If you have a summer home, you might be happy to learn that it not only serves as an amazing solution to holiday accommodation for you and your family. With a proper plan and a bit of work, it can also earn you some additional income. In fact, you might be able to make enough money from it that it easily becomes your main source of income. Read on to see what you can do to maximize the profits that you get from your summer home and get ready to make more money.
Make Use of the Outdoor Space
Depending on the layout of your summer home, you might have a large outdoor space. Rather than letting this space go to waste, you can find ways to make money from it. This is even more attractive for you to do if you’re not too keen on renting out the home itself. There are many ways in which you can make money from your home’s outdoor area. One of these is planting fruit trees, flowers, or even vegetables and then selling them at farmer’s markets or at a roadside stand if you prefer.
You can also construct a pond or other water feature and monetize its use. This is bearing in mind the fact that farm hand2 and management respectively represent 49% and 18% of the aquaculture workforce in Maine, according to data from commercial businesses that were interviewed for the Workforce Strategy. Clearly, there are many options that you can choose, you just need to get creative.
Rent Out Some Space for Storage
There are many people at any point in time who need to rent out storage space. This may be while they’re moving to a different location, while they’re making renovations to their houses, or even while they declutter their houses and try to get organized. This presents an opportunity that you can take advantage of. Renting out your summer home for storage while you’re not using it is a great way to make money out of the home, especially if you’d rather not accommodate people.
Remember to set up a system to help you make sure that you don’t store any illegal items or help criminals without your knowledge by providing room for them to store proceeds of robbery or illegal items. That’s because Possession with Intent to Sell or Distribute or Felony drug possession can attract sentences from one year to 60 years in Tennessee. Such information should motivate you to be thorough with your checks as to what your summer home is used to store.
Market Your Rental Property
Without marketing, you may have a hard time finding clients to rent your summer home. This is the reason why you should look into marketing, especially social media marketing. Many people search for things to do with vacationing online, so it might be a great choice for you to place your ads where it’s most likely to reach an interested audience.
Make sure to present your summer home in an appealing way so that it attracts more people and can fetch a better price. This may have a similar effect to the way products are packaged, with 72% of Americans saying that the packaging of a project influences their decisions on whether to purchase, according to Ipsos.
With these methods, you can increase the amount of money that you make out of your summer home. As a result, the house may end up sustaining itself in terms of paying for necessary maintenance and improvements and even leaving some money on the side. Think about the most attractive options for you based on this guide then put them to use and make the most out of your summer home.