Financial stability allows us to enjoy some of the finer things that life has to offer. An example of which is a vacation home. And with modern technology, it’s also easier to find one that suits your needs. Nowadays, it’s so much easier to access listings. With a click of a finger, you can see any available lakeside land or properties for sale. Given that you can afford it, paying for the second home may be easier compared to the first time you did it.
Typically, these vacation homes remain as that: a vacation property. It serves as a getaway from our permanent residences. For some homeowners, however, they see their second home as a profit-generating machine.
In the age of short term rentals, turning your second home into a pop-up hotel is very easy.
Homeowners with spare properties can join this lucrative business. Short term rentals make use of furnished properties. As its name suggests, these properties can be rented out to various tenants for a short period of time. Each client usually doesn’t stay longer than a month.
Many travelers and vacationers view these properties as alternatives for hotels. If you’re a homeowner who hasn’t looked into this kind of business, it’s about time that you did. Here arethe many benefits of owning a short-term rental home.
A Growing Market
Travellers from all over the globe are starting to prefer short term rentals over traditional hotels. STRs are less costly, and they are generally homier as well. Moreover, these rentals give tenants the opportunity to interact with the neighborhood, unlike hotels. These features help guests feel more comfortable throughout their stay.
More and more people patronize this kind of business in their travels. As such, it isn’t a surprise that the market for short term rentals continues to grow each year. By 2021, it is expected to grow as much as $194 billion.
Renting out a second home required plenty of work. But homeowners who choose to do so will reap plenty of benefits. Notably, the chance to invest in real estate by becoming a landlord. Given the right situation, STRs can make more money than typical long term rentals. For example, some short term listings go as high as $1500 for a five-night stay. This is a comparable price to that of long term rentals.
For most homeowners, their second home act as a vacation house. It can still be a getaway for those who rent out their homes. Short term rentals provide much needed flexibility in terms of business. As a landlord, you can decide when and for how long they want you property to be open for guests.
If you wish to use it for your own vacation, the rental process can be easily shut down and opened once more after their getaway.
Longer stays often result to more wear and tear, which means more money spent on maintenance. In terms of short term rentals, this can be avoided since the property isn’t used everyday.
Moreover, there are off seasons, which will often lead to properties having some downtime since there are no guests to rent out to.These downtimes can be used to repair and maintain any part of the property that needs seeing to.
Short term rentals continue to grow in popularity each year. As the market flourishes, those who are up to the task of maintaining their home for rental will only reap the benefits that this business venture gives.