Excerpt from: Buying and Owning a Second Home
|
 |
| November 24, 2008 | | Make some extra money | In this economy -- and this real estate market -- many people are finding that the costs of maintaining a vacation condo as a strictly private and exclusive retreat are becoming prohibitive. Which is why it is becoming increasingly popular to rent out the vacation condo. When you aren't living in it, it might as well generate some income. You can set up daily, weekly or monthly rates.
Things to remember when renting out your vacation condo
It's a good idea, though, to plan ahead. USA Today recommends the following items to help you prepare for renting out your vacation condo:
- Know the local rental laws (and required licenses).
- Set up the vacation condo to target your market.
- Keep track of the condo's inventory for insurance purposes (damage and theft).
- Consider a manager that lives closer to the property.
| | |
|
|
