In today’s video I am standing on the terrace of the master suite of one of my listings on the north Siesta Key. This home is situated along Big Pass, the gateway between Sarasota Bay and the Gulf of Mexico.
This month I want to focus on what to do with your Sarasota home when you are not in residence. Houses are meant to be lived-in. There are three things that you could be doing to leverage this great asset.
Think Outside the Box – The World is Your Oyster
- You could list it on HomeExchange.com. Why not travel to Europe, Asia or even Canada? Stay for free in someone else’s comparable home and let your home get some usage. My wife and I recently swapped houses with a family in Eastern Quebec. We got to see five species of whales, go hiking and visit Quebec City, while our hosts were enjoying Sarasota.
- You could list your house on VRBO, Homeaway or AirBnB. When you are away, why not generate some extra cash to offset the cost of ownership? One of our clients is renting their house for three months this year. They will be able to use it the other nine months and will reduce their annual expenses from $50k to almost zero.
- Donate your home to charity. There are an incredible number of worthwhile causes. Put your home in a silent auction for one of your favorites and let your house do some good for others in need while you are already away.
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Get Creative and Unusual Returns on Top
Houses are big assets and they should be working for you – even when you’re not in them. Part of the return you get on your home can be in the form of creative income streams, or diverse vacations spots, as well as the traditional cash flow and capital returns you are assured with a Sarasota property investment.
Need some more ideas, call Lee at 941.587.0740 today!
