You Can Still Afford Your Vacation HomeAmid these times of penny pinching, luxury items such as vacation homes are becoming financial burdens for many homeowners. With additional strains on the household budget, those extra expenses associated with owning a second residence can be overwhelming. It's a shame to be forced to sell (if you can), while the market is down, and perhaps a more creative solution will buy you the extra time to wait out this economic storm.
Here are some ideas to get you thinking and maybe turn that investment into some additional income. Rent It Out The quickest way to subsidize your mortgage payment and monthly expenses is by renting out your vacation home. By taking advantage of the popularity of the internet, you can market your place effectively, for very little cost. Free sites such as kijiji.com or craigslist.com allow plenty of space for descriptions and images. For a nominal fee, some of the vacation websites such as VRBO.com or a1vacations.com provide website templates complete with online calendars for tracking your bookings and the ability to accept credit card payments. If you don't want the hassle of managing the flow of renters and subsequent maintenance of your home, a management company can be secured for an extra fee. Depending on the company they take 10 - 25% of the rental fee and look after cleaning the unit, maintenance, and checking in and out of guests. |
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