5 Ways to Make More Money off Your Second Home

5 Ways to Make More Money off Your Second Home

You can make a lot more money off a second home than the average owner of a second home does. The average owner of a second home rarely explores all the income generation opportunities available to them. They end up leaving a lot of money on the table in the process.

Here are some creative ways to squeeze more money off your second home:

First, Minimize Costs by Having High-Quality Fixtures

If you rent out your second home, you will quickly learn that vacation homes require a lot more frequent repairs than the average home does. The reason for this is two-fold. First, vacation homes tend to have a very high turnover of occupants and some occupants will not be careful not to cause any damages since they don’t have any sense of ownership of the property. Second, vacationers don’t tolerate low quality or damaged stuff in the homes they are renting. You will, therefore, be forced to repair any damages as soon as they arise.

The easiest way to fix this problem in the long run and reduce your repair costs is to have very high-quality fixtures that can stand frequent usage. You will be incurring a high one-time investment that will lead to much lower expenses in the long term.

Strategically Transition to Longer Term Renters

How to Make Money off Second Home

Primarily renting your vacation home to people staying for a day or two will lead to very high costs. You can reduce your overheads tremendously by targeting people who rent for a week or longer.

It may not be practical in the beginning to do this. Nonetheless, as your property becomes established in the market and as you begin to get a consistent stream of clients, you should gradually raise your minimum stay requirements.

Offer More than Accommodation

You don’t have to only offer accommodation services. There are several services that a typical traveler in your area needs that you can provide.

The services you choose to offer will depend on the needs of visitors who travel to your town. If your vacation home is located in a diving destination, for instance, you can lease diving and snorkeling equipment to your guests. They will definitely get them from somewhere – why not you?

Partner with Local Businesses

Your clients and the clients of local travel businesses overlap. You will be serving someone’s ideal customer. If you enter into a partnership and refer these clients to them, you can get a commission off each referral.

The people you can partner with are as many as there are service businesses targeting tourists in your area. Your guests will be in need of equipment to lease, tour guides, chefs, car hire services, limousine drivers, and various other service providers.

Enter Home Exchange Programs

Owning a second home gives you an opportunity to stay in other awesome vacation homes when you travel and do so for free. You can do this by entering into home exchange programs.

There are great reputable sites that will allow you to connect with other homeowners. To gain access, you will have to register as a member. Some may require a membership fee.

About Living Lake Tahoe

Living Lake TahoeLiving Lake Tahoe is a real estate agency based in Lake Tahoe, Nevada. They help people looking to buy, sell, or rent properties in Tahoe navigate the local real estate market and achieve their goals as painlessly as possible. The team is headed by Alvin Steinberg who has over four decades of experience as a real estate agent. Alvin carries a CRS (Certified Residential Specialist) in both California and Nevada.

Reviews: Trusted & Well-Reviewed Incline Village Real Estate Agent

Reviews: Trusted & Well-Reviewed Incline Village Real Estate Agent

Are you looking for a well-reviewed real estate agent in Incline Village? According to Incline Village real estate agent reviews, one of the best people you can work with when buying or selling properties in Incline Village is Alvin Steinberg of Living Lake Tahoe.

He has 46 years of experience in the local real estate market. For proof of his work and his ability to exceed his clients’ expectations, you can check the verified reviews that people who he has had the pleasure of working with have left on Zillow.

What Former Clients Have to Say about Alvin Steinberg

 

Alvin Knows Lake Tahoe Very Well

incline village real estate agent reviews

Mr. Bradley says that Alvin knows Lake Tahoe market very well. That is probably an understatement since Alvin has over 4 decades in the local real estate market and you will be hard-pressed to find someone with more experience than him.

Professionalism

Incline Village Real Estate Agent Reviews

You should always seek to work with a highly professional real estate agent. There’s no better epitome of professionalism in Incline Village than Alvin and Cynthia.

It Was Smooth Sailing for Pat

Alvin Steinberg Review

If you want a stress-free real estate prospecting and closing process, Alvin and his team are the people to call. You want a streamlined process that works like ‘clockwork’, as Pat put it.

Again, Knowledge of the Local Market is Appreciated

Incline Village Real Estate Agent Reviews

People seem to be highly impressed by Alvin’s knowledge of Incline Village’s real estate market. This is not an accident. With more than 4 decades of experience, it is hard not to become a master.

Wow! This Is Quite a Reputation

Alvin Steinberg Review

It takes a special kind of person to build such a solid reputation that when a person comes to town and asks for a person of your trade, you are the only person locals recommend. That’s commendable.

Remains Helpful after Home Purchase

Incline Village Real Estate Agent

This buyer appreciates the fact that Alvin remains very helpful even after they had made their purchase. Since they live elsewhere and the Incline Village property is their second home, being able to contact a helpful person on the ground was highly appreciated.

Jim Thinks Alvin is the Best

Incline Village Real Estate Agent Reviews

Jim has been involved in the sale and/or purchase of seven homes. He believes Alvin is the best realtor he has ever dealt with. In Jim’s own words, “You can’t ask for more than that.”

Manik Agrees with Jim

Living Lake Tahoe Reviews

While Jim has been involved in the sale and/or purchase of 7 homes, Manik has been involved in 12 over the past two decades. He too thinks that Alvin is one of the best realtors out there.

Closing Thoughts

These are Incline Village real estate agent reviews posted by verified clients on one of the most trustworthy real estate portals in the world: Zillow.

You can read more Incline Village real estate agent reviews of Alvin here.

If you want to buy a property in Incline Village, feel free to contact Alvin today.

 

About Living Lake Tahoe

Living Lake TahoeLiving Lake Tahoe is a real estate agency based in Incline Village, Nevada. They help people looking to rent, sell, or buy luxury homes in Lake Tahoe navigate the local real estate market and achieve their goals as painlessly as possible. The team is headed by Alvin Steinberg who has over four decades of experience as a real estate agent. Alvin carries a CRS (Certified Residential Specialist) in both California and Nevada.

Lake Tahoe: One of the Best Places to Buy a Second Home

Lake Tahoe: One of the Best Places to Buy a Second Home

Buying a second home is a huge commitment. If you do choose to put money into a second home, you have to do it right.

For a decision to invest in a second home to make sense, you have to consider:

  • Legal issues surrounding being able to rent out the property when you are not around. You don’t want to be handicapped by deed restrictions and condominiums’ or gated communities’ codes and restrictions
  • The tax implications of owning the second home
  • Whether or not the numbers – income and outgoings – make financial sense
  • Your long-term goals and retirement plans
  • Financing options available to you
  • The state of the community you will be joining
  • The soft issues such as the recreational amenities that the neighborhood offers

It is pretty hard to find a place that will tick almost every check box when you consider all these factors. Lake Tahoe could be one of the few exceptions and that makes it one of the best places in the United States to own a second home.

Both Forbes and Barron’s agree that Tahoe is one of the top ten best places to buy a second home in the United States.

Alvin Steinberg of Living Lake Tahoe, one of the best real estate agents in the area, has the same sentiments as Forbes and Barron’s. Lake Tahoe is indeed one of the best places to buy a second home. Below are some of the reasons why:

It’s Actually a Fun Place to Live

At the very least, you want to buy a second home in a place you will enjoy living. Lake Tahoe offers one of the greatest selections of both active and passive fun things to do.

Because Lake Tahoe is essentially a tourist destination, you will also have access to a lot of touristy amenities such as high-end spas and restaurants. Further, service providers from tour guides to restaurateurs are always at the top of their game because it is their business to make the discerning travelers who visit Lake Tahoe happy.

If you buy a place on the water, you will probably have a private beach. If not, there is a public beach that can comfortably accommodate you when you want a tan.

Lake Tahoe will also afford you an opportunity to go boating, hiking, golfing, and skiing.

Lake Tahoe Second Home

One of the Most Tax Friendly States

Very few states have tax requirements as friendly as Nevada’s. In the United States right now, all states except Nevada, Wyoming, South Dakota, and Wyoming will tax you on business income derived from the state.

These four states have no corporate income tax. They also happen to have no personal income taxes alongside Texas, Florida, and Alaska.

If you are looking to reduce your tax bill, having a residence in a place such as Nevada suddenly makes a lot of sense. This is especially true if you are looking for a second home to someday retire in and want your retirement income to be absolutely tax free at the state level.

Property taxes in Nevada are also relatively low. Nevada’s effective property tax rate is just 0.77 percent.

Short-Stay Renters Are Available

You will probably want to rent your second home when you are away to make some money on the side and to cover the expenses of maintaining the home.

Since Lake Tahoe is actually a tourist destination, you can expect to find enough short-stay renters to at least break even.

While the occupancy rate for vacation homes in Lake Tahoe is just 33%, Tahoe’s seasonality of demand ensures that you can make a decent amount of money during the peak seasons when rental prices per night are very high and so cover the losses you may incur during the off-peak seasons.

Safety, Utilities, and Community

Lake Tahoe is an up-market neighborhood and destination that enjoys relative safety and security as well as very reliable utility services.

While Tahoe attracts tourists who come and go, no matter where you choose to live, you will feel a sense of community since there are lots of residents that stay all-year-round and there are established amenities to cater for their needs.

 

About Living Lake Tahoe

Living Lake TahoeLiving Lake Tahoe is a real estate agency based in Incline Village, Nevada. They help people looking to buy, sell, or rent properties in Tahoe navigate the local real estate market and achieve their goals as painlessly as possible. The team is headed by Alvin Steinberg who has over four decades of experience as a real estate agent. Alvin carries a CRS (Certified Residential Specialist) in both California and Nevada.

Tahoe Luxury Homes Lake View Neighborhoods

Tahoe Luxury Homes Lake View Neighborhoods

Tahoe boasts of homes with some very incredible views. There are homes with views of the beautiful Lake Tahoe, the Sierra Nevada Mountains, and golf courses. Buying a home that guarantees some of these incredible views is a must if you are going to fully enjoy the Tahoe experience. Those who want to enjoy views of the lake should consider looking at the following Tahoe luxury homes lake view neighborhoods.

Lakefront Subdivision

The lakefront subdivision is a prime location if you want to live right on the water. Besides the views, this Tahoe luxury homes lake view neighborhood also boasts of homes with private sandy beaches, private piers, and some homes sitting on several acres of real estate.

Prices of luxury homes vary greatly and range from $1m to $35m. The subdivision offers buyers a decent selection of property types. You can buy standalone exclusive mansions or choose to live in a condominium.

Lakeview Subdivision

If you want to live close to the popular Burnt Cedar Beach and the Village Market while still enjoying amazing views of Lake Tahoe, the Lakeview Subdivision is the place to be. The neighborhood is magnificent and has been the host to some of the most beautiful Tahoe luxury homes lake view listings to ever hit the market.

Alvin Steinberg of Living Lake Tahoe has extensive experience as a real estate agent in Lakeview Subdivision and the surrounding neighborhoods. Feel free to contact him in case you want help purchasing a property in Tahoe.

Lower Tyner Subdivision

With home prices ranging from $700,000 to $3M, Lower Tyner Subdivision offers great homes to the North of Lake Tahoe with awesome views of the lake. You will also have great views of the mountains. There aren’t as many vacation homes here as there are in the Lakefront and Lakeview subdivisions. Most homes are therefore occupied all year round.

Ski Way Subdivision

This Tahoe luxury homes lake view neighborhoods offers more selections of condominiums than other neighborhoods on this list. You can still find great standalone mansions in the area, though. Ski Way Subdivision boasts of several vacation properties and you can expect almost half of the properties in the area to be vacant at any given time of the year save for the peak tourist seasons. Since the area attracts a lot of tourists, living here gives you access to a lot of fun amenities and services to pamper yourself.

Mill Creek Subdivision

Mill Creek Subdivision hosts some of the more affordable homes with impressive lake views. Home prices range from $400,000 to $6M. Despite the lower comparative prices to some of the neighborhoods on this list, the homes are actually pretty good. The location is also good if you plan on being a permanent resident. You should definitely not buy a rental vacation home here as the neighborhood is not structured to offer a touristy experience.

Lake Tahoe Homes for Sale Lake View Listings

Lake Tahoe Homes for Sale Lake View Listings

When buying a home in Tahoe, getting a home with unhindered views of the lake is a worthy goal. The range of homes on the water is varied and caters to pretty much every taste. You will find wood cabins hidden among mature trees, modern houses with fine glass finishes, and expansive mansions sitting on several acres of land. So, how do you scour through the many Lake Tahoe homes for sale lake view listings to find exactly what you want?

Lake Tahoe homes for sale lake view listings are handled by both in-state and out-of-state real estate agents. If you want the best experience possible, you should contact a local realtor who understands the various fine nuances about Tahoe neighborhoods. Tahoe has subdivisions that have very distinct characteristics. The lakefront neighborhood you choose to settle in should definitely be determined by your desired lifestyle. This website is run by a group of local realtors who understand Tahoe inside out. It houses some of the best Lake Tahoe homes for sale lake view listings on the market. If you are on the market for a lakefront Tahoe home, check out the following listings:

Incline Village Listings

You can find Incline Village listings here.

Incline Village is a calm neighborhood in Washoe County, NV. It can be found to the North shore of Lake Tahoe and it has lots of properties on the water. The homes feature large windows that offer amazing views of the Lake and the mountains.

Alvin Steinberg of Living Lake Tahoe has extensive experience facilitating real estate transactions in Incline Village. He can help you through the process of choosing a property out of all the Lake Tahoe homes for sale lake view listings to the process of making a purchase.

Crystal Bay Listings

You can find Crystal Bay listings here.

Crystal Bay is a beautiful neighborhood surrounded by mountains. The views from Crystal Bay of the lake and the Nevada Mountains are always phenomenon. Staying here means that you will be within just a few minutes’ walk of all the amazing amenities and fun activities that Tahoe has to offer.

There are golf courses, ball fields, and parks. You can go boating, water skiing, and fishing in the lake or escape to the adventurous mountain slopes to try some mountain biking, hiking, snowboarding, and snow skiing.