What are the expected costs in setting up a short-term rental property?

The expected costs of setting up a short-term rental property will vary depending on a number of factors, including the location of the property, the size and condition of the property, and the amenities and features offered. Some of the potential costs that property owners may need to consider include:

1. 1. The purchase or rental of the property itself
   2. Furnishing and decorating the property
   3. Maintenance and upkeep of the property, including regular cleaning and repairs
   4. Utility costs, such as electricity, water, and internet
   5. Property insurance
   6. Marketing and advertising costs to promote the property to potential guests
   7. Fees and commissions to third-party rental platforms or property management companies
   8. Legal and compliance costs, such as obtaining the necessary permits and licenses for short-term rentals in the property’s location.

In addition to these costs, property owners should also factor in the potential for occasional vacancies and unexpected expenses, such as emergency repairs or unexpected turnover costs. It’s important for property owners to carefully consider all of these potential costs when deciding whether to invest in a short-term rental property.