Whether you’re browsing home listings on the Lake of the Ozarks or you already own a vacation home somewhere else, owning a second property can be expensive and time consuming. It can be a lot of fun too! You just have to know how to make the most of your vacation home.
The most obvious way to make the most of your vacation property is to put it to work by renting it out and making money on rental fees. When done right, you can recoup the costs of owning the property in the first place, essentially providing your family with a free place to take a vacation a few times a year without the need to pay for hotels.
However, there are things you should know before you rent out your property. For example:
After giving it some consideration, you may realize that you only want to rent out your vacation rental every now and then for a little extra money, or you will only make a profit if you rent it out a certain number of times throughout the year. It’s important to think carefully about what it entails to rent out your property so you can make the most money off of your investment.
Not sold on the idea of renting out your property? For many families, their vacation home is a respite from the world. Not to mention, having a vacation home isn’t supposed to be a lot of work, which is what renting out a property is.
That doesn’t mean you should leave your home empty for weeks at a time. Instead, consider hiring a house sitter.
You may have to pay them, or at least let them say in your home for free, but they can make sure nothing goes wrong while you’re gone. House sitters deter burglars, they can call maintenance when a pipe bursts, and because they are technically your employee, you can vet them in a way you can’t with transient guests.
Whether you’re renting out your home or you’re using it as a family vacation spot, consider hiring other people to do the cleaning and maintenance!
No one wants to clean their vacation home before they leave and return home to do more cleaning, so hire a maid. It’s true that you can come up with your own property management system, but why waste so much time when you can hire a property maintenance crew to do it for you?
When you hire others to help, you’ll feel like your vacation home is truly a vacation home—not just another property you have to maintain yourself.
Part of the fun of having a vacation home is enjoying it with friends and family. Instead of feeling disappointed that everyone always seems too busy to get together with everyone else, plan an annual gathering for the same week every single year. When you do, your friends and family will know it’s coming and they will adjust their schedules to make it work.
Your job may make it possible to own a second home, but it can also keep you from enjoying it like you should. You may be tempted to stay home instead of taking off with the rest of the family because you have so much work to do.
Don’t get left behind! There are things you can do to make a working vacation work for you. One of the most important tips is to make sure you have a comfortable place to work.
Set up a spare bedroom as an office or find a quiet corner of the basement where you can get work done. That way you can do work and relax when you get done.
Just owning a vacation property isn’t an assurance that you will enjoy it. There are things you should think about doing, whether you decide to rent out your property or not, that will ensure you make the most of your second home.