Wednesday, August 22, 2012

Vacation Rentals

Rented house(Photo credit: lyman erskine)
Buying a vacation home is more popular than it has ever been. Today, more and more home owners are buying second homes and renting them as vacation properties. Consider buying one of the many vacation rental homes in the United States and make an investment in your future financial stability. Homes in the the United States are perfect for vacation rentals and can make you money on your investment if you maintain the property and rent it out wisely.
First, determine if a second home is right for you. When searching for a vacation home, you should take an inventory of what you enjoy doing on your vacations. Do you like taking cruises, train vacations, hiking or something else? Will you be able to partake in these activities in your location? Also, think about how often you will be able to visit and how convenient the location is. If you will be visiting often, you probably should choose a location relatively near you. If your lifestyle requires you to live near the city, don’t choose a vacation home in the rural, outer reaches of town.
Vacation homes are generally appreciating in value according to market values. Get the most out of the current state of the real estate market by making the right decisions about maintaining your new property. You certainly should have a professional inspection done before you buy the property by a trained professional, so you save on major repairs in future years. You certainly wouldn't want to put costly repairs on future generations either!
Next, determine how you are going to manage the property’s general up-keep. You can choose to do it yourself if you are close enough, or you can hire a property manager. If you would like to save on the large fees property managers often require, consider hiring a cleaning service and a lawn care service instead.
Another tip is to provide renters will general maintenance tools to fix problems themselves, and if major appliance problems occurs, hire a repair person to visit the property. Finally, for large problems, get second home insurance. Remember that because of the nature of vacation homes, second home insurance is usually more expensive than primary home insurance.
Some final advice to get the most out of your vacation rental property: rent your home for no more than 25 week and no fewer than 17 weeks per year. If you fall outside of these numbers, your house will either get too much wear or not pay for itself financially. As you rent, make friends with your renters because people are more likely to take care of a home that belongs to someone they like. Also, if you do make contact with other rental property owners, you may get a chance to trade properties and experience other areas of the country.
Vacation rental homes in the United States are great for someone looking to make extra money off of a valuable investment. There are many advantages to buying a vacation property you may not realize at first. Join this trend, and learn why so many people love owning vacation rental homes.

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