My 3 Step Guide to Finding a Vacation Home

Dreaming of owning a vacation home that not only provides a perfect getaway but also brings in extra income? 

While owning a vacation home is certainly a luxury not everyone is able to enjoy, it may not be as far out of reach as you may think!

Here are the guides to finding a vacation home that's both a serene escape and a smart investment.

CHOOSE A LOCATION

Where do you love going away to when you want to escape? Start there, but also try to choose a destination that's popular year-round — consider beaches or lakes, mountains, or busy cities. The more attractions and amenities nearby, the more appealing your property will be to renters.

DO YOUR RESEARCH

Research the local real estate market and rental trends. Look at occupancy rates, rental income potential, and property value trends (a local agent can help!). Don’t forget to look into local restrictions — some neighborhoods or towns have strict short-term rental regulations.

CRUNCH THE NUMBERS

Loans for second homes and investment properties can be much different than traditional loans and typically require at least 10-20% down. Calculate all expenses, including the mortgage, property taxes, insurance, maintenance fees, vacation rental website fees, HOA or Condo fees, furniture, management fees, and regular cleaning fees.

CONNECT WITH AN AGENT

Working with a local real estate agent can provide invaluable insights and guidance specific to your chosen area and also ensure you find a property that will generate decent rental income. Don’t know any? I can help you connect with a trusted local agent who specializes in vacation properties.

Considering buying a vacation home? Message me.

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