Place your home or cabin in our
Vacation Rental Program.
We get frequent questions about our Vacation Rental Program from
owners or buyers of vacation property in our area. There are many
benefits, which you should research thoroughly before making a decision.
Some of the questions that come up are given here and which may
help you make a decision as well.
- Would my home make a good vacation rental
home?
Just think of yourself as the renter, and what would appeal to
you. The property should be on water - either Superior or one
of the inland lakes. Year around or seasonal - it doesn't matter.
Remote lake properties are more difficult to rent, if for no other
reason than that cleaning/maintenance help may be limited in remote
areas.
- I'm thinking of buying or building a home
for eventual retirement, and would like to get some income from
it in the meantime. How does that work?
If you haven't yet purchased a property, and would like to know
what to look for so that the property would be rentable, give
us a call. The three most critical elements that the State looks
for when licensing your home are: 1) the water supply, 2) the
septic system, and 3) legal window egress from the bedrooms.
- Will I be able to achieve positive cash flow
if I rent my property?
Probably not - unless you have no debt service against the property.
- How would renting my home affect my taxes?
That's a question for your accountant. In order to claim full
depreciation, there's a maximum amount of days you're able to
use the property yourself, in addition to inspection and repair
trips.
- Are renters hard on the home?
We've had really good experience with the majority of our clients.
People are respectful and know this is someone's private home
which is used and loved by the owners.
- How much should I rent my home for?
That depends on the size of the home, the amenities and the location.
We can help you decide. Check out the homes on the website, see
if any are similar in size and amenities to yours.
Call Debby Nelson,
our Vacation Rental Manager,
in our Lutsen office,
and she'll be happy to help you.
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