Myrtle Beach Or Other Vacation Properties
I am looking for someone who is doing out of state vacation rentals to ask a few questions. Is buying vacation property similiar to buying in your own neighborhood or is it more difficult to find a lender? Is the property usually rented out year round? How do you find a property management company? Do they charge money when the place is not rented? Is it better to buy a place on the beach front or a few rows back? How about better to buy a condo or a beach house?
Thanks,
Ric.
Quote:Is buying vacation property similiar to buying in your own neighborhood or is it more difficult to find a lender? Yes, buying a vacation property is similar to buying your own home. Once you have a contract, you still fill out a loan application, qualify for a mortgage, go to settlement just as you would for your own home. For a vacation property that you will use part of the year, apply for a second home mortgage. Non-owner occupied loans are available too, if it is your plan to use your property for long term rental.
Quote:Is the property usually rented out year round? Sometimes, it depends upon the property and the location.
Quote:How do you find a property management company? Do they charge money when the place is not rented?You will have no trouble finding a management company. Some high rise condo complexes even have a management company on-site. Management fees will be higher for the short term, transient property, less for the seasonal rental, and cheapest for the annual rental.
Quote:Is it better to buy a place on the beach front or a few rows back? How about better to buy a condo or a beach house? The more desirable properties, the highest rents, and the best occupany rates are the beach front properties. Second tier and even third tier properties still have fairly good rental histories.