Tips to Make Money on your Summer Home

Summer homes were once fairly common, but recent economic developments have left them as mere burdens on owners. The vacation home was an opportunity for summer escapes with the family, but rest and relaxation are hardly part of the forecast these days.

While many turn to Mission Beach property management firms for assistance, others have to find different means of making their vacation homes worth keeping. Even with help from Pacific Beach’s property management professionals, many summer homeowners end up selling at a loss or otherwise waiting out the market.

Here are a few tips to make money on that summer home.

Becoming a Landlord

Many people who once owned vacation homes for their own private enjoyment are now renting those homes out. This provides a second stream of income, which makes it highly appealing. Homeowners can get even more out of that income with tax write-offs for maintenance and repairs.

While you can market the property on your own, in the long run, you can maximize your income with help from your local San Diego property management firm. With a professional firm, you won’t have to waste your time putting up ads or setting up marketing.

The great part about renting your vacation home out is just how lucrative it is. Plenty of people from all over the world would love to spend their summers by the beach.

Donating to Charity

Believe it or not, you can donate your vacation home to charities that auction the time to raise funds. This provides a welcome tax break to help homeowners in softening vacation rental markets.

Typically, people attend the auction, bid on the vacation week, and pay that sum to the charity. Usually, the homeowner can then deduct the fair market rental value from their income taxes, regardless of how much was actually paid to the charity. These tax deductions can be substantial and stretch across several years.

Of course, you’ll also be helping charities while providing a vacation shelter for some eager families.

Sharing is Caring

Many owners run their vacation homes like businesses, finding a partner to purchase an interest in the home. Your partner could then contribute to overhead expenses, relieving some of the financial burden.

Keep in mind that a business partner should not necessarily be a friend or relative but someone who will adhere to written agreements outlining responsibilities, income, and schedules for personal use.