Foreign Vacation Home Income
Buyers in the real estate market have become much more aware of the income they can garner if they rent their vacation home to others, and real estate agents have discovered it can be a lucrative second income for them. Carrying a mortgage on a home is trying at times, and the additional mortgage for a vacation home offers more of the same. For those who want homes in several locations, renting out the home they only spend a few weeks in per year makes great economic sense.
People want amenities when they go on vacation, so purchasing a house with updated kitchen and bathrooms is important. A pool, hot tub or spa is an additional that will allow the new owner to raise their rental rates. If it is near area attractions, the price climbs even higher. There are many people seeking peace and quiet on their vacations, but it must be easy to get to a home if a premium price is desired.
Real estate agents often manage properties as well as sell them, and they have found plenty of additional income in the rental market. While they charge a fairly hefty fee, they do the advertising for the property on their existing site as part of the bargain. They also take care of the details of maintaining the property as well as dealing with all the rental arrangements.
It might seem a nuisance to only be able to use a vacation home when no one else is rent it, but good planning can make it a lucrative way to own a second house. If the owner chooses their weeks at the beginning of the year, their agent is free to find paying guests for the rest of the time. It is becoming a popular niche market, and it shows no signs of slowing in the near future.