Everyone needs a getaway, a personal paradise. For many homeowners, this is often a second home located in a vacation town, perfect for stealing away for a long weekend before jumping back into the fray.
But what if you can’t visit your home as often as you would like? It doesn’t do you any good standing by, collecting dust while you try to find the right time to venture back in town. If you notice that you see less and less of your second house, but don’t want to sell it and not have a place to stay in the future, consider using it as another source of income in the meantime.
Before you make any solid decision as to what to do with your second home, schedule a meeting with your real estate agent and discuss all of your thoughts and concerns with him or her. An experienced realtor or property manager will be able to tell you the pros and cons of renting and selling, or continuing as you are with sporadic visits. After both parties have gone over each other’s general ideas, the decision of what to do next should be clearer.
If you’ve opted to try renting your second home to tenants, there are more steps to take before you move someone into the space and start collecting rent. Some homeowners try to increase the appeal of the house by making a few changes, or even taking on minor renovations. This is something you’ll want to consider with your schedule and budget in mind. For example, if you want to begin making a return on your second home as soon as possible, you might try advertising its availability before you even get an estimate on major improvement projects. If your finances and your routine allow for it, then you might decide to play the longer game and wait until remodeling is finished before introducing a new resident to your house.
Part of the stress of renting out your second home comes from the fact that you can’t always be there to answer questions or deal with tenant complaints or issues in a timely fashion. This is where it helps to invest in a rental agency that’s based near your rental property. By handing some of the responsibility over to a trusted property manager, you can keep your focus on the home front and know that your second house is in good hands until you have the time to address its concerns.
If you’re ready to take a new step in your homeownership, or simply want to discuss the possibilities with someone who is experienced in real estate, contact Intracoastal Long-term Rentals and meet with our talented staff to review your options!