Posted: August 30, 2019 by Coldwell Banker DAnn Harper
It’s that time of the year again – back to school season. While your summer vacation may be a far-away memory, here are a few tips to keep vacations – and vacation homes – top of mind.
Vacation homes are great real estate investments. Owning a home has always been considered an excellent long-term investment with a steady rate of return over time. If you rent out your vacation home, you can offset your payments with rental income, building equity more quickly. Keep in mind, mortgages on second homes can be higher, but take advantage of dropping rates to offset the difference. And if you have more than 50% equity in your current home, tap into that for a down payment. Connect with one of our trusted mortgage advisors for more details on financing a vacation home.
Recon is critical. San Antonio was recently ranked a top spot for vacation rentals by AirDNA, a leading provider of vacation rental data. Criteria analyzed included rental demand, revenue growth, seasonality and ROI on investment. You may be familiar with all that San Antonio has to offer, but if you have your sights set on a beach or lake home, firsthand knowledge is key. Plan to spend time in your target town several times over the course of the high season and off-season. Ask one of our Coldwell Banker D’Ann Harper, Realtor agents for help – they would be happy to hit the road with you!
Property managers can be well worth the investment. If you are handy around the house, managing two homes is just twice the work. But property managers provide additional services that you may not have experience with such as vetting tenants, navigating leases and securing local services for timely repairs. If you don’t mind the sweat equity of managing your own vacation home, you can pay off your home more quickly. But if time is more valuable to you, consider speaking to one of our property managers.
Off season is the best season – to buy that is. The fall is often time to make a deal. Property owners looking to offload a vacation home may be inclined to lower prices in order to avoid maintaining a home in the off-season. Similarly, owners who couldn’t sell in the fall, could be even more included to accept a lower bid during pre-season.
So don’t put away your bathing suit or fishing rod just yet! Take advantage of low mortgage rates, your home equity and the potential to make a deal and you may be the owner of your very own vacation home before you know it. (Sunscreen not included.)
Coldwell Banker D’Ann Harper, REALTORS® can be reached at (210) 483-7581 or firstname.lastname@example.org and has been an affiliate of the Coldwell Banker franchise system for over 30 years.
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