Tips for Buying a Vacation Home
1. Consider how you'll be using the home. Will it be for family and friends, or do you want to rent it as well? How many times will you use the property during that year?
2. Evaluate your location. Are their enough amentities to attract future renters.
3. Talk to the locals. Get to know the locals and determine what's changing in the area.
4. Study local laws. There could be a cap on the property restricting you on rental periods.(Three 3 a year vs to 12 annual leases)
5. Calculate costs. Along with your mortgage, insurance, property taxes, and assocaition fees, and plans for wear and tear.
6. Talk with your accountant of rental income and tax laws.
7. Work with an experienced agent, like myself, to direct you through this process.
8. Take your time but watch the market.