If you are thinking of buying Okemo Mountain or Killington real estate and making it a rental property, there are a number of things to consider when choosing the property:
If you will be renting to a year ‘round tenant, look for a property convenient to major employers, schools, shopping facilities, transportation. If the property will be a vacation property, you will want to be near major tourist attractions such as the Okemo Mountain Ski Resort or Killington.
If you hope the rental income will be more than the cost of the monthly mortgage, insurance and taxes on the home, you should be careful to invest no more per month than the local rental market can bear. If your goal for rental income is to “break even” or even to have a negative cash flow, price becomes somewhat less important.
Consider the long-term resale value of the property. If you buy in a fast growing area, the resale value will be greater further down the road. If you buy is a slow growth area, your resale value will be less, but there may be a better rental market. When buying Okemo Mountain or Killington real estate, you want to consider how long the tourist season is. Okemo and Killington both Have year round activities to attract vacation renters. Skiing and other snow activities in the winter; golf, swimming and other outdoor sports in the spring and summer; and fall foliage for ‘leaf-peepers.’
4. Neighboring homes
Are the neighboring homes well-maintained? If not, they will drive down your property values.
5. Solid construction
Look for solid construction. Tenants tend to put more wear and tear on a home than owners. Find a low-maintenance property suitable for renters. For example, white carpeting will have a much shorter life than something more neutral.
6. Do it yourself
If you live nearby, it can be relatively simple to stay in touch with tenants, and to keep an eye on your investment. If you lack the time, or your property is some distance away, you may wish to work with a property management firm.
Learn more about Okemo Mountain or Killington real estate by visiting ISellVermontRealEstate.com.
Ludlow VT Real Estate: Is Owning Rental Property Right For You
Be sure you know what you’re getting into and understand what you are getting into before signing on the dotted line. Here are some questions you should ask yourself before purchasing an investment property:
• Where will the down payment come from for this property?
• Do you have cash reserves so you handle periods of vacancy, i.e. no income?
• How about reserves for unexpected repairs and other expenses?
• Do you need property to rent immediately or do you have time and money for a “fixer-upper”?
• Will you make needed renovations and repairs or hire someone else for the job?
• What type of property do you want: single family, apartment, duplex, condominium, or vacation property?
Thinking it through ahead of time assures that you won’t get caught making a rash decision you will regret later.
If you decide now is the time to take advantage of lower market prices and invest in Ludlow VT real estate and rental property, visit ISellVermontRealEstate.com.