Have you ever considered renting out your vacation home, but you’re not sure if it’s the right move? Whether you’ve been playing with the idea or it’s a completely new one to you, renting it again can be a game changer for your wallet.
Not only can it help you to cover maintenance costs, but it turns out to be more of an investment than a vacant home just sitting there. You purchased a space in a beautiful getaway spot, and now other people could be able to enjoy it too. We’ve put together a list of seven reasons why you should start renting out your vacation home.
- You don’t have to go it alone. Managing a vacation rental can sound overwhelming, because it is. You are already juggling your own life, so why would you want to juggle even more? The thing is, being an Airbnb cohost can make things so much easier. A Co host is like a partner in crime and they can help you to manage your property. Whether it’s taking care of guest communication or handling the cleaning, you don’t have to do everything yourself. With a trusted co-host, you’ll be able to reap the benefits of renting out your vacation home without any of the stress that comes with it.
- An easy way to boost your income. Home is fully paid off. Renting it out can significantly boost your income, especially if it’s in a popular travel destination. While you’re sipping cocktails on your own beach or hiking through the mountains, someone else is enjoying the comfort of your property. That means you’re off living your best life while the money keeps rolling in. With platforms such as Airbnb, you can set your price based on demand, so when it’s peak season, you can charge a premium or you can undercut the rest. It’s a passive income stream with a view!
My Airbnbs in Koh Samui are always rented out due to their high maintenance, and I get record rental prices for my investments. Here are my top rental tips.
Keep Your Airbnb In Good Condiotion
- You can keep it in good condition. It’s actually much harder than you think to keep a vacation home in good condition, especially if you don’t go there all that often. You’ll want people who stay there to have an amazing experience and that means making sure that the place is clean. When you list your property to be rented out, you’ll also be listing the fact You have a regular cleaner. Offering a cleaning service to come in between guest days means that your home stays maintained to its best. Who doesn’t love a well kept home with freshly laundered sheets?
- You’re sharing the love. Your vacation home is probably in an amazing location, correct? Whether it’s nestled in the mountains or it stacks up by the beach, it’s a place that holds something special here which is why you bought it in the first place. By choosing to rent it out, you’re giving others the chance to experience the magic of your getaway. You’re sharing a little bit of love, allowing people to experience what it’s like to live on the beach for a short time.
- You don’t have to permanently rent it out. By putting your vacation rental up for temporary stays, you don’t have to worry about having permanent tenants. You will be in charge of when it’s available, how much you should charge, and how often to rent it out. You can opt for it to be rented out during peak season, or you can keep it for personal use. If you need a break from bookings, you can just block out the time on your calendar. You’re not locked into that full time commitment like a tenancy would be.
- Several extra perks. There are certain expenses that you can deduct when you rent out your place, such as maintenance, utilities, and cleaning fees. You may even be able to get some tax back on your mortgage interest. Just make sure that you talk to the professionals about the specifics.
- You get to meet new people. Renting out your vacation home is a good way to meet people from all walks of life. You’ll get to hear their travel stories and share tips about the local area. You might even make a new friend or two!
Having a home in an ideal destination makes your property a lucrative one. This allows you to rent it out temporarily for short term vacation rentals at top price. If you’re looking to build your portfolio of properties it’s a great way to build equity relatively quickly and pay down the mortgage as fast as possible.
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