Here are three tips you can use to buy a rental property for the summer months.
Many people are excited about the prospect of vacation properties, and with good reason. VRBO says that August is the best time of year to buy your vacation rental property because you have 155 days to purchase it and have it ready for rental by January, when people start booking their applications.
Here are my top three tips for buying a vacation property:
1. Know your finances. Did you know that you can buy a vacation property for as little as 5% down? Though 10% down is the average, there are plenty of lenders out there who have many options available.
2. Know the area. Some cities and towns only allow you to have nightly rentals in specific neighborhoods. Make sure you’re familiar with those laws and also remember to do your due diligence when purchasing vacation properties. For some situations, you might consider doing a Geotech study that will allow you to check the stability of the land in areas that are prone to landslides. For areas like the eastern half of Washington, wildfires might be an issue, so make sure you know how to protect your investment with the proper insurance.
3. Hire a professional broker. You need to work with someone who is very familiar with the area, can save you time, energy, and money, and who will be able to help you with all of the above information I discussed.
If you’d like to purchase a vacation rental property here in Washington State or anywhere else, please reach out to us. We’re happy to connect you with professional, local brokers who can help you purchase your property.