Last Updated on September 8, 2021 by Eric
Lake Keowee and the surrounding area have become very popular in the last few years. More tourists want to spend weekends boating, fishing, and just enjoying lake life.
If you aren’t using your lake home as much as you thought you would be, or maybe the cost is hurting you a little more than you’d like, you may have kicked around the idea of renting it out as a short-term rental.
Let’s look at some of the pros and cons of renting your home when you aren’t using it.
Pros and Cons of Turning Your Lake House Into A Short-Term Rental
Pros:
Extra Money: According to Airbnb, the average nightly rental rate for a house on Lake Keowee is $301. If you were to rent the home out for one week per month, you’d be bringing in over $2,000. That could easily cover a large portion of your mortgage or just give you a nice cushion in case of an emergency.
Tax Deductions: Did you know that short-term rentals get tax breaks? You’ll want to double-check with your accountant, but yes, in most cases, they do! You could write off any cleaning and maintenance fees, repairs, and home improvements that you do on the property. This could end up saving you even more money when tax time rolls around.
It’s Better Than Selling: If you’re considering renting the home out, chances are the thought of selling your lake house has also crossed your mind. Lake Keowee homes for sale have seen a 21% price increase in the last year, making it a great time to sell your home. However, if you were to do that, you’d be giving up your lake life dream altogether.
Cons:
Risky Tenants: People come to the lake to have a good time, sometimes that good time turns into a big mess. Short-term tenants might not take care of your property the way you’d like. At some point, you’ll probably have a tenant who leaves your house a mess, breaks something, or possibly even steals from you, so you’ll need to be prepared to tackle those issues head-on.
Insurance Issues: You’ll want to check with your homeowner’s insurance provider before opening up your property to guests. You will likely have to switch to a policy designed specifically for a short-term rental, and that may come with a higher premium.
There Will Be Strangers In Your House: The biggest con of renting out your lake house is that strangers will be in your home. They’ll be sleeping in your bed, using your towels, and rummaging through your cabinets. Is that something you want to deal with?
You could invest in lockable storage cabinets in your home so that you could at least lock up some personal items. That way, you won’t have to lug all of your belongings back and forth each time you visit your lake house.
Whatever you decide to do, the agents at Bob Hill Realty are here to answer any questions you may have. We are local real estate agents and know the area and Lake Keowee real estate market better than anyone. Give us a call today!
