Instant access to the beach, prime real estate in a busy market, and having a weekend getaway–a vacation home has so many perks! If you have one, consider adding a few more dollars to your pocket by renting it out during peak seasons. It’s always a risk to let strangers use your property, so here are a couple of things to think about before becoming a landlord.
1. Have the Right Insurance
It doesn’t matter if you own a cabin in the mountains or beachfront property, it is essential that your vacation home is covered. If you live in the area, check out Tri State Consumer Ins Co. One of their specialties is vacation homes, so they know what’s what. as the renter at the same time as protecting your home from any potential harm.
2. Consider Pricing
A home is a serious expense, so weigh prices before deciding that your vacation home should be rented out. Consider the mortgage payment and how much you would need to charge to make a profit. How much is fair to charge potential clients for a night’s use? An entire weekend? Do the math and make the calculations ahead of time.
One of the American dreams is to have a second home strictly for vacation use. Renting it out when you’re not using it can help fund not only this dream but also more in the future.