Many look forward to spending time in their lake cabin. From beautiful scenery to calm surroundings, lake cabins are the perfect place to make memories. When you first purchased your cabin you mostly likely planned on visiting frequently, be it every weekend or once a month. But as time goes on, life can sometimes get in the way of your cabin time. From your children’s after school activities to conflicting life obligations, there are are number of reasons why you may find yourself visiting your cabin less and less. And while you still may visit occasionally, your cabin now sits empty for a large portion of the year.
With so many people renting cabins all over Minnesota, you’ve most likely found yourself wondering if you can make some money off your mostly unused lake cabin. And the answer is yes! It’s completely feasible to generate another stream of income from your lake cabin when you aren’t using it, and in this article, we’ll discuss the numerous benefits that renting out your lake cabin can bring.
EARN INCOME TO PAY FOR UPKEEP
When you rent out your lake cabin, you can use the income generated to pay for the general upkeep and maintenance of the property. That way, when you visit, your cabin will be in pristine condition. This will also help with the normal costs of owning a property that will make large expenses, like buying a new roof or water heater a little less stressful.
CREATE MORE INCOME DURING RETIREMENT
If you are already retired, or if you’ll be retiring soon, making money off your lake cabin can be a form of income that can support you during your golden years. Want to stay close to the grandkids but still have a place to go for either hunting season or to catch so fish? Renting your your cabin for periods between your visits can be a great source of supplemental income in your retirement.
KEEP YOUR CABIN
Many people are forced to consider selling their lake cabins when faced with the fees and costs of owning a second property, but if you rent your lake cabin out strategically, you can work towards making the money needed to keep it your property. Secondary residences are typically the first to be sold off when minimizing assets, but make your cabin work for you by renting it out! This way, you and your family will still get to use the space for years to come.
PAY OFF DEBTS
The money you make from your cabin rental can go toward paying off your mortgage, car loan, student debt, or other outstanding payment you may own. In the long-run, the decision to rent out your cabin can help you become more financially independent.
TAKE ADVANTAGE OF THE RENTAL MARKET GROWTH
More and more people are renting vacation cabins now, thanks to technology making it easier than ever to find these properties. With online listing platforms, it’s easy for anyone to book a weekend getaway or week-long retreat from the comfort of their own home. Sites like Airbnb are booming right now; why not get in on the action?
RENTING OUT YOUR LAKE CABIN OFFERS TAX RELIEF
When you rent out your lake cabin, you’re eligible to use a number of deductions to help reduce your personal tax liability. Some of these include depreciation and write offs for maintenance, mortgage interest, and more. Having your cabin sit unoccupied is leaving money sitting on the table in more ways than one.
BUILD A STRONGER RETIREMENT
Not retiring yet? Renting out your lake cabin can help you build a healthy retirement savings account. The income gathered from renting out your lake cabin may prove to grow quite the nest egg. Let your cabin work for you and help plan for your future by renting out your cabin today.
THE CHALLENGES OF RENTING OUT YOUR LAKE CABIN
The idea of renting out your lake cabin really does boast a long list of advantages. If you’re interested in making more money, saving for retirement, paying off debt, or reaping tax benefits, then renting out your lake cabin could be just the thing. The only real con is that you’ve got to schedule around the times when you want to be there!
Of course, there are other challenges that come along with renting a vacation lake cabin. Some of these challenges include keeping up with maintenance, booking and vetting guests, marketing your vacation lake cabin, and more. But with vacation rental management services from Minnestay, we can handle all of the toughest aspects of renting out your lake cabin, such as creating online listings on the most popular sites for your rental, helping you to create a competitive rate structure, and lead the marketing and distribution efforts for your rental to name a few.
OVERCOMING BARRIERS TO RENTING YOUR VACATION LAKE CABIN
You might feel that it’s too much of a hassle. You might be wondering how you’ll ever juggle everything that needs to be done. Those concerns are perfectly normal, and fortunately, there are solutions.
The first thing to remember is that you’ve got a real opportunity to make money off your lake cabin. The second thing to remember is that you aren’t alone. There are hundreds of thousands of vacation property owners across the country who’ve decided to rent out their property when they aren’t there.
Fortunately, there are plenty of resources that stand by you. As mentioned above, Minnestay offers everything you need to get your rental in front of interested audiences, with emphasis on maximizing your ROI with as many bookings as possible. We’ll handle those pesky middle-of-the-night emergency calls, as well as verifying guests, creating check-in and check-out procedures, and stocking amenities.
To overcome any barriers left, you’ve got to put yourself in the mindset of an entrepreneur. When you aren’t at your lake cabin, it can be thought of as a business. In any business, the bottom line depends on earning income. In your business – the business of renting out your lake cabin when you aren’t there – you need to find a way to get as many renters as possible to your property.
When you think of it from a business mindset, you can see how much of an opportunity you really do have. With the rental market growing, the power is truly in your hands.
RENTING OUT YOUR LAKE CABIN CAN CHANGE YOUR LIFE
Property owners who choose to rent out their vacation lake cabins have the extra income to plan better for their future and address their current financial needs. The added income that a vacation rental can bring makes a huge difference in those who set out to earn it. Fortunately, earning rental income from your lake cabin is easier than you might think.
While you can independently rent out your lake cabin, you will undoubtedly make more when you use a vacation rental company. Why? Companies like ours simply know what we’re doing, and not to blow our own horn, but we’re pretty good at it. We’ll take the burden off of you when it comes to renting out your cabin. Instead of worrying about every little detail, you can leave the hard work to your rental management company and simply enjoy an additional stream of income.
If you have a vacation lake cabin and would like to discuss options for renting it out, please contact our Minnestay team today for a free consultation! We’d be more than happy to walk you through every step of the rental process and answer any questions you may have when it comes to renting out your lake cabin.