With statistics like “54% of [HomeAway] owners cover at least three quarters of their mortgage by renting their home to travelers,” it can be tempting to turn your second home into a vacation rental.
Before making this decision, consider the time investment managing a vacation rental requires and how much of your profits are going to a property management company. HomeAway reports that “owners spend an average of 9 hours per week on marketing and managing their vacation rental properties.”
Another point to consider is how much you will use your home instead of renting it. Will you be able to handle the additional tax burden, insurance coverage, and elevated wear and tear? Make sure you are making the right decision for your family.