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1 Is Renting for You?

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Second home ownership is booming across North America and year on year, real estate companies are reporting rising interest in the purchase of vacation homes with rental potential.

In the US, the National Association of Realtors (NAR), in a review of the 2003 census, found 43.8 million second homes, of which 6.6 million were determined to be vacation homes. NAR says 23 percent of all homes purchased in 2004 were for investment purposes, and another 13 percent were vacation homes. Sales of investment homes were up about 14 percent from 1.57 million in 2003, with sales of vacation homes rising to 1.02 million, up almost 20 percent from the 850,000 sold in 2003.

The Canadian vacation home market continues to boom, with 40 percent of prospective purchasers planning on renting out their property to help cover some of the costs. Realtor Royal LePage reports, “Low interest rates, people redirecting their investment dollars from the stock market into recreational real estate, and Americans buying slices of Canadian recreational paradise are the compelling factors that are sustaining demand.”

The typical recreational or second home owner is a baby boomer, so there is a good likelihood that sales of these properties will remain high over the next decade as this generation approaches retirement age. There are also indications that more people in their thirties and forties are investing in recreational home real estate, not only to provide for their economic future but to support the growing trend to stay fairly close to home for vacation time and to bring family together in a safe and known environment.

Renting Your Recreational Property for Profit

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