Having a vacation home is so nice. When you're tired of day-to-day life, you can run off to your vacation home and spend time away in a familiar, yet relaxing environment. The unfortunate thing about vacation homes, though, is that they cost you money. Some people cover most or even all of their costs by renting out their vacation home when they are not there. And actually, beyond the money you bring in from rent, there are some other benefits of doing this.
You can make certain deductions on your taxes.
When you rent out a vacation home for most of the year, the IRS allows you to deduct certain expenses on your taxes. For instance, if you make improvements to the home such as painting the walls or remodeling the kitchen, you can deduct the expenses of those projects. Talk to your accountant to learn more about the specific deductions you can claim in your situation and to get an idea of how much this might save you overall.
You won't have to worry about what happens to the home while it sits empty.
If you allow your vacation home to sit empty when you're not there, problems could go unnoticed for a long time, leading to considerable damage by the time you come back to the house. For example, if a pipe bursts and you don't find it for a few weeks, you'll arrive at a flooded, water-damaged vacation home. When you rent out your vacation home, on the other hand, it won't be empty for long. If vacationers notice any major issues, they will notify you, and you can take care of it before the problem gets any worse.
You can get other people's perspectives on your homes.
When you rent your home out to vacationers, you can always ask them to offer feedback before they leave. They can write this feedback in a notebook that you leave for them, or you can ask them to leave reviews online. This feedback will give you an outside perspective to consider when it comes to remodeling and updating your vacation home. For instance, if many people are mentioning that the shower is hard to use, this may be a hint you should replace the shower plumbing.
Renting out your vacation home when you are not there is a good idea, both for financial reasons and non-financial reasons. List your home, and see what happens — it's bound to be a fun investment. For more information, contact a vacation rental management service.Share