
Location, recreation and lifestyle matters when choosing a rental property in Maine
Perhaps the location isn’t exactly everything, but it comes close. Guests of vacation rentals may be willing to overlook cosmetic or amenity deficiencies if the property is in a highly desired town or offers lake or ocean frontage. Maine has many different types of water-frontage, recreation and village opportunities. Create a rental experience that matches the region you rent in. On the coast - coastal chic. In the mountain and hill regions bring in a little rustic or Maine woods vibe.
Local rules and laws regarding rentals in Maine:
Ensure you understand all the local regulations regarding short and/or long term rentals in the Maine towns you are interested in. All town permit, allow or regulate rentals differently and are constantly evolving. Researching these rules can be done ahead of making an offer or can possibly be negotiated into your offer as a due diligence contingency.
Maine vacation property management:
Hire a quality management company if you want to work on your business and not in it. An experienced management team can take care of bookings, repairs, and cleanings. Paying their fee will allow you to scale your business and generate greater profits. Read reviews and interview several companies before deciding on one.
There’s no reason you won’t be able to enjoy a profit with your vacation rental business, but you’ll need to do your homework and understand the area. Partnering with a qualified real estate agent to navigate local rules and research the properties you are interested in is the first step.