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Rhode Island Vacation Homes - Things to Know
Rhode Island is called the "Ocean State" for a reason. We have over 100 public and private beaches! Whether you're a Narragansett family or Newport folks or somewhere in between, many Rhode Island residents own vacation homes or beach houses. Lots of wise investors are taking advantage of low home prices and purchasing one of these great properties. If you're considering a purchase, here are some things you should know: Being located on or near a beach is obviously desirable. To add to the allure of your place, make sure it's clean, free of any items that are too personal (i.e. family photographs, collectibles, etc.) and has amenities including a microwave and air conditioner. Look for properties with multiple bedrooms. These will rent faster, since vacationers may be able to more easily afford the rate if they bring friends to split the cost. Also, if families are traveling together, they want to have enough room for everyone.
Let your Realtor help you screen potential renters. It's worth the commission you pay to get quality vacationers in your home!
If it's a condo, be sure you know the condo association's rules for weekly rentals. Some associations don't allow week-by-week rentals because their full time residents may not appreciate the inevitable party-like atmosphere. They may, however, be ok with an entire summer rental. Make sure you know the rules!
Did you know that in order to qualify for a second home mortgage interest reduction, you MUST use your property for personal use? According to bankrate.com, the rule is that you must use it for personal use for more than 14 days, or for 10% of the time it was rented. Make sure you have fun in your new home too!
Ask your Realtor for a list of local handymen, painters, housekeepers, landscapers, etc so that you are prepared when something needs to be repaired or maintained. They should also be able to help you come up with a list of local restaurants and attractions to leave in the house for your guests. If you have any questions or interest in seeing what's available in Rhode Island please contact me and I'd be happy to get you started on your way to vacation home-ownership! Bob Black - Realtor Prudential Gammons Realty 401-942-8844 ext 28 bblack@prudentialgammonsrealty.com
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BankRate.com
| Prudential Gammons Realty
Rhode Island Beach
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This intel was contributed by Bob Black
Bob Black
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May, 2012
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