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Buying a Condo as a Vacation Rental Home
The reasons for and against buying a vacation rental condo instead of a single family home.
Ahhh...the benefits of condominiums. Just think of the maintenance you don't have to deal with: There is no roof to repair, no lawn to mow, no snow to shovel, and no leaves to rake. Moreover, a condominium complex, in all likelihood, will include extra amenities that you probably won't get in a single family dwelling, such as Olympic-size pools, hot tubs, golf courses, health clubs and more.
| As vacation property rentals go, condominiums have many desirable advantages to a long distance property owner. Before buying a condo, research any association or government restrictions regarding transient rentals. Golf course communities tend to have several restrictions. I would also look to see what the attraction in the area is, or what brings in the vacationer. Also check the area for other such rentals and see what their history is like |
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Price is another factor, since condo amenities tend to come with a higher price due to association dues. Can you still break-even or gain a positive cash flow?
© Christine Karpinski 2006
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