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3 Tips for Choosing a Vacation Home

A vacation home can be a great investment in both terms of financial gain and enjoyment. But, before you buy, here are a few tips for you to consider. 

1) Make sure it's rentable.

Whether you’re interested in renting your place out or not, it’s always a good idea to buy with renting in mind. After all, a vacation property’s rental potential will certainly affect its resale value.

You’ll want to ensure local ordinances allow for short term rentals, and that your property is in a location and condition that’s attractive to renters. But don’t rely on rental income alone. While renting can be a great source of income, it’s rare for rental revenues to cover all the costs of owning and operating your vacation home.

2) Be realistic about price.

Remember that a vacation home is icing on the cake, not the cake itself. Remember, too, that due to the real estate collapse of recent years, banks are imposing stricter requirements on loan applicants investment home or second properties.

Before you commit to a big, beachfront home, be sure you have enough cash flow to make the down payment and cover your new mortgage, in addition to all of the other costs associated with homeownership.

3) Do hands-on research.

It’s obvious you shouldn’t buy a vacation home sight unseen. But more than that, you shouldn’t buy a vacation home unless you absolutely love the area. Since a vacation home is a long term investment, and since you’ll still own (and pay for) your vacation property in the off season, it’s important to get a full experience of the surrounding community before you commit.

There you have it, three quick tips for choosing a vacation home and, if you're planning on doing so, be sure to give me a call at 425-205-0791 or schedule an appointment on my website!


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