Have you always dreamed of owning a new vacation home in your favorite resort area. The truth is, its a better time to buy that peice of property than you think. “Right now, people are shying away from resort real estate, but this is exactly when you want to be in the market- when there are more sellers than buyers” qoutes James H. Boykin, author of “Investing in a Vacation Home for Pleasure and Profit” “Of course it takes courage to go against the market.” There are a few things that you should take into account if you want to own that first investment property. It is not hard to find a good price on a home in the housing market right now. For example, the sales price of the average home in Florida was down 19% from a year ago. You should also take expenses into account if you are looking to buy this first vacation home. For example the average homeowner’s insurance policy rose from $666 in 2000 to $1339 in 2006. Investors should also realize not to overestimate that rate of rent that will be charged in your investment property. Consult a professional and they will help you determine what the going rate is based on the specifics of your property.
