4) Make It Pay For Itself
When you are not using your vacation home, you can rent it out to offset your costs of ownership. This may also cover your mortgage payment, or even generate a profit. As the owner, you could use the property during the off season and rent out during the peak season to generate the higher rental income. You can also save money by not hiring a property management company and maintaining the property yourself. As your own property manager, you can make use of rental websites such as airbnb.com. This site allows to you reach a broader base of renters while listing your property. VRBO.com is another useful rental site used by owners and renters. Also, you should consult your accountant regarding the different tax laws that apply to a rental property.