April 25, 2013 – Utah Real Estate Professionals
Purchasing a vacation home in Salt Lake County not only could be a great get-away, but it could give you an opportunity to lease when you’re not using the home yourself.
Don’t jump yet, though; there are some things to consider before signing up to be a landlord.
Since there are so many great vacations homes currently listed on the Salt Lake County area, it’s easy to become dazzled. Remember – this may be a summer home . Since it is not your primary home, purchase only what you can handle – your financing may be different than if you were purchasing your permanent residency – down payments may be larger and interest rates may be higher.
There are additional costs and fees you may run into owning a second home such as property taxes, insurance, maintenance costs and utilities.
If your vacation home is some distance from your permanent home, you may consider hiring a management company or caretaker.
All these will add to the total expenses (bottom line) of having a second home.
Not just any home is cut out to be a rental. It’s best to have us show you what properties would make the best rental properties to purchase. We’ll be able to show you which homes have been rentals, currently are rentals and which homes may be great rentals. Ideally homes with lots of cot and bathroom space make the best candidates as well as those on or extremely close to the beach.
The bottom line is when looking for your vacation home, look at it as a recreation home, not as an investment. Make sure the home you buy is one you, your family and friends can ENJOY.
Oh, and do yourself a favor and huge headache – don’t buy a timeshare. But that is a whole different article.
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