You’ve found this wonderful resort town. You had a lot of fun there. And you’d love to go back whenever you want and help other people decide where to go on vacation. And hey, there’s nothing wrong with making some money along the way.
Congratulations. You’ve already done the first thing you need to do to buy a Vacation Home Rentals Tamarindo Costa Rica. But people who know about investing say you shouldn’t look at the idea mainly as an investment. Put together a solid portfolio of blue chip stocks if you need income from your investments.
Let’s look at ways to get the most out of the money you spent on a vacation home.
Buy Only What You Can Afford
It’s not hard to figure out what you can pay for these days. There are a lot of mortgage calculators on the Internet that can help you figure this out. You just tell the calculator how much you make and how much you owe, and it tells you how much more the banks will lend you.
Even if you think the Costa Rica Rental Homes Tamarindo could help you make money, don’t count on that money to help pay for the house. Keep in mind that you don’t have to buy the perfect beach house with high ceilings and a private dock. It’s fine to start out slowly.
Factor in Extra Costs
Once you know how much you can pay for the loan, look again at how much it will cost to keep the house running. At a minimum, you’ll have to pay for taxes, insurance, repairs, and utilities. If you live more than an hour away, you might need to pay for a caretaker or property manager.
Buy an Existing Home Instead of Land
Building a house to fit your dreams sounds like a great idea. But in tourist areas, it can turn into a nightmare very quickly. To build a house from the ground up, you might have to deal with coastal authorities, local building restrictions, aggressive homeowners associations, and shady contractors who work for beer money if they feel like it.
Work With an Agent Who Knows the Area
You drive to a small town in the middle of nowhere, and it looks great. It’s picturesque. On the lake, the boats move around slowly. The small corner store sells art made by local artists. But I bet you didn’t know that the road that leads to the most expensive neighborhood is closed for five months of the year.
Charming as they are, resort towns can have problems that are hard to deal with. When you’re driving in the mountains, things aren’t easy. At the beach, it’s hard to find a place to park. A real estate agent can help you picture how that winding road to the cabin will look when it’s frozen over.