Does anybody do this?
Wondering how many rent out their homes while they are snowbirding? We live in an area that has no less than a dozen ski resorts and lots of snowmobiling all within 15 minutes to 1 hour away from ...
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Don't think you will find a lot of season long rental people for a ski area other than the people who work at the resorts, which will be a whole lot of 20 somethings looking to minimize expenses and maximize fun, so you might end up with 10 or 15 people sharing and partying in the house. If you go for short term rentals, you will have advertising expenses, cleaning expenses, management expenses etc. It can be quite lucrative in the right area, but remember the value of a short term rental falls geometrically with distance from the attraction. A rental on the ski slopes is generally gold, 15 miles away, it is just another house for rent, so the price falls and so does the caliber of the clientel.
The rent you collect will be taxable, but if you start taking deductions for the expenses check with your accountant to be sure it doesn't make your home a business property, ineligible for the homeowner exemptions when you sell, this is doubly true if you start taking depreciation on the house. Be sure any HOA or zoning laws allow for short term rentals. And you will need to run all this past your insurance company to be sure you have the proper coverages.
With a great location and a good management company, you could make out quite well, but there sure is a big downside if you are not careful or if you are like pigpen and have a dark cloud that follows you.
The rent you collect will be taxable, but if you start taking deductions for the expenses check with your accountant to be sure it doesn't make your home a business property, ineligible for the homeowner exemptions when you sell, this is doubly true if you start taking depreciation on the house. Be sure any HOA or zoning laws allow for short term rentals. And you will need to run all this past your insurance company to be sure you have the proper coverages.
With a great location and a good management company, you could make out quite well, but there sure is a big downside if you are not careful or if you are like pigpen and have a dark cloud that follows you.
