San Diego, CA (PRWEB) April 16, 2013
The Real Estate Marketing Insider today released its Top 4 budget-friendly tips for investing in a vacation home. According to a press release in MarketWatch, a new Trip Advisor survey shows that nearly half of all U.S. travelers have stayed or are planning to stay in a rental home in 2013, up from 46 percent in 2012, and 40 percent in 2011.
With thousands of travelers looking for a vacation rental by owners, 2013 could be a great year to invest in a vacation home and collect rental fees all year long. Here are some tips that will help potential buyers make an economical decision on this matter.
1) Remember, it’s your vacation home too. The best way to get great value out of your vacation home purchase is to ensure it’s a place where you want to spend time yourself. Many investment professionals say that a vacation house will never provide the same returns as a well-diversified portfolio. If you plan to rent out your vacation home to earn extra income, just make sure it’s in a location that you would benefit from frequently visiting, too. It will be worth the cost if you plan to spend time there and enjoy it with your family and friends.
2) Don’t build new. Building a house from the ground up could be an especially frustrating endeavor. You would need to navigate through the complex world of local building restrictions, homeowners associations, and unfamiliar contractors. Even the plants you choose to grow on your property could become a point of contention with local commissions. You’ll likely find it much easier to keep your investment costs under control if you purchase a home that’s already built in your desired vacation locale.
3) Be familiar with the location’s seasonal variation. Before you buy, make sure you take the time to visit at least once during each season. You might learn that certain important roads near your mountain chalet completely shut down during winter. You might also find out that the air at your beachfront property’s town smells terribly of fish at the peak of summer. You must have in-depth knowledge of any potential drawbacks that might affect your rental property at any point during the year.
4) Make sure the home suits the vacationer's needs. Perhaps you like to travel off the beaten path, and need minimal amenities to be content. However, most vacationers will want something much different. A full kitchen, extra sleeping options like a sleeper sofa, and internet access are all things the 21st-century traveling family often needs. A good rule of thumb is to think of your vacationer as someone who wants to be within walking distance of most local attractions and activities. This also helps you create a more effective real estate marketing plan. Properties that fit the bill may be more expensive, but they make better rentals because they offer everything the vacationer is looking for.
With U.S. travelers increasingly choosing rental homes for their vacation lodging needs, purchasing a vacation home has become a great option for buyers who wish to invest in real estate and earn rental fees too. REMI recommends that budget-conscious buyers choose a pre-existing home in a location that they enjoy, become familiar with the location’s seasonal changes, and ensure the home is well-situated with modern amenities.
About the Real Estate Marketing Insider:
RealEstateMarketingInsider.com is a website that provides of-the-moment real estate marketing analysis and advice for potential home sellers and buyers, as well as real estate professionals.