Tuesday, June 21, 2011

Enjoy a Dual Purpose for Your Deep Creek Lake Home!

If you’ve been considering buying a vacation home on Deep Creek Lake; now is a great time to do so!  Not only are mortgage rates still remaining low throughout the summer, but home prices across the nation are still at record lows.  You may be leery of taking on a second mortgage as an investment, but there’s an option that you may not have considered.  Renting out your Deep Creek Lake vacation home.
Renting your home to vacationers can allow you to have the best of both worlds - a "home away from home" that's truly yours, along with some income to help pay the bills.  Or maybe you're planning to move here full-time in a few years, and would like to put your home to productive use between now and then.  At Deep Creek Lake, there's a healthy market for the rental of individually owned homes.
If you’re still on the fence about buying a vacation home, below are four things you’ll want to consider! 
1.  Now is a good time to buy- In many second-home hot spots, prices are still close to their ten-year lows. Most economists believe the biggest declines are behind us, so buying now before prices begin to rise will prove to be a smart decision.
2.  A home is a better deal if it’s rentable- You may think you’ll keep the retreat all to yourself, but it’s still smart to shop as if you’re going to rent the place out. That’s because a home’s rental potential can affect its resale value.  Before you bid on a house, make sure you talk about the home with your Deep Creek Real Estate agent.  They can help you determine what the rental income could be and give you the properties rental history.
3.  Don’t count on rental income to pay all of your bills- While a rental property can bring in a good deal of money on Deep Creek Lake, you don’t want to count on it to pay all of your bills.  It’s wise to talk with your Deep Creek Real Estate agent about a realistic renting income and plan your budget around the lowest number you’re expecting to receive.  This will help relieve any stress of renting out the property and will mean the additional rental income can be used as true extra income!  
4. Tax benefits can be sweet- A qualified Deep Creek Lake tax advisor can give you insight into the possible tax benefits available for renting out your Deep Creek Lake home.  Of course, each situation varies, so you'll want to be sure to talk to a tax professional before you begin to plan for a tax benefit. 

Coldwell Banker Deep Creek Realty has a full-service Vacation Rental Department, and we can manage the rental tasks for you, including estimating potential income, suggesting enhancements to your home that might increase rental opportunities, helping with the registration process for vacation rentals, arranging for cleaning and other maintenance services, and of course, finding people to rent your home.  View our Vacation Rental page, which shows the wide range of rental homes that we manage.

The goal of the team at Coldwell Banker Deep Creek Realty is to make the home buying and renting out process as easy for you as possible!  We’ll manage the details so you can sit back and enjoy your vacation.  You’ll enjoy watching as your second home becomes an ideal getaway for you as well as a savvy investment!  We’d love to help you find a vacation home that can serve “double duty!”  Contact us today to get started!

Patrick Kane
Sales Manager/Co-Owner
Coldwell Banker Deep Creek Realty
Your Deep Creek Lake Real Estate Expert

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