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We are currently "based' out of 2 locations. Our family is in NJ and this is where our primary home is but we really spend just as much time in VT (where we plan on being in the long term). We could sell the NJ house and take a loss (not a huge deal because we're gaining freedom) but we still want to be able to come back from time to time for roughly 2 weeks at a time.
Any one have any experience with renting a home out by the day/week/month rather than full time to a single tenant? I know that this will probably yield less money and less consistency (and more problems...) but gives us the flexibility to use it ourselves when we want to.
The other option I can think of is to sell our house, and just get a hotel room by the week, when we come to visit. Not exactly "home"...but allows us to save a lot more money and not stress about renters. But at the cost of a lot of up front stress in selling and figuring out what to do with a lot of "stuff".
If you live in a vacation area you can make more money renting by the week than by the month (on VRBO, for example). If not, you'd make more with a single renter. But are you sure you'd be better off financially renting the house out rather than selling at a loss? Can you cover your mortgage with the rent? Renters can/will cause damage and let maintenance slide possibly reducing your property value. Plus add to that the cost of having to rent a place yourself when you come back.
What about renting the VT place when you're not there? That might be easier to rent by the week as a vacation rental.
Check with your state and local town about regulations.
Where I live if you rent for less than 2 months, or by the hour, day, week or month, your considered a hotel/motel accomodation subject to all taxes, surcharges, safety, fire, health and whatever less codes exist.
If you rent between 3 - 9 months and charge only monthly rates (less than monthly your always a hotel/motel) your a short term rental with seperate regulations.
If renting 10 or more months on a monthly basis, your a long term rental.
Enforcement isn;t so strict unless you mess up for long term rentals, short-term is enforced more and hotel/motel is strctly enforced with BIG fines for violations. It doesn't matter if a single family or 5,000 room resort for hotel/motels and usually its your neighbors who turn you in.
Is this place on the shore where there is a market for weekly rentals, in season?
Most municipalities do not allow for nightly rentals of residential property. Even weekly can be iffy.
The wear and tear on seasonal rentals is substantial. Who is going to manage the place in your absence?
Where are you going to source guests from? How will you screen them?
If you are determined to do this, make sure you talk to your insurance agency and accountant before you do so. It's unlikely your policy will cover your property if you are embarking on daily/weekly/month to month rentals without additional riders.
The other option I can think of is to sell our house, and just get a hotel room by the week, when we come to visit.
That's what I'd do. had some similar thoughts about the future
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