Buying a vacation property is more than just an investment in real estate, it’s an investment in fun — especially if it’s where you and your family plan on spending vacations. Many Portlanders are purchasing mountain view, coastal, or sandy desert vacation homes; if you plan on joining their ranks, consider first these few tips to make the experience of purchasing a vacation home a positive one.
Give a great deal of thought to your desired location.
Your oceanfront getaway may seem like a no-brainer until you realize the amount of upkeep required for saltwater battered homes, Make your decision carefully and only after a prodigious amount of research.
Make long-term travel plans part of your research.
You may love staying on Mt Hood for a few days at a time, but you won’t know how you really feel about a place until you’ve spent more than a couple of days there. If possible, spend more than just a long weekend in the area you’re considering purchasing a house in and get to know the community, the land, and the conditions.
Be conservative with your rental estimates.
Your vacation home may be your summer getaway, but it could provide you and your family with significant income if offered as a rental when not occupied by your family. If you intend on opening this property up to other vacation renters, research vacation rentals in the area, speak to locals, and analyze vacation trends before settling on a rental rate.
Stonebridge Mortgage Group can help you with your Reverse Mortgage, Real Estate Loan, and many other mortgage solutions. We serve the greater Portland area and are located in Gresham, Oregon. Call us today at 503.661.5580.