Everybody wants to move somewhere nice. It’s a fact. Who would live in a dump anyway? The problem is that for most people, the cost just doesn’t come into their budgetary range. Or so they may think.
Holiday rental homes are an expanding market in the buy-to-let sector. Families want to go on a vacation, but they don’t want to stay in a hotel. So they rent.
You’ve got the whole summer to rent an oceanside home on a weekly basis for months on end.
There’s your path to adding thousands onto your yearly income, almost without fail.
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Ocean property has always been popular. Until the point the shores start to sink into the ocean because of melting polar ice caps that is, just kidding. Ocean property would still be pricey even if it were underwater.
If you want to buy a second home to rent out on a summerly basis, or have a regular tenant, you need to follow these steps.
The first step is getting in contact with a realtor. You need a quality Realtor, one who specializes in these kinds of ocean properties and the surrounding areas.
Finding a specialist such as Knight & Gardner Key West Realty for example. Contacting a Realtor should give you a few leads for finding a property that’s appropriate for your budgetary range.
From there, you should start seriously looking at how much you can afford to put up as immediate capital for downpayment on a mortgage.
If you’re looking to get a year-long tenant into the property, you have to be aware of the surroundings. Families, for instance, are going to want schools. Good schools at that.
My advice to you would be to try and balance distance and quality. If they’ve got a good school that’s a 45-minute drive from home, they’d want to consider something closer to make their lives easier.
Nobody intends to spend around an hour and a half commuting per day, especially if they’ve got a job to head to as well.
On all the suitable houses you find near the ocean, you need to make sure they’re weatherproofed. Yes, the beach can be quite sunny and calm. There is a dark side, however. Storms, Typhoons, hurricanes and the like.
If you’ve ever lived in a tornado state, you’ll know the importance of weatherproofing your home or finding one already prepared.
If you don’t, you may regret it. Your property might end up closer to the ocean, just in a thousand pieces.
I’m not sure you can have a tenant live in a pile of splinters and rubble.
If you’ve got those key areas covered you should be okay. Affordability is king, however. It’ll all be for nothing if you can’t afford the mortgage payments on the rental home.
No amount of supplementary income can change the tide if you don’t figure out the maths first.
With any luck you’ll have a tenant or a set of summer renters lined up within months of buying the property. Advertise well, and you’ll be set for years.