A lot of people found themselves in a financially good place over the last decade and decided to enjoy their good fortune by purchasing a second and sometimes even a third home. Now that the financial tide has shifted those additional homes can be more of a burden than a bonus, and on top of that you?ll probably never get what you put into the home back as home prices have dropped considerably. So, to get the most out of that extra home why not try renting it.
Accidental landlords are cropping up all over as people are renting homes on a full time basis or they?re turning their vacation homes into vacation rentals. In either case you can serve as the landlord yourself and manage the property alone. This isn?t as daunting as it may seem as you only have one property to deal with and so the work should be pretty minimal. But remember that the most important thing about being a landlord, no matter how many properties you own, is getting good tenants, which means extensive screening.
If you decide to rent your vacation home on a long term basis you?ll only have to screen the tenants one time and then you won?t have to worry about it again. If you decide to open your property as a vacation home for a series of tenants you?ll have to go through the screening process several times, but then you?ll still have access to the home when it?s not in use.
Either way, you?re minimizing your losses and holding onto the property until the housing market turns around, which it eventually will do.