If you love the beauty of the Smokies, you might wonder: What if I bought a cabin here and rented it out when I’m not using it? Extra income plus a vacation home that’s always there when you want it are just a few perks of becoming a cabin rental owner. Check out these benefits:
1. You Can Go on Vacation Any Time
You’re in charge of when your cabin is open to renters. Want a weekend in July for your family to escape the heat back home? Prefer to stay in October, because you relish gazing at crisp fall foliage from the cabin’s breezy deck? As a cabin rental owner, the first choice of vacation dates is yours.
Letting a property managementcompany handle rentals frees you from dealing with reservations and payments. Just tell your manager when you want your mountain home to yourself.
2. You Earn the Income from Paying Guests
Vacationers increasingly chooserentals over hotels, to stretch dollars while enjoying more space. A cabin attracts renters looking to relax without enduring noisy neighbors or spending a bundle on eating out. Their desire to save money means you earn money. How would you use your new income?
And yes, renters will come. Even in tough times, people still need getaways. For many vacationers today, the idea of a cabin--which a family has all to itself—has extra appeal.
3. There Are Great Tax Write-Offs
Usually, if you rent out your cabin for more than 14 days at a time, it’s a business. You’ll pay business taxes, but you’ll also find plenty of deductions. Portions of your mortgage interest, property taxes, maintenance costs, utilities, cleaning expenses, and more are all potentialdeductions.
4. Real Estate Appreciation
A cabin is a tangibleinvestment. You’re likely to see your property value rise if you hold onto it. Owning a cabin is a stake in the future, whether you plan to keep renting it out, live in it full-time when you retire, leave it to family, or sell it someday.
5. Share It with Family and Friends
Owning a cabin gives you the joy of sharing it. Bring family for a reunion. Invite friends to soak in the views. Kids can play (and make noise—no other guests to bother!). Grown-ups can catch up without distractions. Everyone can make memories in a cabin that’s your own.