GMAC Real Estate Renting Second Homes During Special Events
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Renting Second Homes During Special Events

Takeaways

  • Even if a second home isn’t usually rented, special events may offer opportunities for extra income.
  • If your second home is rented seldom enough for the property to qualify as a personal residence that rental income is tax-free cash in your pocket.
  • Look for events around your second home to take advantage of for short-term rental.

Did you know?

  • The average vacation home owner who does rent the property makes certain rental income qualifies as tax-free.
A golf tournament might lead to extra income. Even if you don’t usually rent out your second home, taking advantage of special events in the area can provide an easy source of possibly tax-free income. If your second home is in a city hosting an event like the Super Bowl, part of the NCAA’s March Madness basketball tournament or a similar major event, companies and hospitality groups often look for private residences to rent for special visitors. Rent your second home for fifteen days in the year or less and that income is completely tax-free.

Another possibility is if you own a second home, or primary residence, on a golf course hosting a PGA event, you can plan on staying away during the tournament and renting your home to players, sponsors or fans. Better yet, if it’s a yearly event you can count on guaranteed yearly income and the rental rate will likely be inflated by the tournament.

If your second home location isn’t host to a major event, there’s probably something happening that boosts tourism for a particular block of time. It could be local holiday carnival, or a boat race on the lake by your vacation second home. The key is to figure out when your vacation home is most desirable to renters and make it available for a short time.

Search for Second Homes for Sale

To search for a selection of second homes for sale, please visit lifestylehomesearch.com, or 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.