Prestigious second homes can live a new life thanks to the “tourist rental”: why make your villa an income property.
The term “tourist rental” indicates a contract method through which you can temporarily rent your property for tourism purposes hosting foreigners who spend their holidays on our Garda Lake.
In the last ten years, this trend towards sharing second homes has taken hold more and more, representing today a very widespread and alternative reality to hotel and extra-hotel accommodation solutions.
A lot of offer for an increasingly demanding demand
The offer of second homes used to welcome foreigners on holiday on Lake Garda is very wide. Just do a brief search on the main Online Travel Agencies (OTAs for insiders) such as Airbnb or Booking to verify that there are hundreds of proposals scattered throughout the coast of the lake.
You you can’t keep track of solutions in small apartments. But by increasing the number of filters refining the characteristics of the property, the number of results significantly decreases. The trend, exacerbated by the consequences of the pandemic, is based on a very clear demand from the foreign customer: large and private spaces, garden, swimming pool, being able to reach the lake comfortably on foot.
We therefore speak of a conscious and demanding request that identifies the Villa on the lake as the ideal solution to spend a medium / long-term holiday and enjoy a taste of life in perfect Italian style.
The typical guest is an “extended” family between the first and second generation or between sibling families; often a few friends are added, stopping for a few days before resuming their journey.
Spaces that accept animals are highly requested. And we can guarantee it from experience: educated human owners bring super-educated four-legged companions with them.
The more prestigious the property, the more easily it will arouse the curiosity of those who sail dreaming of a holiday on the lake. And the greater the perceived value of the experience, the higher the price the guest will be willing to pay.
This is how some family villas abandoned for years to the wear and tear of time can live a second life preparing to welcome unexpected guests of respect. The prospect of a “prestige sharing” implies a selection of the properties as much as a selection of the guests themselves who will live there. A sort of mutual correspondence that requires careful attention to detail and a predisposition to second chances.
A small real estate jewel can regain its luster with modest restyling interventions and align itself with the high quality standards required by the foreign clientele for which it is intended.
Why make your villa an income property
There are two good reasons that drive the owners of disused villas to transform them and give them new life. The first is the affection for a dear place that we begin to perceive as abandoned or neglected. The second is the desire to revive it through the enthusiasm and joy of guests who dream of living in those places.
Only those who have loved their home can understand that transforming it into a temporary prestigious residence for foreign guests is not a mere commercial operation.
Making a family villa income cannot be considered a classic real estate investment. From an emotional point of view, the approach is completely different and also from an economic point of view we have to think about timing and other numbers.
The priority economic objectives are in fact to obtain a positive balance being able to amortize all the maintenance costs of the property. The Single Municipal Tax (IUC) on second homes, especially if classified as A8 or “dwelling in villas”, can amount to several thousand euros per year, and it is not the only “fixed” expense that is imposed on a property disused.
Ordinary maintenance is in fact the second item of the balance sheet under the item “expenses”: insurance policy, garden, swimming pool, but also fixtures and systems require limited but constant investments in order not to run into unexpected four-zero expenses.
All these charges can be covered by the revenues deriving from a correct management of the tourist rental. And the greater the value of the experience offered, the greater the economic return.
And last but not least, a priceless advantage: seeing your villa alive, well cared for, loved again.