Buying a vacation home can be a great way to make an investment as well as enjoy spending time in your favorite part of the world. And with the rising popularity of rental avenues like Airbnb and VRBO, there’s never been an easier way to book your property when you’re not using it.
Here are some things to consider when weighing whether to buy a property:
- Make sure it can be rented out: Some condo and neighborhood associations forbid short-term rentals. Familiarize yourself with the rules before you buy.
- Ensure you can get a good return on your investment. Research rental rates in the area and do the math to make sure you will get back what you put in.
- Weigh the expenses if you want to rent it out, including cleaning fees and surcharges for rental sites like Airbnb.
- Analyze how much you will really visit to determine if buying a vacation home is right for you. Look in an area you love and will realistically visit often to make the purchase worthwhile.
- Make a plan to protect the property when you’re not there.
- Consider auxiliary expenses, like buying furniture and recreation equipment like skis and kayaks.
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