While some people purchase a second home as a rental property, others buy a vacation home to get away from the stress, spend time with family and friends, and enjoy outdoor activities. If you own a second home, there are many ways you – and the people you care about – can get more enjoyment out of it. Whether you want to host a high school reunion or loan your home out to the ones you love, here are some benefits of sharing your vacation home with family, friends, and charity.
Offset Ownership Expenses
Between maintenance, repairs, property taxes, and insurance, owning a second home is expensive. To offset these costs, you can rent out your vacation home to family, friends, and others in your network for a modest fee. While some people might feel uncomfortable with the idea of charging a fee to family or friends, the truth is that it’s a win-win situation. You’ll feel good knowing your home is in the care of someone you trust, and your guests will be glad to know their host and enjoy finding a vacation rental at a competitive price.
Build Stronger Family Bonds
With a vacation home, you don’t need to wait for holidays, weddings, funerals, or other formal festivities to reconnect with family. Your second home can serve as a central meeting place for your family where you can build and strengthen bonds with immediate and extended family. Even if you live near your family, a vacation home makes it easier for everyone to spend time together without the distractions of your everyday lives and responsibilities. And childhood memories of vacation seem to last. In fact, 62% of adults said their earliest memories came from family vacations. That’s probably why so many people who take trips together tend to have stronger relationships with their family members.
Make Memories and Foster Longtime Friendships
A vacation home is an ideal place to make memories and pursue your passions. Many second-home owners’ vacation properties are conveniently located near the places where they can participate in the activities they love, like hiking, boating, fishing, or winter and water sports. Your second home is a great place to entertain friends, enjoy quality time together, and foster friendships with a little fun in the sun or some time on the slopes.
Support The Causes You Care About
When you’re not enjoying your vacation home or sharing it with friends or family, you can use it to support the causes you care about most. If you want to contribute to charity, organizations can auction off a stay at your vacation home, putting the proceeds toward the nonprofit of your choice. Signing up your vacation home for a silent auction lets you support the institutions that are important to you without compromising your cash positions or having to sell securities. (Unfortunately, the IRS generally doesn’t allow you to treat a donated stay at your vacation home as a deductible expense.)
What Else To Consider Before Sharing Your Second Home
Though sharing your second home has many benefits, it’s also important to weigh some key considerations before opening your doors to others. For example, even if your guests are respectful and tidy, your home will still sustain more wear and tear from the extra use. You may also want to consider a written short-term rental agreement to ensure everyone’s on the same page. If you’re concerned about messes or damage, you can always charge a cleaning fee or hold an additional deposit for your own security. Finally, if you’re regularly sharing or renting out your vacation home, talk to your insurance agent, since a short-term rental insurance policy may be more appropriate than standard homeowners coverage.
How Twimo Can Help…However You Use Your Home
Managing – and sharing – a vacation home can get complicated, but Twimo helps simplify your second-home ownership experience. Twimo wants you to get the most out of your second home, helping you manage vendors, track expenses, and share your home with family and friends. Need to make a payment to a contractor or charge your guests a fee for incidentals? Track expenses so you’re ready for tax time? How about allowing friends or auction winners to automatically book a stay at your second home without all the back and forth? However you choose to use your second home, Twimo gives you the flexibility you need to maximize the benefits of ownership.
