If you’ve been thinking about purchasing a vacation home for investment purposes, at least one expert thinks it’s time to stop procrastinating. Now, she says, is the time to buy.
“Vacation homes are almost always a good investment,” says Christine Karpinski, author of How to Rent Vacation Properties by Owner, 2nd Edition. “There has never been a better time to buy a vacation home—it’s like the planets have all lined up perfectly.”
Karpinski, who owns vacation homes in several parts of the country, says that she is looking for new properties herself. Here’s why she thinks now is a great time to go vacation rental house-hunting:
- Inventories are flush. The housing slump has had one positive result: there are plenty of available properties. Once you decide on location—ski resort, beach, mountains, etc.—you’re likely to find many properties from which to choose.
- Prices are affordable. Karpinski says that in many parts of the country, prices are the lowest they’ve been in five to 10 years.
- Interest rates are favorable. Take advantage of the historically low interest rates while they last.
- It’s never been easier to rent. Vacation home rentals are very popular, as more and more consumers choose to stay in cozy cabins and chalets instead of impersonal hotel rooms. And organizations have sprung up to help match vacation home owners with potential renters.
- If you buy now, you’ll be ready for the 2011 season. Buy now, and you can get your property ready to rent during peak periods. Karpinski says that many vacation homeowners earn enough money between Memorial Day and Labor Day to pay their mortgages for an entire year—and inquiries come in between January and March.
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