Have you ever dreamed of owning a vacation property? The recent skyrocketing of housing prices may have made that dream seem a bit more out of reach, but that may be starting to change.
Increasing interest rates are starting to impact the cost of housing, lowering prices. Of course, choosing the right location is also essential. You might be surprised by certain states that are great places for vacation properties.
Michigan
If you love outdoor adventures, Michigan is a great place to own a vacation property. There is plenty to do at any time of the year. Enjoy invigorating water sports during the summer months. Michigan has 39 ski resorts, second in number only to New York’s 52, which you can enjoy during the winter months.
Michigan is a beautiful state with a lot to offer. That said, before you buy a rental property in Michigan, check the local vacation rental home ordinances and regulations if you intend to rent your property out while you aren’t using it. Some places have strict rules about not allowing vacation rentals in residential zones.
Rhode Island
Those who love the New England area will find Rhode Island a great state to own a vacation property. It’s not the popular vacation destination that New York is, but it has plenty of its own charm. You can find a home near the coast but away from the hubbub of the big cities, yet still be within driving distance of New York City and Boston.
As you choose your vacation property, be mindful of the expenses that come with owning it. You should also be mindful of the property taxes you will pay on a vacant property in Rhode Island. Costs change somewhat if you’re away from the property instead of in it.
South Carolina
One of the benefits of owning a vacation home is that you may have the option to rent it out when you aren’t using it. That’s a great way to make vacation home ownership more affordable. If that’s your plan, it pays to choose a property in a landlord-friendly state like South Carolina. With low property taxes, no rent control, and a relatively simple eviction process, being a landlord in South Carolina is reasonably straightforward. That’s good news for anyone who wants to enjoy a South Carolina vacation property while using it to make money.
When choosing a vacation property, consider what you want to do while you take a vacation. Do you want to spend your time adventuring outdoors? Do you want to enjoy warmer weather? Or are you eager to hit the slopes? Your ideal vacation activities should influence where you choose to buy a vacation property. With careful forethought and planning, you can find a great vacation property, especially in states that you might not have thought of at first.
Did you enjoy reading this article? Here’s more to read. Factors to Consider When Choosing Your Next Vacation Destination