Tips for Purchasing a Vacation Rental Property in the Mount Washington Valley
When it comes to a year round vacation hot spot, the Mount Washington Valley has it all. Whether you like outdoor adventure, shopping, or consider yourself a foodie, the Mount Washington Valley has something for everyone, no matter what time of year. Our area is truly a four season gem, which is why so many choose to purchase second homes in our beautiful area for vacation rental purposes.
Before you take the leap into purchasing a vacation rental property in the Mount Washington Valley, we have some key points you should keep in mind!
Can you rent it? If you are purchasing a property for the sole purpose of renting it, you want to make sure it is actually rentable! Talk to your REALTOR® about the best locations for rental properties and what people are looking for when they rent in the area. While you might want a private house with five bedrooms on ten acres, you might discover a condo with three bedrooms within walking distance to the slopes is much more desirable in the area.
Are there added fees? While the asking price of a vacation rental might seem affordable up front, the taxes, association, and other fees might be more than you can afford. Talk to your mortgage broker about what you can truly afford, and then stay in the price range that they give you, including taxes and fees.
What are the association rules on short term rentals? If you are purchasing in a ski condominium area, such as the Mount Washington Valley, you will find some associations that thrive on short term rentals, while others that do not allow it. Tell your REALTOR® right away that you are purchasing a property for the purpose of renting short term - they can show you properties that will be the right fit.
Who will manage the rentals and property? If you are purchasing a vacation rental property in the Mount Washington Valley, but live in Rhode Island, managing the property yourself might be a bit difficult. Speak to your REALTOR® about vacation rental property management. While some properties come with an on site rental management, others leave it entirely up to the property owner, which means you are responsible for everything from fixing the leaky sink and shoveling the walk way to cleaning the property afterwards.
So, are you ready to purchase your vacation rental property? Check out our experienced agents by clicking here. You can also view vacation properties by clicking here.