2 Things To Consider Before Purchasing A Vacation Home You Plan To Rent Out
If you have reached a point in your life that you are financially stable, you may decide that you would like to purchase a vacation home so that you and your family have a place to go when you want to get away from it all. However, because you do not want the house to sit empty for the rest of the year, you may be thinking about the possibility of renting it out when you are not there. However, before you start the process of purchasing a vacation home for this purpose, there are a couple of things you should consider first.
1. Find Out the Laws and Regulations Regarding Vacation Rentals in the Area
One of the most important things that you need to find out before you choose and purchase a vacation home that you wish to rent to others is the laws and regulations involving rentals. Just because you own the property does not automatically mean that you can do whatever you want with it, especially in regards to renting it to other vacationers.
Depending on the location of a potential house you wish to buy, the zoning laws may not allow for commercial use for a home, including using it as a vacation rental. Even if the zoning laws allow it, if the home is in an area with a homeowner's association (HOA), they may have regulations against it.
2. Make Sure You Have Plans for the Home's Upkeep
If you find out that the laws and area regulations allow for renting out vacation properties, the next thing you need to consider is how you plan to keep up the house when you are not there. This is especially important if you are halfway across the country and cannot visit the home often.
Search around the area to see what services you may be able to utilize to keep the property and house maintained. For the landscape, you can seek out someone to mow the grass and trim the trees. For interior problems, see if there is an on-call maintenance service that you can use. If the house is in an area where vacation rentals are popular, your real estate agent may be able to help point you in the right direction.
If you plan to rent out a vacation home while you are not using it yourself, you need to fully research the area and make plans to ensure the house is kept up. For more information about the process, contact a real estate agent who lists vacation homes for sale to seek their advice.