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If you've toyed with the idea of buying a Kamloops vacation home as an investment, now is the time to buy. Home prices are low, financing is good and inventories are bulging.
Vacation homes make good sense if you are in the market for an investment. First, if you are looking for a good long-term investment, real estate tends to be a good bet. Second, vacation properties have the ability to pay for themselves, and owners often earn a profit in rental income. Lastly, the investment comes with the desirable perk of having a place you can escape to.
Vacation rental space is the place more travelers are opting for instead of hotels. It's a bargain getaway with all the comforts of home.
Here's why you want to look to move on that vacation rental now:
Property prices are as low as they've been many years. Procrastination won't keep them low instead it will only keep you from buying low before prices begin to go up. Don't look back years later regretting that you didn't act when prices were at their lowest.
Bottomed out Interest Rates
Mortgage interest rates are currently low on non-owner occupied properties. It is inevitable that they will begin to climb so don't lost out on low rates. Lower rates will keep your monthly payments lower and the ability to keep more of that rental income in your pocket.
There are many buying opportunities in the vacation home market. The economy and slow housing market has left a lot of inventory open with either sellers looking to move on or up or foreclosures to take advantage of.
Just be sure to make sure it is legal to rent a home out as a vacation home before falling in love with a property. Some areas may not allow short term rentals.
Renting a vacation home is easy
Vacation rentals are more popular than ever, thanks to their home-away-from-home allure but also because the Internet has made them exceedingly visible.
More consumers are choosing to stay in vacation homes rather than cramped hotel rooms for family vacations. As demand for these vacation homes have soared, organizations such as HomeAway.com have rose up to help connect vacation homeowners with potential renters.
HomeAway.com and other home vacation portals can help you market your new vacation home by posting photos, descriptions, testimonials and other marketing information to attract vacationers. You can also manage complaints, cancellations and reservations online.
Beat the 2011 Peak Season
The longer you wait to buy, the more likely mortgage rates and prices will rise and the good properties will be snatched up. By buying now, you will also have a reasonable time to get your new home ready for guests and start marketing it to potential renters.
While most inquiries for renting come in between January and March, the rental fees generated during the twelve weeks between Memorial Day and Labor Day can potentially pay your mortgage for the entire year.
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.