Renting your second home is quite a big decision for most families. After all, you’ve put a lot of love and energy (not to mention hard earned money) into buying the place and maintaining it and it’s not very common yet in India to rent it out to unknown people. In a later post, I will cover how to prepare your home for use as a vacation rental but in this post, I’ll try and outline some of the key reasons why you should seriously consider doing so:-
1. No matter what, it is very unlikely that you will use your second home for more than a few weeks a year until you retire. As such, it will become important for you to maintain it for an extended period of time and keep adding amenities to it so that when you are ready to retire there, it is comfortable and well maintained. If you own an isolated property i.e. one that is not in a gated community or where you have friendly neighbors who can be entrusted to keep an eye out, it may also be necessary for you to keep a full time servant there who is resident at the property and has the necessary connectivity i.e. a landline phone etc. so that you can keep an eye on him. These expenses add up esp. over long spans of time and the income from vacation renting will more than cover the same.