There are so many reasons people travel abroad on long vacations away and this very trend has increased dramatically over the last decade. Some people take voluntary redundancy, others have a parachute payment to leave a business, some inherit large sums of money from their family and there are those that have saved with the sole purpose of quitting their job or taking advantage of the opportunity to take a sabbatical.
Another good reason people can travel abroad 6 to 12 months a year is that they are able to rent out their property using a vacation rental website.
What is a Vacation Rental Website?
There are a lot of websites out there that allow you to rent your property out on a short term lease contract. It means that while you travel the globe, you have an income from people living or taking a vacation in your home.
Some people have multiple properties and use the vacation rental websites to rent out all their properties to vacationers in order to maximize their income.
Vacation rental websites like HomeAway are well know for supplying services to both vacationers and property owners. Property owners on the websites will open a hosts account and can place their property on the website as available for holidaymakers to rent. Vacationers can visit the website in search of short term lease options.
There are also other websites out there such as the Lodgify property management software that allows owners to create a branded business website. The owner can use the Lodgify software to process bookings, communicate with guests, and keep control of calendars on other websites like HomeAway by syncing the calendar with the Lodgify calendar.
Earn More Money From Short Term Rentals
Some of you may be thinking that short term leases are too much hassle and would rather hand over your property to a property management company to find a tenant for the entire time you are away. The only issue with leasing your property in this way is that you are likely to get 50 to 75 percent less revenue.
For instance, if the going rate for yearly leases is $1,500 a month in your area, you could get $2,500 a month if you rent the place on short term lease plans. An extra $1,000 a month over a 6 month or 1-year trip would gain you an additional $6,000 to $12,000 for your entire trip. This could be money that could extend the amount of time away you have, helps to pay off more of the mortgage, or could be saved for your return when you may need some backup cash while you look for a new job.
You can read this interesting article that was just updated that explains how much some vacation rentals can make.
Some people have found that they can get enough from short term lease rentals that it pays for them to stay abroad. As an added benefit, when you are using vacation rental websites you have the ability to block off dates on your calendar so people cannot book the place when you plan to return. It could be that you only plan to return for a couple of weeks and then head off again. You may even have bookings so you already know when you need to vacate your house for the next guests.
In the end, short term rentals only work if your property is situated in an area that is going to be popular with tourists, families, or business visitors. In places that tourists do not frequent, a property management company might be your best options. However, before you do go down the route of using property management to find tenants, check out vacation rentals first just to see if you can earn that 50% extra!