So you want to serve as the arbiter to great vacation experiences for others, and you'd like to make some money along the way. Take this quiz to see what you should ask yourself before purchasing a home to use as a summer rental.
What's the best approach to buying a house to use as a rental?
- Buy the biggest house with the most amenities.
- Be conservative.
- Buy land, not a house.
Should you buy land for building or explore the existing houses in the community?
- Buy land.
- Buy an existing house.
- Buy land, but wait a few years to build on it.
How much time should you spend shopping for the house?
- one month
- one year
- five years
Should you buy a house you love or a house that would make a great rental?
- Buy a house you love.
- Buy a house that would make a great rental.
- Buy a house that you'll grow to love with lots of renovations.
Is it always a good idea to go into the investment as a joint venture with family or friends?
Should you save money by buying without a real estate agent?
Should you buy a timeshare as a less expensive option?
Should you buy an inexpensive property outside of the country?