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Many second home owners are faced with a dilemma during this housing market downturn. Does adjusting the family budget require selling this unnecessary luxury? Not necessarily. By turning the second home into a vacation rental, families can earn some income and, in many cases, keep the home. And unlike full-time rentals, vacation rentals allow the family to continue using the home between rentals.
Many families have second homes that they have enjoyed for years, even generations. Turning your home into a vacation rental can make a lot of sense. Since second homes are already furnished, very few changes are needed to make the transition. Even properties that have traditionally been rented long-term can be furnished and converted. Specially trained staging assistants can help in this area. Weekly rental rates in the “peak season” are usually equal to the average monthly rental rate, making it easy to cover any additional costs incurred.
Vacation rentals have continued to grow despite the recession. Renting a house can be less expensive than a traditional hotel, especially for families who need multiple rooms. It’s not just the comforts of home that draw guests. Surprisingly, many guests state that the house’s greatest draw is being able to experience the community vibe and local color that is lost in resort hotels.
So how to start? There are many do-it-yourself websites that allow owners to post their properties for rent. Owners simply post photos, describe the house, and list rental rates. Availability is monitored through a built-in calendar function. Some homeowners enlist the help of a full-service real estate agent who specializes in vacation rentals. Payment is usually a percentage of the rent, and you can receive assistance with a variety of services, from answering inquiries and booking to managing housekeeping staff.