How to Turn Your Second Home Into Rental Income
Are you interested in buying a vacation cottage or second home? Do you want to invest in a property that emphasizes rental income?
Whether you’re looking for something on the ocean or the sound, or anything else we can help. Let us know what you’re looking for. We’ll connect you to the best prices on the properties with the greatest rental income potential. That way, you can start earning rental income as quickly as possible.
Second homes are great as a weekend getaway or for summer retreats. They’re also a great investment in today’s real estate market.
One problem some people find with their second home is that they simply don’t use it enough. That means for most weeks, the property is vacant.
Why not turn that empty time into a potential second income for you?
Rental programs are a great way to utilize your second home as a source of extra income. You can make the most of your investment – and still enjoy I when you have time, too.
Below, we’ve put together a quick rundown of how a rental program works. Whether you already own a second home or are interested in investing in one, take a look. That way, you’ll have a clear sense of how many benefits it can provide for you.
Why Rental Programs Are Better for You
Rental programs take the hassle away from renting out your vacation cottage or second home. They handle the nuts and bolts like all of these:
- Guest interactions and customer support
In exchange, the rental program takes a percentage of the weekly rate.
What’s great about this program is how much less hassle it is for you. You enjoy all the following:
- No stress: The rental program handles the logistics, so you won’t have to worry.
- Simplified income source: You stand to earn weekly rental income from your property without any legwork on your side. The rental program takes care of the business side of things. You simply collect your percentage of the weekly rate.
- Managed for you: The rental program handles the management of all the elements. That way, you’ll have everything you need in one place.
How a Rental Program Works
Here’s how it works:
- Guest reserves the unit for rental: A guest books your rental home for a week and puts down a 50% deposit payment to the rental program.
- Guest checks in: The second half of the rental rate is collected and paid to the rental program.
- You’re paid at the end of the month: Minus the commission fees, you are paid all the rates at the end of each month.
Repairs, Maintenance, etc.
It’s important to note that as the property owner, you are responsible for any potential repairs or maintenance needs. If something happens, you will be contacted to resolve the issue.
Fortunately, many rental programs make this step easy for you, too. They have repair and maintenance partners that can be contacted and dispatched for additional fees. That way, you can be 100% hands-off if you choose.
What if I Want to Stay in the Vacation Home?
What if your property is in a rental program, but you want to stay for a few weeks?
You can still stay in your own home! It’s your property, after all.
All you need to do is block off the specific weeks you’ll be staying in your home. That way, no guests can accidentally book during the times you’ll be staying.
Rental Programs: A Great Income Potential
As you can see, enrolling in a rental program is an excellent way to earn some passive money. The program can handle all the operations. You simply enjoy the income – and enjoy your home whenever you want to go.
Some homeowners buy the second home prior to their retirement. They use it as an extra income, vacation when their time is available and move to the Outer Banks upon their retirement and vacation here for the rest of their life.
What are your vacation and possibly retirement goals? Wouldn’t you want to vacation here for life? We’ll connect you to the best prices on the properties with the greatest rental income potential. Give Madonna a call at (252) 202-6702.