Gatlinburg, TN is one of the rare places in the US that has something for everyone at all times of the year. The summers are hot without being unbearable, the fall features a plethora of foliage changing colors, the winter has snow without being unbearably cold, and the spring is as delightful as it is colorful. These fortunate seasons provide for an amazing vacation destination year-round, the perfect conditions for vacation rentals. If you are on the fence about renting out your home as a vacation rental in Gatlinburg Tennessee, here are a few reasons to push you in the right direction.
Dual Purpose Investing
Unlike many property investment opportunities, a vacation rental does double duty. Owners can rent out their Gatlinburg home while they are not using it to gain extra passive income. You can rent out your home on a daily, weekly, or monthly basis and then turn around and use it when you want. Managing your vacation rental in Gatlinburg TN is extremely easy with us; just block out the days in which you want to use the home. Since Gatlinburg is a premier destination, vacancies are few and far between.
Property Investment Generates Often Higher Income
Vacation homes bring in rent at a much higher rate than other types of properties. Gatlinburg is a desirable vacation destination, so homes can be rented at a higher short-term rate than you would traditionally see with a long-term rental. Daily rental rates are always much higher than the yearly rates of a traditional home rental and will even cover periods of vacancies if the home isn’t being used all the time.
Write Off Expenses
If you are renting out a home for more than 14 days a year, it’s considered a business for tax purposes. That means you will have to pay taxes on the income it brings in, but it also allows for some write-offs that will benefit your property. You can deduct almost any ordinary and necessary costs of doing business. You can write off fees for bookings by management platforms, hosting fees, cleaning fees, supplies, insurance premiums, utility costs, mortgage interests and more.
Retire in Gatlinburg
One of the best perks of converting your home into a vacation rental in Gatlinburg Tennessee is the ability to take it back when you need it. Many people will purchase or convert their Gatlinburg homes to a vacation rental to generate income with the intent of retiring in the home later. This built-in retirement plan will pay for itself in the long run. Check out our property management if you want to turn your property into a success!