These economic times can be trying. Many people who once used their vacation homes solely for their own enjoyment are now choosing to rent them out. A second (and often quite substantial) income stream, not to mention the tax write-offs for maintenance and repairs, makes this option appealing in many cases.
In order to save even more, vacation home owners can market their property themselves - most effectively by an online campaign. When compared with the 10% to 25% total rental income that real-estate agents and management companies may charge to find tenants, an effective do-it-yourself internet campaign can often cost less than $500. There are many step-by-step resources online for building simple individual vacation rental websites.
Renting a property for even one or two weeks can produce a substantial income stream one may have thought didn't exist. Vacation home owners can also receive several benefits. Homeowners can rent their property for up to 14 days without reporting the income to the Internal Revenue Service. This aforementioned strategy can produce a great windfall for people who own property in areas that hold one-time annual or semi-annual events, such as the Sundance Film Festival in Park City, Utah.
Shawn Burns is the CEO of www.FindYourVacationHome.com, Inc.
The cutting-edge new website featuring Free vacation home listings for all vacation home owners.
