Vacation Home, Investment Property All In One
Not long ago some friends asked me whether owning my lakefront home was worth the extra cost given the amount of time spent vacationing at the property. My response was yes, because it costs a lot less than you might think. As my friend pointed out it is precisely the fact that we are not always there that makes the difference.
You see, lakefront property or ski homes can have a higher initial price tag, costing up to double or more than a principal residence but you may reside there for only a few weeks per year. The trick is to look at the property as an investment property and rent. Of course this scares some people, who have no desire to be landlords. Often, however, that doesn’t need to happen. Many vacation home properties have onsite rental programs, for example properties associated with Attitash Mountain Village can be included in the rental program there. If your vacation property isn’t part of an association with a rental program prime vacation regions like the Mount Washington Valley have plenty of property management companies that can take care of business for you. Of course we would be more than happy to help you put together a plan that will change the bottom line and bring that vacation home well into your budget.