You love having a second home but the mortgage is putting a crater in your wallet. Many second home owners turn to renting their property as a vacation rental to help defray the costs of ownership. How do you price a vacation home rental without overcharging but making enough to cover your costs? Do your research.
Find out what other owners of, similar sized homes in the area are charging. You can ask a local real estate agent for a price range, scan local papers or go online. There are also vacation rental sites like eVaca.com. These types of sites have advertisements from owners around the world and weekly rates for the properties are listed.
The time of year you rent out a property is important as well. If you want to rent out a ski lodge in Vermont, August is not going to be your high time of year, but January will. If you are going to rent the property in an off time of year you will not be able to charge as much as if you were renting the property in a peak time.
You also want to figure out what lengths you want to rent your property for. A Florida property in July near the beach will go for top dollar for a week. However, that same property in...
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