Purchasing a vacation property can be a financially secure investment for your family. It provides a comfortable place for weekend getaways and a steady stream of revenue. Many investors find that owning a vacation is an easy way to enter the real estate market, providing the experience you can use to expand your portfolio over time. Below are just a few benefits of this approach to investing.

4 Benefits of Owning Vacation Rentals

1. They’re Becoming Increasingly Popular

Modern home-sharing apps and booking sites make it easier than ever to find vacation homes for rent, making them an increasingly popular option for travelers looking for a more authentic experience. In fact, many prefer staying in vacation rentals over more traditional hotels.

2. You May Generate More Revenue

Renting a vacation home out on nightly or weekly terms may actually result in more income than a traditional rental property. For instance, your vacation property may only be worth $1,200 per month on the rental market, but you may enjoy double the income by charging just $100 per night.

3. Your Asset May Increase in Value

While no investment is certain to generate returns, real estate typically increases in value over time. In the future, you may be able to sell the vacation property for much more than you initially paid, or use it to secure a loan for making additional investments.

4. They Present Minimal Risk

If you choose a vacation rental in a high-demand area popular with tourists, you will likely generate more than enough every month to cover your expenses. This makes vacation properties perfect for risk-averse investors who worry about being able to rent out or sell a property.

If you’re planning to buy a vacation property in New York’s central Adirondack region, Herron Realty has the expertise and local market knowledge to guide you through the process. They’ve been serving investors and renters throughout the area for over 35 years and will help you make the right choice. Visit their website to browse properties for sale or call (315) 369-6910 to speak with an agent today.