PA Real Estate Blogs

Follow These Steps to Owning a Financially Rewarding Vacation Home!

Purchasing a vacation home can be one of the most enjoyable real estate investments you will ever make

Do your Research

· Locate high rental demand markets

· What is the supply of available units?

· Rental rates being obtained for unit

· Length of rental season in weeks

· Local laws, licenses, permits and zoning

· Study the- HOA or Condo Association rules, regulations, and financials

· Marketing – how will I reach the travelers to rent

· Read the travel blogs for guest experiences at location or community

· Talk with the neighbors and owners in the community

· Ask your Realtors for a 6 month history of sales, prices realized, days on market, market condition in area.

Where will you guest travel from? What geographical location and how will they get to your rental- car-plane- boat are factors to consider?

Talk with your tax Consultant: regarding personal usage regulations, tax deductions

Talk with your insurance agent: Get a quote and additional information on vacation rental property insurance, vacant home insurance, security system discounts, and liability insurance.

Talk with your Attorney: Get advice regarding type of ownership, individual, LLC, corporation or partnership” pros and cons” of each type.

Talk to your Bank: To determine what you can comfortably afford and loan pograms available.

Locate a Realtor: Find a Realtor with a proven experience in the vacation home sales to guide you through the process

Hire an Expert to Consult: They will give you insight in setting up your vacation home “Business” for success

Create a Budget: Project cost for expenses annually and design a budget to fit your needs.

Cash Reserve: Established a 6 month reserve.

Search Properties: Look at many available properties, and determine the best bang for the buck.

Great Views and Location Rent Best: It’s all about the location for great revenue generation.

Emotions Get in the Way: It’s a business do not let emotion make business decisions

Rent at the Location: Stay at the location where you wish to buy to learn about the surroundings area.

Management: Self manage or hire a vacation home expert Manager

Advertise: Make a Web Page (sample) www.stthomascondorentals.com

Buy Wise, Buy Smart, Buy to Enjoy!

Sand & Company Real Estate

www.PaRealEstate.com