A vacation home is so much more than a way to escape the stress of city life. According to recent statistics, at least one third of the people who invest in second homes buy them because they make sound investments. Whether you’re looking for a timeshare, a rental property, or just a place to get away from it all, it’s always a good idea to research the vacation home market before you buy.
If you’re looking for a sound vacation home investment, it’s wise to buy a second home within a few hours of a major city. It’s also a good idea to purchase a home in the heart of a rich cultural community. When you buy a home near outdoor recreational facilities, popular tourist attractions, or special annual events like film festivals, you’re investment practically pays for itself.
According to the research conducted by EscapeHomes.com, some locations are better than others when it comes to vacation property. These locations are considered “hot” because the homes in these areas have appreciated in value at least ten percent for several years in a row. The most popular second home markets today include: Ashland, Oregon; Asheville, North Carolina; Park City, Utah; and Daytona Beach, Florida.
If you want your vacation home to pay for itself, experts recommend you rent it out at least 15 weeks per year. One of the best ways to advertise your vacation home for rent is to use internet marketing strategies. Placing your rental property on just a few websites will significantly increase occupancy rates. When possible, it’s also a good idea to avoid using property management companies, as they tend to take around 60 percent of the rental income.
- Search for Lenders
- Earn Easy Miles from Refinancing Your Home
- Credit Cards that help pay off mortgage