GMAC Real Estate Lockoffs and Other Ways of Sharing the Second Home
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Lockoffs and Other Ways of Sharing the Second Home

Takeaways

  • Building a lockoff area in your second home is an excellent way to create rentable space.
  • Lockoffs come in handy when entertaining at your second home.
  • A lockoff effectively turns a fully rented second home into a duplex.

Did you know?

  • High rates can price seasonal staff out of a resort area's typical rental markets.
Lockoff units turn your second home into a duplex. A great way to maximize the rental value of your second home is to create a lockoff unit. A lockoff is a separate smaller unit in your second home with its own, separate entry. As the name suggests, this area is locked off from the rest of your second home. One advantage is you can use your second home and earn rental income at the same time. When you aren’t using your second home it becomes a rental duplex where both the lockoff and main area can be rented out at the same time doubling your income.

The lockoff area can be as simple as an efficiency unit with one large room and a bathroom, or as extensive as a multi-room suite with a living area, kitchen and one or more bedrooms. A lockoff unit also comes in handy when you are entertaining at your second home. Your guests will have their own quarters for privacy, but everyone will still be together in the same house.

If your retirement home is in a resort area, the lockoff gives you a way to earn income while you live in the main part of the residence. If the area is popular with high rental rates, the people who staff local businesses might need relatively inexpensive housing and your lockoff unit could perfectly fill the bill.

Search for Second Homes for Sale

To search for a selection of second homes for sale, please visit the website of a GMAC Real Estate Office that serves the area where you'd like to buy a second home. To learn more about buying Second Homes or Vacation Homes, explore the rest of this section, or contact a GMAC Real Estate Agent.