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.