Author Says Now's Time to Buy
Christine Hrib Karpinski, author of How to Rent Vacation Properties By Owner, says you don't need to dig deep right now for a vacation home. Last year saw "a definite shift away from more expensive markets (Florida, Nevada, Arizona) and into more affordable locations (Georgia, Tennessee, the Carolinas). Obviously, houses will cost less in these areas, which means more buying opportunities for less affluent individuals." Karpinski also finds a silver lining for those who don't think they need rental income. While less than 20% of those responding to a Realtors' survey said they would not rent out their vacation getaway, "when people do decide to start renting it out, they are delighted to discover how easy it is and how profitable it can be."