Getting a house is a daunting task for millennials. The expensive housing market is a barrier for young adults and families looking to buy their first home. With rent climbing across North America, many millennials are looking to invest their money in cottages.
Rather than buying a house, millennials are purchasing recreational properties outside the city. At a lower cost than residential housing, cottages help millennials avoid incremental debt. Plus, it provides the option to rent out your recreational home to vacationers. By listing your cottage on websites, social media, or resort-based rental services, you can easily find renters for your property.
Buying a vacation home is often the first experience millennials have in the real estate market. Here are a couple of helpful tips to keep in mind when starting the search for a cottage.
Make sure that the cottage you're buying is worth the price. If the price seems too good to be true, have an expert check out the property. You need to make sure that there aren't any hidden costs or major renovations needed.
If you live out of town and only want a weekend home, look into resorts that offer property maintenance. This ensures that your property is always in tip-top shape with no work on your part.
A low price for a cottage is great, but is the surrounding area where vacationers want to be? If you want to rent out your cottage, opt for a vacation home near water or major attractions. Additional considerations include proper roads, cellular/internet service, and clean water. All of these will draw more renters to help your cottage investment make money.
We know, millennials constantly hear about budgeting. But when it comes to buying, maintaining, and renting a cottage, a budget is your best friend.
Before you buy, take a hard look at your current and future finances. Make sure you have enough for your investment and any unexpected expenses that may accompany it. We recommend working with a real estate agent or park representative to answer your financial questions. These experts will also help you learn the ropes when it comes to renting out your home.
Many Sun RV resorts offer vacation cottages for millennials. From Sherkston Shores Beach Resort & Campground on Lake Erie, to Sun N Fun RV Resort in Sarasota, Florida, there's an option that fits your needs!
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