You probably consider your home an investment for your long-term goals. But it can generate short-term investment income as well. Of course, you don’t want to open your home to just anyone with an internet connection and a credit card. As short-term rental sites have gone mainstream, so have specific services to help high-end property owners create additional income streams through strategic, short-term rental options.
Consider Upscale Amenities
For those with the means and inclination to book deluxe accommodations, lush amenities and services are often expected as part of the package. From a concierge to handle all the scheduling to a daily housekeeper and private chef, luxury short-term rental companies offer additional perks that take the guesswork and hassle out of arranging a comfortable vacation or business visit.
Take Note of Taxes
Like any investment, unique tax structures apply and must be considered with any potential income or gain. When it comes to renting out your property, it’s important to understand that the number of days you reside in the home or rent it out can affect how the IRS characterizes the home and applies taxes.
Think Outside the Box
If you’re less interested in making your property available to vacationers or corporate types, there may be an interesting opportunity in show business. Film production companies could pay top dollar to use your home as a movie set if it has the desired aesthetic for a particular production. All types of properties are used, so this may be worth looking into. Imagine seeing your home on the big screen, captured in all of its glory forever.
