Believe it or not, a second home is not required to cash in on the lucrative business of vacation home rentals. Thanks to the recession, vacation homes have become more popular in this market; people are looking to save money would rather rent a vacation home instead of a hotel room.
Here is what a friend of mine who owns a property in Georgetown, DC. did:
- She advertised her home ( in which she lives) on websites, including, www.vrbo.com and homeaway.com (which charges $329 dollars a year to list a vacation rental).
- She listed the rates and availability on the site’s calender.
- Once she got offers, six hours prior to the guests arriving, she locked away her personal items.
- She collects a minor deposit from the guest ( for incidentals and cleaning)
- Once her home is occupied, she finds alternative living arrangements either at an aunt’s place or a really cheap hotel where she stays during that time.
Her payoff has been pretty good. Depending upon the season, she can make from $400 - $1000 dollars a night. Not bad.
Money tip: To make the home more attractive to potiential guests, stock pile on towels and extra sheets; get an affordable cleaning service to make the home more attractive.
