I’m not sure there are too many people out there that wouldn’t want to own a vacation home by the beach. Most people think that it is not possible given the price of properties. That may be true if you only use the home yourself and have to pay the mortgage, utilities and upkeep all on your own. But if you give up some time in the summer season and rent the property other people will help you pay for your vacation home.
We have worked with many people that purchase a home on Cape Cod and rent it out in the summer. Then they eventually sell their primary home and retire full time to Cape Cod. In some cases, they have made so much each summer in rental income that when they sell their primary home, they end up buying a home in Florida so they split time.
Lets look at this math here. If you purchase a home at the average price here on the Cape of $600,000 and have a mortage, insurance and tax of $2,490 per month that is $29,880 a year. Most homes here can make $25,000 on up to a hundred thousand in a summer season depending on the property and location.
So, if you decide to take advantage of this great opportunity that renting your vacation home allows be sure to seek council with us. We have been renting, renovating & helping clients buy and sell homes here since 2005. We have found that being involved in all areas of real estate here has made us have quite an advantage helping our clients over other agents and brokers. Typically, they are only sellers or only rental agents. Not both. They may know the sales market but be way off with their rental estimates. Others may see the potential in a home that would be a great rental home but not understand the cost & best use of renovating it to fully see that potential.
We rent our own home and we easily make $30,000 in a season and we still use and enjoy it. If you have ever thought about owning a vacation home but think it is going to cost, you too much perhaps renting it in the summer season would make it within your reach.
Feel free to reach out to us if you have a home of interest and want to know its rental potential.
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