Are you thinking about buying a vacation cabin in the Smokies?

vacation cabinLast month, I wrote a blog about the key steps to helping you decide if you are ready to own a vacation cabin in the Great Smoky Mountains. If you are, congratulations! You are about to start your very own adventure. The next thing you need to decide is what you are going to do with your new piece of property once you claim it.

You have two ways to go with your “second home” cabin. The first option is to keep the vacation cabin as a personal treasure, refusing to share it with anyone but friends and family. Alternatively, you could decide to put your cabin on a rental program for visitors and tourists. That will be an appropriate choice for many of you. It’s tempting to keep the cabin to yourself in order to be able to enjoy it anytime you want. However, it is incredibly more lucrative to you allow a rental company to rent your vacation cabin out when you are not staying here. I also encourage vacation cabin owners interested in generating rental income to work with rental companies in the area. This way, you have someone watching after your vacation cabin day in and day out and you can generate substantial income that will pay for your mortgage, pay your utilities, and best of all, provide you a profit that will supplement your income.  If you are able, you may prefer to rent your vacation cabin out yourself through websites like Vacation Rental By Owner (VRBO) if you like. That is a whole subject for another article which I will cover in an upcoming blog.

For now, let’s look at the differences between holding our cabin for just you and your family and friends versus allowing others to rent it as a vacation cabin.

Here are several considerations I am frequently asked about when showing rental cabin property:

So that’s it. Making money with cabins is such a wonderful way to enjoy your vacation home, and can give you the resources you need to enjoy a vacation of your own! But it’s important to go into the cabin buying process with your eyes wide open. I hope I have given you some items to consider that may help you decide if you are ready to own a vacation cabin overnight rental. Just a warning, they are contagious. I have many owners who after getting their feet wet with one now own three and four.

Of course, I also have very happy second home owners who wouldn’t think of allowing someone in their special mountain home. They too are benefiting from owning a cabin. Whichever way you decide to go with it, cabins are meant to be enjoyed, so there’s no wrong decision as long as you are happy owning one. If you don’t think you will enjoy it, then that’s okay, too – it’s not for everyone.

If you would like to learn more about owning a vacation cabin or if you have other real estate related questions, please call my support line at 865-654-2111 or my office at 865-429-2121.

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