A Vacation Property Can Be An Extra Source Of Income
6 Best Ways To Make Money off Your Vacation Home – A vacation home can be a great investment for you and your family, making it easy to get away without the hassle of having to book a hotel or rental. But in addition to serving as a home away from home, a vacation property can be an extra source of income.
Rent Out the Home Full-Time or Part-Time
If you find that you aren’t using your vacation home as much as you thought you would, you can put it to good use by renting it out full-time or for part of the year.
“Renting a second home is beneficial because it offers homeowners a chance to use their property for financial gains,” said Jon Sanborn, co-founder of Brotherly Love Real Estate in Philadelphia. “I suggest long-term rentals, as they offer the most stability. The landlords are able to vet the tenants, and will only offer them the lease when they know of their reliability. Long-term rentals offer monthly income, longevity and the ability to develop trusted relations with tenants.”
If you prefer going the short-term rental route, Sanborn suggests using sites like Airbnb or Vrbo.
Convert Part of the Home Into a Full-Time Rental
While renting out your home can be a good way to make money, it does limit how much enjoyment you personally get out of it since you can’t pop in to use it whenever you want. For those with a larger property, there is another option.
“A basement or top floor may be converted into a standalone apartment so that the property is always making money, but you can go there whenever you want,” said Tomas Satas, founder and CEO of Windy City HomeBuyer.
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