Did you go to the beach this year and wish you could go more often?  Have you thought about buying a vacation rental? 

With rates and prices still low, jumping in to the vacation rental market as an investment can make sense as long as you know the place is one you'll want to return to year after year and you can collect the amount of rental income you need. Take these steps to make sure.

Size up the market: Some vacation-rental markets might be on the cusp of recovery, which might not be reflected in sales prices.

Assess the rental prospects:  The average rental for a vacation property is 19 weeks per year, but that doesn’t mean you’ll get that much action.  Is the rental near tourist attractions?  Is it decorated in a way that will attract renters?  These are all things to consider before buying.

Figure out financing: Many vacation homes are bought with cash, but that does not mean that these types of investments are only for the super-wealthy – check out your financing options.

Add up all the costs: Besides mortgage, property taxes, insurance, homeowner association dues, utilities, and maintenance, you may need to knock at least 15% off your rental income for a property manager.

We love our property at the beach.  If you are interested in learning more about vacation rentals in North Carolina or South Carolina (the two states where I’m licensed), or anywhere else, I can match you up with an agent that specializes in the area.  Please just give me a call – it’s all part of my concierge service.