10 Reasons to Start a Vacation Rental Business
So, you're thinking of using your property as a vacation rental? As vacation rental hosts ourselves, here are our top 10 reasons we're glad we did!
1) You get to keep your dream home in the family. Have a property you aren't using but don't want to sell? Turn it into a vacation rental!
2) Can afford to buy that cottage you’ve always wanted. Summers at the lake? Yes, please!
3) It’s like a B&B, only your guests make their own breakfast. As long as you hire the right people or property management company, there doesn't need to be much work on your end.
4) Pays better than long term tenants. Even after paying a property management company, vacation rentals make more money!
5) You control when to block your own holiday time. Use it as little or much as you want!
6) Guests leave before you have a chance to realize they’d make poor tenants. Less of a gamble this way.
7) You can pay down your mortgage faster. Can put the extra income into lump-sum payments towards your mortgage.
8) Afford renovations. Spruce up the place to increase resale value or for you to enjoy!
9) In some cases, make a decent income that is tied to inflation. This depends on the type of rental, and the cost of real estate where you live.
10) Retire from your day job much sooner. And who doesn't want that?