Investing in a vacation home is a great choice for both the rental property investor and the second home buyer. Vacation homes can be a destination for weekends and holidays or a source of equity and rental income. Either way, investing in a second home can bring in big dividends.
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Second Homes & Investment Real Estate
For those who want to extend their investments, a vacation home can be a smart purchase. In areas where vacation space is in high demand, a home can provide enough income to pay for the mortgage and provide extra cash. With clever management, a vacation home can actually bring in more money than a standard monthly rental property. There are many management companies available to take care of your property for you for a reasonable fee if you're unable to put forth the time and effort associated with being a landlord.
A vacation home for you and your family is a great personal investment as well. While you're contributing to your financial portfolio, you and your family will also have a guaranteed place to stay in your chosen area. Having a home to come back to can make your vacations that much easier. You will never have to deal with hotels, motels, arranging space with friends or family, or camping. You also can leave things in your home for next vacation, effectively extending your usable home space. Plus, a vacation home often makes a terrific retirement residence.
Vacation Properties: Condos, Townhomes & Houses
Condos and townhouses are popular as vacation homes, especially in desirable areas. They also tend to be more affordable for people already holding down a mortgage. Also, a condo or townhouse usually has a management company taking care of the building. This means that there is less likelihood of your property falling into disrepair, being vandalized, or being broken into.
Single-family homes, while usually more expensive and requiring more maintenance than a condo or townhouse, can be a great choice for a vacation home for buyers with a larger family or for people who do a lot of entertaining. This larger property size is often the reason that a buyer will purchase a single family home instead of a smaller and more compact condo or townhouse.
Although a house doesn't have people coming and going everyday like in a condominium, you can hire a management company to perform regular maintenance and keep an eye on your investment.
Contact us to find out more about buying vacation real estate.