Owning a vacation home in a desirable tourist spot has the potential to make the property pay for itself by listing it on the vacation rental market. When you aren’t using it, rental income can offset those mortgage payments, maintenance costs, and property taxes!
Due to the current recession/depression, there are some real bargains awaiting you in the market.
There are also financial risks so stay within your means. I urge you to consult an experienced financial adviser to help you assess the risk/benefit of purchasing a vacation home. Arrange an appointment with your banker to get your mortgage pre-approved. This will posture you to act swiftly when you locate the right property.
Now if you are planning to rent a vacation home in your tropical destination, you don’t have the same concerns that we have discussed earlier. Your main goal is to locate a property in the destination of choice that meets your budget and your needs. I’ve mentioned in other articles that I’ve written to broaden your search by using the following terms: holiday rentals, self-catering rentals, holiday cottages, tourist rentals. These terms will give you more hits than vacation rental or vacation home.
Puerto Rico is a great choice for a Tropical Vacation. Puerto Rico located in the Caribbean, just a 3:30 hour plane ride from New York. If your traveling to Puerto Rico from the United States there is No Passport required, and since it a commonwealth of the US the currency does not change, its in the American dollar. Spanish is the main language spoken with English a close second. Most of the tourist flock to the west coast of the island to a town called Rincon, where English is spoken widely. When in Rincon make sure you try your hand at some surfing, it was home to the first Surfing Tournament held in 1968. With an abundance of restaurants, beaches, and places to stay, you never have to drive far for any of your needs. Rincon is known for its Beautiful Sunsets, and one of the best places to view the sunsets is The Rincon Light House. The area is lined with 8 miles of diverse beaches. So, No matter where you stay... Rincón Puerto Rico has beaches everywhere and for everyone's needs! EV Vacation Rentals offer Great Discounts
Bali is another excellent choice for a tropical vacation. The Balinese are well versed in providing the accommodations most Westerners expect and then some. Bali is the the poster child for tropical destinations. Thailand is great as well. Both destinations offer Western friendly accommodations, gorgeous beaches, friendly people and incredible scenery. There are countless leisure pursuits such as golf, tennis, swimming, diving, snorkeling, sailing and shopping to name but a few.
Don’t overlook Florida and the Keys. These are domestic destinations to be sure, but as tropical as any Caribbean or Southeast Asian destination. Domestic fares are significantly lower than international fares and the economic crisis has blunted tourism in the region. You can be assured of lower costs for accommodations as a result. There are real travel bargains all along the Gulf Coast. Texas, Louisiana, Mississippi and Alabama are great tropical spots in addition to Florida, which we’ve already mentioned. Wherever you decide to travel, do your homework. Thorough research can spare you a lot of unnecessary grief when you arrive at your destination.
If you are buying or renting a tropical vacation home, I hope this article has helped you in some small way.