Tips for Buying a Vacation Home in Cape May and Wildwood
There are many factors that go into choosing a vacation rental In Cape May or Wildwood. With so many choices its best to do your homework first before buying.
Choose your location carefully
- Take the time to thoroughly investigate the location.
- Ask the neighbors about the area and the home your interested in if possible.
- How are the homes maintained in the area?
- What are the taxes local and state?
- What are the comps for the sold homes in the area?
- Do you want to be near the boardwalk in Wildwood? Rents can be higher for well maintained properties but the rental season can be short. Boardwalk area rentals tend to be summer season only.
Buy the worst home in the best location
If your handy and are going to fix the rental up many believe the best way to gain equity is to buy the worst property in the best location.
- What updates are required to fix the property to be able to rent
- Know what renters are looking for in a rental. New kitchens and baths can be very expensive but by doing updates many renters are more likely to choose your rental. Renters today want all of the amenities that they have at home but with the added extras a rental can offer. Renters want Ocean front, ocean view, dog friendly, roof decks, patios, porches, big TVs and more.
Know the rental season and average rent
- How long is the rental season? The longer the season the better the income your rental can produce.
- Ask realtors for a rental history of the property
- Check listing sites for average rents that are posted for properties near yours.