Owners are realizing that, in a soft economy, their vacation homes can be a welcome source of extra income. Here’s what you need to know to become a successful landlord.
Courtesy of WaterColor Inn & Resort
“If you want to maximize your revenue,” says Stiles, “make the home available during peak season.” In the Caribbean, that means Christmas, New Year’s, and spring break. In U.S. coastal areas, that means Memorial Day through Labor Day. Owners who rent during the high season are often able to make enough to cover their carrying costs for the year, and some even make a profit.