In-State Vacation Home

Staying in State for Mini-Vacations

Many of us overlook the opportunities of having an in-state vacation home as a rental income. Most people want to invest in rental income but do not think about the possibilities of having a vacation home that can become a rental property as well. The exciting part about having an in-state vacation home is that it allows you to have a rental property conveniently away from you to enjoy a weekend vacation while enabling you to use the property as a vacation rental. With apps like Airbnb and VRBO, you can have an additional vacation home in one of the many beautiful relaxing areas inside Georgia while earning income when you do not use the property.

Living in the metro area, you can find opportunities for vacation homes in the state located northerly where we have mountains or on the southern part of the state where we have a warmer climate and some beach property. When looking into an opportunity to purchase a home in the state for vacation rental income, consider if it is a place that will attract other tourists and if it is a place that you enjoy visiting.

When searching vacation homes, location is the number one rule because you will want to make sure that it has reasonable proximity to attractions that will attract others who love to visit. And will the location suit your lifestyle needs over the coming years? Yes, this can seem like a risky thing, but remember that you are constantly under stress when living in the city. Having an excellent place of your own for weekend mini-vacations helps alleviate the strains of living in the city.

Also, you must consider if you are financially capable of purchasing a second home that could become a financial strain if you are unable to meet the financing requirements over the coming years. Remember that some vacation properties are required for you to have HOA fees, home insurance, maintenance, ongoing bills, and possibly property management. Depending on your circumstances, this will help determine if you can afford an additional home. Other factors to consider regarding the finance of your second home are if this a wise investment and how would this affect my taxes. Another option if you are under financial strain is to consider having joint ownership with another person as a financial investment for both of you, alleviating the financing and maintenance of the property because it is now a shared responsibility.

Consider the property's location; you want to make sure that you're in-state access is easy. There is no fun owning a vacation home that will be difficult to get to or take several transportation modes to reach. Usually, consider the time frame that it would take for you to arrive at the property and travel back home as part of the overall experience of your vacation home and if this worth your investment. You want to make sure that you don't want to spend all your time driving or flying there, which may end up being more stressful in the long run.

Please keep in mind that you may not rent it out the vacation home you plan to purchase throughout the year. Therefore, it would be best to have a contingency plan for a few months of rental payments saved during periods where the rental season may not be lucrative. Also, you want to be realistic about the income that you will receive for your rental.

Remember that you pick a property to relax on with the family and friends as a retreat. If you get caught up too much in the grind of paying and financing your vacation property, you may lose what you initially thought by purchasing it to have a great escape within the state.