Are you one of the 40% of Americans who own vacation homes?
Owning a vacation home allows you to split time between different parts of the country. Florida, being one of the warmest and most tourist-friendly states in the country, has its share of vacation homeowners and vacationers.
If your Florida vacation home is sitting empty for half the year, you've got a golden opportunity. In today's post, we're going to discuss the perks of renting your home to travelers while you're not using it.
Turning your second property into a vacation rental might sound like more trouble than it's worth, but keep reading and you'll see that there's significant income to be made by doing so.
Extra Income
The most obvious reason to rent out your vacant home is the extra income that comes with it. Whether your Royal Palm Beach home is your primary residence or a place you occupy some of the time, there's plenty of money to be made by renting out the whole house or even a spare room.
Even renting it out for a holiday weekend can net you hundreds of dollars. This is money you can use to start a college fund for your children or put in your own retirement fund. If you're just leaving for the weekend, it can be as simple as paying for your vacation.
Full-time Airbnb owners make an average of over $130,000 per year. If you rent your home out from time to time, you can make significant income on the side to do whatever you want.
Complete Flexibility
Renting your home out on sites like Airbnb or VRBO gives you complete flexibility. There's no obligation on your part to take renters at any specific time. You just say when the home is available and vacationers will be able to see it.
One of the blessings of owning property in Royal Palm Beach is that there's always tourism. The second quarter of 2023 alone saw over two million visitors to the Palm Beaches. You'll never have an issue renting your home out when you're away.
Tax Write Off
Turning your home into a vacation rental requires you to get a permit. Once you have it, however, there are plenty of tax write-offs you can make to save a bit of money.
One of the best ones in your situation is the 14-day rule. This states that if you rent your property for no more than 14 days per year and occupy it for more than 14 days per year, you don't have to pay tax on the income.
It's worth your while to understand the tax laws around vacation rentals and short-term rental income.
Start Renting Your Home to Travelers
Renting your home to travelers is a no-brainer, especially if your Royal Palm Beach property is a vacation home. If you live in a different part of the country, however, it'll be beneficial to hire a property manager to both look after renters and take care of the home.
At PMI Zoboka, we offer a variety of short-term rental property management services. Contact us today to learn more about how we can help you turn your home into a vacation rental.
