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A Season to Buy
Why Now Is the Right Time to Make Your Vacation Home
Third, even though overall real estate sales are down, sales of second homes are stronger than ever. In fact, 2004 and 2005 were record years for vacation home buying. That means if you want to rent out your vacation home – a plan Karpinski heartily endorses – you're sure to find a healthy customer base.
"An estimated five million vacation homes are currently being rented worldwide, yielding an estimated $100 billion-plus in transactions on an annual basis," Karpinski says. "No doubt about it: The idea of renting vacation homes as opposed to staying in hotel rooms is a growing trend. There is a definite 'if you build it, they will come' scenario going on here. And the Internet has only made things easier for vacation homeowners. With sites like HomeAway and VRBO, your property is only a mouse click away from interested renters. If you're on the fence about buying a vacation home, knowing that you can rent it out without too much effort might make the decision easier."
If you do decide to purchase a vacation home, Karpinski offers a few tips:
In other words, don't buy in an area where there are too many speculators (i.e., such as Southeast Florida). In 
rapidly developing areas where lots and lots of developers build and hope to quickly sell, real estate prices tend to be artificially inflated.
"The last thing you want to do is buy in a marketplace where there are too many speculators," Karpinski says. "The risks of the bubble bursting when supply exceeds demand and your getting soaked are much higher. It may be better to purchase in an older area that's already well developed, like Cape Cod. The supply is so ow in these areas that real estate tends to hold its value."
Want to see more?
- Home Away from
Home (Really!): 9 Reasons to Go the Vacation Rental Route the Next Time You Travel - Life, Liberty, the Pursuit of Happiness – and a Vacation?: A 3-step Plan for Breaking the Vacation Entitlement Mindset
- From Roughing It to Four-star: What Are the Costs of Family Vacations?
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