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Ten Things to Consider When Purchasing a Vacation Home for an Investment

By
Real Estate Agent with Western Shore Realty, LLC

If you plan to purchase your home and rent it out for extra income below are some things you should consider when you select your vacation home.

•1-      County Codes

Make sure you check with the County on restrictions recently a county in Hawaii came out with a law to ban Vacation Rentals from the entire County.

•2-      Neighborhood Restrictions

Some neighborhoods and condos have restrictions on renting property. They feel it adds traffic and noise to the neighborhood.

•3-      Competition/Pricing

The best place to go for this is Homeaway.com. Just look up your city and you will find all rentals in the area. I used this to decide whether or not to rent my home out. There wasn't any competition at the time which worried me but I managed to rent it out 90% of the year last year. Now more competitors have entered the market. Some markets are saturated like in Orlando which may make it difficult to keep it rented.

•4-      Distance to Attractions?

When people contact me to rent my home this is what they are looking for:

•·         Shopping

•·         Wineries

•·         Museums

•·         Dining

•·         Large Cities (Washington DC)

•·         Nature Trails

•·         Beach

•5-      Uniqueness of Property

The amenities below are the most desired in my area:

•·         View

•·         Beach Access

•·         Privacy

•·         Woods and Nature

•6-      Condition of Property

Look over the property to see what you have to do to get it up to being an enjoyable property for your guests:

•·         Updated Kitchen

•·         Updated bath

•·         Nice Flooring

•·         Fresh Paint

•·         Character of the interior (molding, window seat...)

 

•7-      Fireplace

Most people like wood burning fireplaces or stoves this makes it more rentable if you have cold winters.

•8-      Outdoor Living Space

The home should at least have one outdoor living area for guests to enjoy:

•·         Screened Porch

•·         Open Air Porch

•·         Deck

•·         Patio

 

•9-      Curb Appeal

The home must have curb appeal because when you advertise this will be what the gusets will see:

•·         Landscaping

•·         Paint/Siding

•·         Cottage look or some other unique look

 

•10-  Desirable Neighborhood

Make sure you choose a desirable neighborhood since your home may be vacant. Also you can include photos in your advertising.

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