Benefits of buying vacation rental property

Kay Carlson Realtor - Remax Mountain Properties specializes in finding vacation homes in Prescott, and she can help you find your dream home..Thinking of buying a vacation rental property in Prescott? There are a number of benefits to doing so, and Kay Carlson Realtor – Remax Mountain Properties shares some of the best reasons for choosing to buy in Prescott.

Dual purpose
Buying a Prescott vacation rental home has one distinct advantage: providing owners with a dual-purpose property. Homeowners can use it seasonally for family vacations, and then rent it out to guests during the rest of the year.

Generating Income
A vacation home is a potential source of additional steady income, offering you the luxury of enjoying your own personal property that happens to make money on the side. If you buy a vacation home and also use it as a short-term rental, the resulting income can aid you in paying the mortgage as well as other predictable expenses (insurance, maintenance, repairs and property tax).

In addition to earning money in the short run through rental bookings, a vacation rental, like most real estate, also makes money through long-term appreciation and naturally rising values. When you’re ready to sell your vacation rental home, you can typically sell it for a much higher price, especially if your property is located in a high-demand area.

Tax Deductions
Similar to your primary residence, a second home also has its tax advantages in the form of tax deductions. However, unlike your primary residence, the tax advantages for your vacation rental can get somewhat tricky depending on the number of days you rent it out and the number of days you live in it. Working with a professional real estate attorney or tax accountant will ensure that you are getting the maximum tax benefits from your property.

If you are thinking of purchasing Prescott vacation property, there’s still time before tax season to find the perfect property for you and your family. Begin your home search by calling Kay Carlson Realtor – Remax Mountain Properties today at 928-778-1010.