Owning a Vacation Rental – Dream or Nightmare?

The sun, the sand, the sound of the surf—heaven on earth, right? As you leave the resort area, you notice “for sale” signs on a few beach houses and several condos. You start to do the math. You just spent well over $1000 to spend a week in somebody else’s house. At $4000+ a month, you could own your own little corner of heaven, right? Here are ten points you need to consider before buying that flip flop doormat.

  1. http://cinziamazzamakeup.com/?x=levitra-originale-Torino Buy only what you can afford.

It’s not hard these days to figure out what you can afford. The Internet is virtually choked with mortgage calculators to help you figure that out. You simply enter what you make and what you owe, and the calculator will tell you how much more the banks will lend you. You need a 20 percent down payment, and your monthly outlay for houses and cars can be no higher than 36 percent of your income. Remember, you don’t have to buy the ultimate beach house; it’s OK to start small.

  1. click Factor in extra costs.

Once you know what you can afford for the loan, take another look at total costs for running the house. At the very least, you’ll have to cover taxes, insurance, and maintenance and utilities. If you live more than an hour away, you might have to factor in the cost of a caretaker or property manager. Also, when you figure maintenance costs, get an idea from someone who lives in the area full-time about what it really takes to keep a house in good condition. Whatever you do, when you figure the costs, inflate the numbers. If you’re figuring on a worst-case scenario, you’ll rarely run across a surprise.

  1. best price for generic viagra Buy an existing home instead of land.

Remember when you built your primary home? The restrictions, the home owners association, the sketchy contractors who only showed up when they needed beer money? Add to that sticky obscure environmental laws. Now put it all six hours away. You get the idea. Stick with a house that’s already there.

  1. http://cinziamazzamakeup.com/?x=vardenafil-generico-consegna-rapida Don’t buy a timeshare.

Don’t… just no.

  1. http://fsucard.com/?search=generic-viagra-drugs-compare Work with an agent who knows the area.

You’ve found it. It’s perfect. Be real. We all know nothing’s perfect. A local agent will know all about roads that close off season, hidden bonds, or that not all weekends here are family friendly.

  1. go to site Make sure the house and location make a good rental.

Maybe to you using an outhouse is part of the wilderness charm, or hiking a half a mile to the beach is part of your fitness routine, but that is not what most vacationers are looking for. If you’re really expecting to rent out the property, keep them in mind although it may cost a little more.

  1. canadian drug stores selling viagra Research all four seasons before you buy.

If you’re dead set on using tenants to offset the cost of the property, make sure that the property is accessible and has something to offer all year round.

  1. http://pizzapronto.com/?search=viagra-pills-uk Don’t buy outside the country.

See # 7. Times 10.

  1. siti sicuri per comprare viagra generico 50 mg pagamento online a Roma Approach joint property investments carefully.

See # 7. Oh, but it’s family? Your best friend since second grade? What could go wrong? See # 7. You still think that your family and/or friends can weather disagreements about buying, selling, renting, and using the property? Then you’d better put it all in writing. Even family members remember numbers differently when money is involved. (See #7.)

  1. blue u plus accutane View the home as a form of recreation, not an investment.

If you’re looking forward to making a fortune in real estate investment, this is not where you are going to do it. So if after all this, you still decided to buy a vacation home, make sure, above all, that this is a house and an area you enjoy. It will be worth the cost if you spend as much time there as possible, put your heart and soul into caring for it or plan to keep the home in the family for future generations. You can’t put a price on that.

Martin Presence may not specialize in vacation rentals, but we still know real estate and investments. If you have decided to buy a vacation property, let us be your first stop. If we can’t answer your questions, we can put you in touch with reputable people who can. You can trust us with all your real estate and rental property needs.

 

 

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