If you’re like millions of Americans who thought their property would have been a goldmine by now, only to realize that there was something to those news stories about the crumbling of the real estate market, consider looking on the bright side. Because if you’re still able to pay the mortgage, there is one. There really, really is.
You still own.
While the market retreats from panic mode, why not bill your place as a vacation home? Let others pay the mortgage for you.
This Chicago vacation apartment rental illustrates that would-be renters are willing to live like locals if it means saving money. Paula Davis, a Satellite Beach, Fla., resident who visited Chicago for a three-day conference found greater value in renting this three-bedroom apartment than booking a downtown hotel for four days. Trust me, the rental was way cheaper. I recently stayed in a boutique hotel off the Magnificent Mile and was shocked to learn that parking was $38 a day … on top of the $250-a-night room.
If your property happens to be in a major tourist or convention destination–ahem, like Chicago–a steady stream of visitors is practically guaranteed. Even if your place is tiny, it’s likely the travelers will spend the day exploring anyway and won’t have too much time to rate the fluffiness of your pillows.
What’s better: Allowing your home to sit on the MLS to collect cobwebs or rebranding it as an affordable vacation rental for tourists willing to try it out as a local? I think the latter.