Your Next Purchase: A New York Vacation Rental?

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We’ve all had Martha Stewart envy.

A Hamptons vacation home landscaped with a garden of organic produce, fresh herbs to pepper our from-scratch meals with and a backyard big enough to host an elegant, yet intimate wedding reception. Heck, you’ve paid a mint for the same New York vacation rental for years–why not get in on the game now?

Mortgage rates are at all-time lows. Prices are plummeting. If you wait for them to sink further, will you be missing out on the pastoral paradise?

Perhaps.

Second-home ownership–or any home ownership–is not to be taken lightly. Heed the advice of a realtor who knows the market, and determine what style of vacation home suits your lifestyle, whether it’s a condo, cottage or mansion. Take factors like location, amenities and upkeep into account.  Think about hidden costs. Can you afford to maintain the property yourself or hire a management company to deal with tenant issues?

While that $8,000 first-time homebuyer tax credit doesn’t apply to purchasers who won’t be using the property as their primary residence, by all accounts, now is a good time to strike the MLS.

Landlords: Any more advice for consumers who seek to purchase a vacation home?

Posted in All-season rentals, Family vacation spots

About Valerie

Valerie Moloney is your resident blogger and the Expansion Markets Editor for Citysearch.com, who oddly enough, feels panicked when asked, "What's the best place to eat in Chicago?" or her favorite, "It's my birthday. Where should we go with a party of six?" No stranger to travel--and traveling with kids--she is a young mom who ODs on the Internet when it comes to planning family trips or buying clothes. Here's hoping she finds you the vacation you deserve.

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