Subsidizing Your Lake Home
Those of you who own a lake home as your second home may not be using your property nearly as much as you are using your primary residence. The house is sitting vacant for extended periods of time with little attention. Even though the house may not be getting used, it still has expenses that need to be paid. Sometimes those expenses, such as property taxes, becoming too overwhelming, and the property is no longer affordable. Subsidizing those expenses may be a way for you make that lake home more affordable and perhaps profitable.
Turning your lake property into a vacation rental is not as complicated as you may think. You can rent out the property as often as you like. You may only want to subsidize a few expenses to ease the property's finances, or you may want to turn that home into a money making machine.
There are a few percs that I believe are worthy to note that don't necessarily concern cash. The house is better off being used than sitting vacant. Vacation renters keep an eye on your property. It's not likely to get broken into when you have renters there. If something happens to a water heater, furnance, air conditioner, etc., the renter is going to let you know. You may have a plumbing leak, pest issues, etc. The renter may see any of those issues and inform you of what is happening.