Vacation properties come in many different forms. With your reverse mortgage, purchasing a vacation rental can be a great option, but where do you start?
Many people find inspiration on Tripadvisor (the world’s largest travel community), Travel magazines, and even television shows. The goal is to decide on your ideal location first.
Location is key for many homeowners and depending on your budget, you can find a vacation rental available in most areas. This purchase can be a house on the ocean with private beach access, desert homes, an isolated house in the mountains, or even a cute condo in the city.
Passive Income Through Vacation Rentals
Once you have determined the location of your vacation rental, it’s time to decide whether you want to reserve the property for yourself or make some extra income by renting it out. If you are over 62 years old and have good home equity, purchasing the perfect vacation property with your reverse mortgage is a good option for you.
Should you decide to rent out your property during the times you do not occupy the rental, it’s best to look at the attractions surrounding the area.
If your vacation rental is near some of the attractions featured by the travel agency, Tripadvisor LLC., that’s always a good sign for your potential guests! If your rental is in a remote area, make sure they have a way to easily connect with you. Your guests will be your priority.
Making Your Vacation Rental Feel Like a Home
Guests enjoy properties that provide that “home away from home” feel. Homeowners can make their rental property more enjoyable for guests through:
- Keeping it maintained
- Furnishing the property
- Providing WiFi & utilities
- Having a handbook of how to use the amenities
- Adding decor to make it feel more like a home
Renting Blissful Beach Houses
Owning an ocean-front piece of paradise can come at a hefty price depending on the location and the size of the home. Because the beach is one of the most popular vacation destinations, you can expect a fair amount of income coming your way by renting it out.
If you are looking in the Southern California area, you can expect to pay a couple million dollars for a luxury waterfront property. Contrastingly, if you travel to the other side of the country, such as Florida, the price is roughly a quarter of that.
Although the price of vacation rentals is always a factor, if the area is in high demand, you can charge your guests more per night–which means more income for you!
Desert Dreaming
A trip to the desert is the perfect vacation for anyone who likes cool summer nights, hiking trails, stargazing, and burning sunsets. For the artist, there is an abundance of opportunities to find inspiration in the desert. Popular destinations include:
- Sedona, AZ
- Palm Springs, CA
- Scottsdale, AZ
Sedona is famous for its red rocks, jeep tours, and spiritual vortexes. A vortex is known to bring healing to the individual by the energy it brings. Stay the weekend in Sedona to see for yourself if the vortex is just a myth or if it holds the powers that it claims!
Palm Springs and Scottsdale are desert resort towns known for sun tanning by the pool, shopping, and delicious eats! If you are looking for a mix between an active and a relaxing trip, a vacation rental in the desert could be the place for you!
Magnificent Mountain Homes
Spend tech-free quality time with your children, friends, or family with a weekend getaway in the mountains. It is a great way to discover nature and find some peace in your busy life.
If you choose to stay in the backcounty, it is the perfect opportunity to:
- Hit the road for a scenic drive
- Get some space from the busyness of the city
- Discover hidden gems from Tripadvisor
- Enjoy the 360 views
- Read a good book under the trees
This is most likely a vacation where your inbox is not full of a collection of things to do from Tripadvisor- instead find your own inspiration and discoveries. There is a world of opportunity around you for the whole family to enjoy.
City Living
When it comes to looking at vacation rentals for a trip to a major city, you don’t always get the opportunity to have 5 bedrooms, full kitchens, or all the amenities a big home has to offer. Most likely, city living includes small apartments or condos that have enough room to hold only a couple guests..
Explore the Concrete Jungle
Since traveling around most major cities relies on public transportation or competing for a taxi driver, sometimes your best option is to walk. For the most part, you can access anything you need within just a few blocks if you choose to purchase at one of the many vacation rentals in the heart of the city.
Don’t miss a beat in the hustle and bustle of the city:
- Discover your new favorite restaurant
- Catch a show
- Find inspiration for your a new hobby
- Experience the nightlife
- Watch street performers
Although there are many properties to choose from, vacation rentals in the city are popular! Make sure if you purchase a place in the city to rent out, that your guests know to book their stay in advance!
What Destinations Does The Future Hold For You?
The Idaho Reverse Mortgage team is here to help you find hope and inspiration in your next big purchase. There are many properties, places, and destinations to choose from, but it is hard to narrow it down to one. Some questions to ask yourself include:
- What type of weather am I looking for?
- What time of year will I be vacationing in the property/ when do I want to rent it out?
- How much am I willing to spend?
- How many guests can it hold?
- What are the most desired destinations for travel?
- What are my biggest priorities?
Keep in mind, this is a place for both you and your guests. It is easy to forget about planning for guests when this is technically your space. But if you want to get money back by having renters, consider all the possibilities and people who might be staying there.
Having a vacation home that continually brings in additional income will provide long-term benefits. You can achieve this by using your reverse mortgage to help you afford the property of your dreams! Contact Idaho Reverse Mortgage to help you find out the qualifications of a reverse mortgage and if it is right for you.
