Don’t Let Major Home Repairs Put You in the Hole: Tips to Cover the Cost on a BudgetOwning your own home is exciting. It takes some budgeting, especially when you factor in the cost of the
Buying An Oregon Coast Beach Vacation Home
JUST LISTED! 6630 Neptune Ave, Gleneden Beach OR.
Our newest listing at 6630 Neptune in Gleneden Beach has got us very excited. How could it not? 5 bedroom, 3 bath, hot tub, game room, big ocean views, and close to beach access. The home is everything someone would want to own for an investment property. In fact, this home rents so much that management company pays them $3600 month. We think the home would generate even more if they opted to do a commission based payment instead of the current fixed rent monthly payment. Check out the video walk through and photo's of this awesome Neptune home.
There is a lot someone must consider when purchasing an Oregon Coast Vacation rental home. It really isn't as easy as just purchasing and renting.
How much profit will it make? This has a lot to do with the owners, how often do they want to use it, how they pay for it, what upgrades they are willing to put out? If someone wanted to use during peak season, have a pet free home, and go in with a minimum down payment, I would recommend that you should be happy to have it pay for itself and have an occasional beach getaway. This is not a bad way to go: let the home gain equity, let others pay for it, and have a place to visit. This is a long term approach and they are not making any more ocean view land in the area. For faster returns, a larger down payment will most likely be needed.
Can I see last years financials? We will do our best to get those to you, and will remind you to take them with a grain of salt. Mis-management and lots of owner use really skews the numbers. There are lots of profitable businesses that go under due to bad management.
What home makes the most money? This can be a complex question. People come to The Oregon Coast to see or be by the ocean. Anything with an ocean view but especially ocean front are going to generate the most. Nice homes with a short walk to the beach will do well. Clean, updated, and good reviews leaves people coming back. Making it pet friendly, adding a hot tub, game room, etc.... can possible have nice returns on the investment. Also, patience is needed. New homes can take a bit to get the momentum and reviews for return bookings.
Location, Location, Location, but... not all properties are allowed to be vacation homes. Vacation use- yes, marketed vacation homes. Communities such as Lincoln City have put several restrictions and regulations of what qualifies for a vacation rental home. Reach out to us for more information. Several HOA will not allow overnight rentals, and some towns such as Depoe Bay and Yachats have decided to halt them all together. Other rural Oregon Coast locations have better prices for the homes, but they don't generate the same rental buzz. There is also things such as local utilities, HOA, taxes, services, etc.. to consider where to purchase.
When searching for an Oregon Coast vacation home there are lots of questions to ask. We have the answers. I wish it was as easy as seeing a home and making it a beach vacation home, but its not. Contact one of us at Team Home Oregon Coast and we can give you all the needed information, a list of homes that will qualify, general revenue projections. We also can advise on what needs to be done if it currently doesn't qualify- but it could. Lastly we will put you in touch with the right management company to achieve the highest return potential and care for your investment.
Meet Ross Rehberg: I have lived in the area since 2005 and have had lots of success with my personal real estate ventures. I bought my first house in 2006, and was able to built my next house in 2008....