The development of the condo has generated a great investment opportunity for savvy investors. Vacation rentals on TybeeIsland have turn out to be one of the most successful aspects of the real estate market as higher-priced hotel chains have triggered vacationers to seek out a more cost-effective option for lodging. It is a pattern that is becoming a lot more popular, not just in Tybee Island but in many typical vacation locations throughout the continental U.S. like Georgia, Florida, and California, but additionally in highly desirable wintertime places like Colorado and New Mexico. This is also a pattern that is making excellent money for investors who purchase internationally in a few of the world’s hottest vacation areas.
The state of the housing industry over the last few years has made the purchase of condo vacation rentals a reality for many individuals. When our country entered into a recession a few years ago, many people began losing their real estate investments and a vacation home was usually the first to go. The price of all housing included vacation properties plummeted and many people found themselves unable to pay their mortgages or property taxes. Soon many vacation homes on Georgia’s barrier islands, including Tybee Island became an affordable option for many individuals. In addition to purchasing foreclosures from banks and other lending intuitions, many investors began purchasing vacation properties directly from the county where property owners lost their vacation homes due to delinquent property taxes at Georgia’s monthly tax sale auctions. Over the past few years, many investors have discover just how profitable and easy to own a condo vacation rental on Tybee Island can be.
One of many factors that helps make a condo vacation rental so successful is the fairly low degree of upkeep that’s necessary. Housekeepers are often easily contracted to keep the inside of the unit in pristine condition and the home owner associations (HOA) costs see to the condition and upkeep of the outside of the building much like any condo complex.
Nevertheless, purchasing a vacation rental condominium requires some genuine legwork and investigation into the region you are interested in and the development you have selected. One major concern may be the fact that many condominium developments have guidelines against rentals. So you must be certain to find a development where this is not the situation. Furthermore, you will need the assurance that you could easily obtain details about the state of your investment from wherever you live. This could be done by communication with the condominium association for the complex or by way of a property management service.
Much like any investment ensure that you take specific measures to safeguard your interests. This can include proper contracts for guests staying in your condo, or a user agreement so to speak. Also ensure that you have the right insurance for vacation rentals. The final step would be to find a good location where you can correctly advertise your rental; websites such as Vacation Rentals By Owner (VRBO) certainly are a great option for this. If you perform your research and plan properly, a condo vacation rental could be an excellent investment.