What You Need To Know When Buying the Perfect Vacation Home.
A few years ago with beach home prices on the rise owning a vacation home seemed like nothing but a dream. Now in this Buyer’s Market the dream of owning your very own vacation home can be a reality for more and more people. The National Association of Realtors says investment homes represent 23% of all homes purchased and 13% are vacation homes.
When considering the purchase of a vacation home, closely examine your finances and do not relay too heavily on anticipated rental income. Be realistic, the vacation home will not pay for itself immediately. It is recommended that you adjust the rental rate to be 10%-20% higher than your monthly mortgage payment. Other things to consider, you’ll have to hire someone to manage your property or contract maintenance and cleaning personnel. Considering investing in a condo where routine maintenance is included in association dues. The extent of what is covered in the association dues is specific to each community.
Don’t forget to research the area in which you are considering purchasing your vacation home. EscapeHomes.com rated Myrtle Beach #1 in Top 10 Second Home Markets and MSN Money placed MYRTLE BEACH in the Top 10 Places to Buy a Second Home. We know the appeal of the Myrtle Beach area and are not surprised by our continued recognition and desirability. Inevitably, the purchase of your own vacation home allows you to also reap the benefits of enjoying the home and the area. Be cautious when weighing the benefits and calculating the risks.
If you are interested in speaking with someone further about investing in a vacation home, call SC Beach Real Estate at 843-492-4411.
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