Tag: vacation homes

Part 2: Cons of Renting Out Your Lake Home

Posted on Glenn S. Phillips

There are many pros to renting out your lake home, as we previously discussed. However, it is best to know all of the details. There are also cons to renting out your home, and you should consider all aspects of the situation before you make a decision.

No Vacations Last Minute

You will have black out dates, which are expected when renting out your lake home. These dates are when you will be visiting the home and enjoying your time.

However, when you are renting out the lake home, you will not be able to make a split decision on a whim to relax at your second home due to occupants.

Play the Roll of a Landlord

rental homePlaying the roll of a landlord is a very time consuming roll. It is especially time consuming when you have ongoing maintenance to perform at the lake home. You are the one who will be responsible for the repairs.

Strangers Move into Your Home

You have to really understand the concept of renting out a home that you also live in part time. You will need to become comfortable with strangers living in your home. They will be using your facilities, your beds, entertainment system, and even possibly interacting with your lake neighbors.

Wear and Tear

Things break, it is inevitable. However, they will need repairs or have less life due to more use. The home will have more wear and tear on it than a typical home. There is no down time for the home and the appliances in the house. They may need to be replaced sooner than expected due to the usage levels.

Now that we have covered both sides of renting out a lake home, hopefully you are ready to make a well informed decision on what to do with yours!

Part 1: Pros of Renting Out Your Lake Home

Posted on Glenn S. Phillips

There is no better place to take your family during the summer months than to enjoy it at a lake house. You will have no problems renting out your lake home for winter either.

Along with renting out your lake home, you will be taking on a lot of different benefits. Here is a list of amazing pros of renting out your lake home.

Extra Income

Extra IncomeWhen renting out your home, you will make extra income you did not have before. This can help cover the house payment, as well as other bills. If you are making payments on the mortgage of this home, then renting out the house will make the mortgage payments. This will free up some of your income so that it is not financially hard for you. It will also help you with the maintenance fees.

On top of this, some people are happy knowing the home is not sitting vacant. It is being used and memories are being made.

Local Economy

If there is no one living in the homes in an area, the local shops and businesses receive less revenue and the local economy suffers. With keeping the homes occupied during “off” months, the local economy does not suffer.

Think of it as a way to help the local community while you are unable to be there!

Updated Features

You will need to upkeep the appearance of the home to ensure that you can continue to rent out the property. Therefore, you do not need to feel guilty about upgrading your second home. Think of it as a business. With making money, comes spending money.

Updating features include fresh paint, new faucets, and other aspects of having a home. It will need to remain fresh and clean. However, you can off set it with the price of the rental fees. Make sure that you do not over price your rental property though.

Ensure that you can match or come close to the surrounding rental properties. If you over price the property, then it will sit unoccupied. This is the opposite of what you are looking for. Be mindful to keep the price at the fair market value and people will be glad to rent from you.