It is estimated that more than 1.13 million vacation homes have been sold last year alone in the United States. The sales of vacation homes made up to 21 percent of the residential sales during the year 2014. There are a number of reasons to buy a vacation home. It might be a great investment option financially and it is not a decision that can be taken easily. The amount money involved is one of the most influencing factors. The Colleton river real estate has lots of options available if you are looking to invest in vacation homes. According to the vacation, rental manager’s association website http://www.vrma.com/trends more than 22% of the travelers chose to stay in vacation homes. They choose this as an alternative more than the expensive hotels.
Some investors prefer to rent their vacation homes when they do not use. This looks like a very good option as renting out the vacation home helps in covering up the costs incurred to buy the vacation home. If you are looking for rental income specifically, you can rent out the property more frequently for covering up the expenses. To do this, you need to choose a home or community that allows the user to rent out their property and at the same time helps you to take advantage by setting up the necessary requirements for the person who is going to stay at the home for their vacation.
Before you take the plunge into buying the vacation homes, make sure that you are confident about what you are buying. Make sure that the home you are buying can be used as rental property. Check with the local authorities before buying the home. Calculate the costs that are involved in maintaining your house as holiday home such as paying the utility bills, furnishing the house, the amenities you would like to provide etc. it is important to check these as it might be a huge amount than you think to make sure that everything is available.
Always keep a rental amount that is realistic. If you are part of a resort, they might take a small percentage of the rental income towards themselves. Ensure that you factor these before you calculate the income from the rental property. Take into account how many times you would be visiting the house so that you are able to stay there enough as well. Plan well for any emergencies that might arise. Make sure that if you are not available, someone is there to help the guests if they need anything. Especially repairs and a handyman to do the maintenance work at home is very important.
If no one is using your home, it has to be protected well. Vacant homes are attractive sources for thieves. Your house should not look empty from outside. Arrange for someone to pick up the emails and other files that might be sent to home so that it doesn’t look obvious that no one is there. Tie with an agency for a rental business plan. They can help you attracting tenants as well as take care of everything for your home.