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Why a Mountain home is your best Investment
The leaves of the trees rustling in the fresh mountain air. The peace and quiet. The endless opportunities for rest, relaxation, and adventure. Ahhhh…wouldn't it be great if your mountain vacation never ended? Imagine if your mountain getaway lasted forever AND you were able to make this vacation and every other one that follows pay for itself? Believe it or not, this is not only possible, it's absolutely within your reach right now.
Purchasing a vacation home is one of the best ways to turn your love of the mountains into one of the best (and most fun) investment opportunities of a lifetime. Not only do you get to enjoy your mountain retreat whenever you want-avoiding having to plan ahead, book rooms, pay for expensive Bed and Breakfasts, or having to sleep on that inflatable mattress every again-you also have the ability to make real money on your investment. Real money that can actually cover your expenses, pay your mortgage, and even pay for your vacations to the mountains.
It's true; investment properties in the mountains are booming right now. Just like you, many other people love the escape that a vacation to the mountains affords them. With all the opportunities for outdoor adventure that Franklin and its surrounding areas afford, it's no wonder why the real estate market is heating up. When you can take advantage of all that Franklin offers whenever you want AND rent your vacation home to other like-minded people when you're not there, you are maximizing your fun and your investment. In fact, with Franklin's many historic and annual celebrations that attract visitors from all over the region and the entire country, you can be sure that your mountain vacation home could be an investor's dream.
If you're considering making an investment in your future and in the mountains, there are a few things you should think about before beginning.
Rental Contracts
Whether you plan on renting your vacation property for one weekend a month, one week a month, or an entire month, you need to protect yourself with a rental contract. Be sure to contact a professional real estate attorney so you can draw up a rental agreement that keeps you covered no matter what happens.
Leaky Faucets
You might not mind that leaky faucet, but when a renter is paying good money to stay in your home, they might…especially if it's drip, drip, dripping all night long! Be prepared for what you'll need to do to keep your vacation property in tip-top shape. If you can keep it well-maintained, you're sure to attract plenty of repeat visitors.
How Much, How Many
As you begin thinking about your place in the mountains, realistically consider how often you'll be able to make it there, how many of you will be "making it there," and what kinds of property you would consider. For example, do you have a particular size, location, or monetary amount you're looking at investing? If so, these factors will all play into determining which areas in and around Franklin you should focus your search.
Making Your Investment Count
Knowing exactly how much is too much is never more important than when discussing real estate investments. When you chart out how much money you can spend on the purchase price of the home AND how much money you can afford to spend on yearly maintenance, you'll begin to have an idea of what your potential rate of return on your purchase is. If you are truly looking at this purchase as an investment, be sure to discuss the details of any potential transaction with your financial advisor to make sure the conditions and details of the property/sale meet your financial goals and objectives.
Going Local
When you have decided that a vacation investment home is the place for you, it's time to start looking for the location. Be sure to consider what's important to you in the home, property, and surrounding areas. Doing online research, consulting with your real estate agent, and getting out there and driving the roads is a great ways to get a handle on what feels right to you.
If you are considering investing in a mountain vacation home, please contact us. Everyone here on the Vickie Kimsey Team would love talking with you and answering any questions you might have about making your mountain dream come true!
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