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How Increased Tourism can Affect Your Vacation Home’s Value
Fred Mullins, Donna Mullins, & Erin Biby
Coldwell Banker Schmitt Real Estate Company
1201 White Street Ste. 101 Key West, FL 33040
Direct: 305-745-9440
Email: mullinsf@bellsouth.net
Website: www.lowerkeys-homes.com
 
 
How Increased Tourism can Affect Your Vacation Home’s Value
 
With more tourists come more dollars, and, certain factors come into play. Vacation homes in such prime locations enjoy many benefits and distinct advantages over homes that are further away from the action. Here’s how increased tourism can affect your vacation home’s value:
 
 
 
●More business means more need for housing. As businesses expand, so does the need for employees, who, in-turn, need housing. That spurs new residential developments which go to fund local taxes, offsetting rising land values.
 
 
 
●Increased tourism injects money in the local economy. With more money coming into the local economy, destination spots look to capitalize where possible by expanding. Such expansion means more is offered to visitors, who take advantage.
 
 
 
●As a destination becomes more frequented, property values increase. Property values in localities where tourism is an ever larger source of revenue rise steadily. This means that equity can be built at a faster rate, giving you more leverage for other endeavors.
 
 
 
●The land value of your property will simultaneously rise. Even if your vacation rental isn’t among the top tier, your ace ... more

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