If you’re thinking about buying a vacation investment property on Martha’s Vineyard, here are some tips on how to select the best vacation home for you.
What type of landlord do you want to be? Do you want to be an investor landlord who rarely or never uses the property? If so, you’ll want to look for an investment property with high income producing capabilities. Or maybe you’re already a regular vacationer on the Vineyard and want to use the home a couple of times a year, share it with friends and family, and have the option of renting it out. If you plan to retire on Martha’s Vineyard, you’ll want to take advantage of the real estate market, interest rates, and your financial status. In the meantime, you can either use the property when you’re on vacation or use it solely for rental income to build equity.
How much house can you afford and do you need cash flow right away? Are you in the market for a cozy summer cottage, luxury oceanfront property, or maybe something in between? Be sure to take into consideration the additional costs for maintaining the property, the current condition of the home, and any immediate needs for repairs. If you’re going to rent out the property, ask your real estate agent to pull some comparable rental rates.
If you have any questions about buying a Martha’s Vineyard vacation home, contact Ocean Park Realty. We can help you make the most of your real estate investment and share our local expertise with you.