10 Tips to buying a vacation property
Here are ten tips that we provide to our customers about buying a rental property here in the Mount Washington Valley. At Select Real Estate we feel it’s important to review these tips before considering a vacation home purchase.
Eidelweiss Village in Madison has some great opportunities for waterfront and views. North Conway and Bartlett have some great homes that could work very well in a rental program. The choice is up to you.
1. Buy because you want to own and enjoy a vacation property. This should be your most important motivation for buying. You don’t really need to buy a vacation property because you can always rent, but this is what you want.
2. Make an informed decision. This is a major purchase which you should not buy on emotion or whim. Do your homework so as to avoid a costly case of buyer’s remorse.
3. Diversify your investment portfolio. Real estate has always been a great investment. Although your property value can go up or down, it won’t go away! It’s an investment that you and your family can enjoy for many years.
4. Rely on a team of professionals. A Realtor® can provide you with valuable information about vacation property, the area and local services. You should also consult a bank or mortgage company for pre-approval so that you know exactly what price range to consider when buying.
5. Find a reputable rental agent and property manager. Your rental agent and property manager should be considered your business partners. This is a working relationship that benefits all of you. They are there to watch, clean, maintain, repair and rent your property.
6. Rent yourself. In addition to having a rental agent, you may also want to get extra rentals yourself. These may include family, friends, co-workers, etc. For a little extra work, this could put thousands of dollars in extra rental revenue in your pocket.
7. Delegate cleanings to your rental manager. Don’t spend your entire vacation cleaning for your next guests to enjoy your property. Let your rental agent or management company take care of all of the dirty work for you.
8. Trade vacation properties with other owners. Home swapping has become very popular as it is a way of inexpensive vacationing. Just think of all the places you could go and unlike timeshare, you have all 52 weeks of the year to rent, trade, or use.
9. Internet use. Advertise on the internet. It is the perfect technology for you to rent or trade your vacation property.
10. Reserve time for you and your family. Enjoying your vacation property is the primary reason to own. As a homeowner, you have the privilege of blocking out your property for you and your family to use for vacations and getaways throughout the year.