Saving money for a down payment on a home is no easy feat, which is why I started looking into various ways to make sure that I had things sorted out like I should. I began working with a real estate agent to chat about what to do and how to start saving, and they explained how much I needed if I wanted to avoid private mortgage insurance, and when the market typically trended upwards. It was really neat for me to see everything I could do with the advice, and saving became easier after I had a clear goal. Find out more about real estate by reading this blog.
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Looking For A Vacation Home You Can Rent Out? Consider These Three Things
Cathy Frazier
Want to purchase a vacation home, but know that you can't afford the cost of sole ownership? If so, you can make some passive income by renting out the home to others. Making a vacation property a rental home is a very popular option for property owners, and it will help to consider the following three things before making a purchase.
The Location
If there is one thing in real estate that matters most, it's the location of the home. However, what you look for in the location for a vacation property is much different than your primary residence. You do not need to be concerned about things like public transit access, the local school system, and things of that nature. Instead, you want the home to have easy access to many popular things that you do in the area. That could include being close to the water, being located downtown, or even have plenty of good restaurants and shops within a few miles of the home.
The Perks
Look at the amenities that the home offers, and how it will benefit someone that wants to rent the home for a vacation. For instance, while you may not desire a swimming pool at a vacation home, this could be a huge perk for those that want to rent from you. If you're buying a condo, look at the amenities that the building offers that could be attractive to renters. Even having a great view of a nearby lake or the ocean can be something that sets your place apart from others.
The Competition
It is worth taking a look at what your rental competition will be for the property. Take a look at the various vacation rental property websites and look at the area. You may be surprised to learn that there are several units for rent in a condo building, with the others having a better view or more square footage. A home may be oversaturated with rentals in the same community, making yours difficult to stand out. Take the time to see what your competition will be so that you are not surprised at the potential lack of interest in the property.
If you need help finding a vacation property that can double as a rental, work with a local real estate agent in the area that you are looking into. They can help guide you towards a purchase that will work great for your needs. Contact a company like Summit Real Estate to learn more.
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