Considering an Investment Property?
Written by Merri Ann Simonson of Coldwell Banker San Juan Islands Inc.
Vacation Rental Versus Long Term Rental
Now would be a good time to purchase property held for investment and due to market conditions, a rental home in the San Juans would be the most appropriate. We are not like the metropolitan areas nearby with multiple offers on every property and robust appreciation; we remain in a buyer’s market in most categories of property.
Once you have made the decision of the type of property to purchase, then how you intend to use that property is the next process; vacation rental or long term rental. To assist you with this process, I have compared the different aspects of each below.
Vacation Rental General Description.
Buying a home with an existing permit, customer list, website and income history is the most preferable avenue. The permit for a vacation rental runs with the land. It is annually renewed automatically but can be voided by the County should the home not be used as a vacation rental within the last 12 months.