If you’re one of America’s approximately 5.5 million vacation property owners, or if you are thinking of buying a seaside villa or a condo on the ski slopes, take some advice from an expert.
Here are 10 tips for “would be” and current vacation property owners:
1. Buy because you truly want to own the property, there’s a lifetime to fun, excitement, pride, status and enjoyment in ownership.
2. Don’t buy to “make a killing” in real estate. Those days are gone with the high inflation of the late 1970s and early 80s and with the Tax Reform Act of 1986.
3. Calculate cost of ownership before you buy. Include taxes, mortgage, utilities, management fees, regime fees, association fees, maintenance, furnishings and insurance.
4. Don’t buy on impulse. Research the resort. Talk to present owners.
5. Find a good management company. It’s tough to take care of a condo when it’s hundreds of miles away. Your property manager is your business partner.
6. Rental income can help pay your hefty property expenses.
7. In addition to rentals your manager secures, get some yourself. With just a little work, you can put thousands of extra rental income dollars in your pocket.
8. Try trading. Trade a week at your property to an owner at Aspen, CO or Amelia Island, FL.
9. Save the best weeks for your personal use.
10. Showcase your Alabama vacation property on the Internet. It provides global reach to millions to help owners rent, trade or sell their vacation properties.
For free information on showcasing your vacation property on the Internet write: Vacation Value Online