July is the perfect time to dream about owning a vacation home or investment property. With warm weather and a surge in tourism, summer is an ideal time to explore properties that can serve as your personal getaway or generate rental income. Whether you’re picturing a cozy cabin, a beachfront retreat, or a property in a thriving rental market, vacation homes and investment properties offer unique benefits.

Here are three essential tips to help you get started on your journey to owning a second property:

1. Determine Your Goals

Before you start searching, decide what you want from your investment.

• Vacation home: Are you looking for a personal retreat where you can unwind? Consider proximity, amenities, and how often you’ll use it.

• Rental property: If rental income is your priority, research areas with high demand for short-term or long-term rentals.

• Combination: Some properties can serve as both—your personal getaway when unoccupied and a source of income when rented out.

2. Evaluate Your Budget

Buying a second property requires careful financial planning.

• Factor in costs like mortgage payments, property taxes, insurance, and maintenance.

• Plan for seasonal expenses, such as heating in the winter or lawn care in the summer.

• If you’re renting it out, account for potential vacancy periods when calculating income.

3. Work with a Local Real Estate Expert

A knowledgeable realtor can help you find the perfect property and guide you through local regulations.

• They’ll help you navigate zoning laws, rental rules, and market trends.

• With their expertise, you’ll avoid common pitfalls and make an informed decision.

Dreaming of a summer escape or a smart investment? Let’s find a property that fits your lifestyle and goals! Reach out today to get started.