People have been buying vacation houses in different locations to use during the holidays. These vacation houses do not come cheap. Most people only use their vacation houses during the holiday season and the house is left empty for most of the year. That is why other people opt to rent out their vacation house to other vacationers. This is a good move as you will be able to increase your income by renting out your space when you are not using it. There are several ways on how to increase your income for renting out your vacation house.
Here are some tips on how to earn income from renting out your vacation house:
- Advertise - In order for you to have someone rent out your private house or vacation apartment, you have to advertise. This is ideal if you don't already have friends and relatives who want to rent out your space. You can advertise by word of mouth and websites. You can also use the newspaper as a medium to let other people know that you are renting out your vacation house. In advertising, it is best if you describe your vacation house and the activities that can be done there. You can also include the range of your rates. Don't forget to include your contact number.
- Long Term Rental - You can choose to rent out your winter house or beach house for a long term. This will entail that you have to screen the tenants that you are going to trust your property to for a long time. You are able to have income from your vacation house all year round. There is also a downside to this. The down side is you have no vacation house to use if ever you want to have a vacation yourself.
- Short Term Rental - You can also choose to rent out your vacation house for only a short term. You will have to screen and interview different people when they are going to rent out your place. This can be time consuming and a hassle. The upside to this is that you are able to use your vacation rental house if ever you want to go on a vacation. You can choose to rent it out for less than 14 days each year so that you can keep all your earnings and not be charged with tax.
- Turn it into a Business - This is the most ideal thing to do if you have one or more vacation houses that can be used. You can have the luxury of renting out a rental cottage, a villa rental house or a cabin rental. You will have to declare this as your business and you will have to declare all your earnings if you are planning to rent out your vacation house for more than 14 days in a year. However, since it is a business, the expenses that go into keeping that business running, such as the electricity, running water, etc. can be written off to a certain extent. You'll need to talk with your tax preparer to see what expenses you can claim.
These are some of the options you have when you want to earn income for your vacation house.