As the summer begins to wind down, you may start to think about the options you have for your second home. Your home’s protection and maintenance is important when it comes to leaving it for months at a time, which is typical in a seasonal destination. There are a number of ways to handle your vacation property in the offseason, among which is renting. Your trusted real estate agents in Sunrise Beach, MO have provided a list of some of the benefits of renting your second home at the Lake of the Ozarks this coming fall. A home with occupants in it is typically safer than a vacant house.
1. Help Make Mortgage Payment
A major benefit of renting out your home for the off season is the financial assistance with your monthly payment. Bringing in the mortgage payment through rent for the months that you are not using the home anyway, is a great opportunity to free up some of your monthly budget.
2. Generate Additional Cash Flow
If you price your rental property above what your mortgage payment is, you can actually make money by renting it out. Bringing in additional money can help add to your disposable income. Renting your second home can help you make money throughout the winter months.
3. Maintain Property
When you have a tenant in your rental home, you also have a peace of mind if something were to happen to the property, you will likely know about it right away. Many times second homeowners will come to their property after the winter and find a disaster. If they had a renter in their home, they would have known about the issue much sooner, so it could be addressed accordingly. Often second homeowners do not have the heat on during the winter months, which can cause pipes to freeze and break. A tenant will usually keep the heat on in the home, helping to prevent a frozen pipe disaster.
4. Take Advantage of Tax Break
Tax deductions can be applied for owning a rental property. Many rental repair expenses qualify for a deduction for the landlord, as well as goods and services used for the rental property. In addition to repair deductions, owners can also get a tax break for interest on the mortgage of their rental.
5. Safety of Your Second Home
A vacant home can often attract unwanted attention from criminals. Many break-ins happen when the home is unattended during the off-season at the Lake of the Ozarks. If a tenant is in your home, it will not appear to be abandoned for the winter, which can help deter a break-in or theft from occurring.
There are a number of benefits that come along with renting out your second home this winter. From safety to the additional income, renting may be the right option to help maintain your home during the off-season. If you are considering renting out your property at the Lake of the Ozarks, contact Eagle’s Nest Realty. We would be pleased to help you find tenants for your second home.