| Location! Location! Location! If you are buying a | | | | anywhere in the country. |
| vacation home, give location careful, thoughtful | | | | It's no secret. The economy in the Gulf States is |
| consideration. You may pay more initially for a | | | | reeling. Louisiana was just beginning to see the |
| great location, but if you think things through | | | | proverbial light after the Katrina debacle, and |
| intelligently, you will more than recover those | | | | bang, along comes the oil spill. |
| extra dollars you spent for a top tier location. | | | | The current economic crisis caused a significant |
| The great thing about owning a vacation home in | | | | drop in vacation travel. This has Florida's tourist |
| a high traffic tourist spot is that you can make it | | | | trade at all time lows. Add to that, the effect of |
| pay for itself. How? List it on the exploding | | | | BP's oil spill and you have the perfect storm for |
| vacation rental market. Why allow your vacation | | | | the shrewd investor. |
| home to languish, becoming a liability rather than | | | | Foreclosures, short sales and developers holding |
| an asset? When you aren't enjoying it, the rental | | | | properties they can't sell have depressed real |
| income will put a significant dent in those | | | | estate prices across the Gulf to record lows. If |
| mortgage payments, maintenance costs, and | | | | you are in a financial position to wait out the |
| property taxes! | | | | recession, if you believe the effects of the spill will |
| Sure there are downside risks, but by choosing | | | | be relatively short term and if you can afford to |
| the right location, these risks can be mitigated. | | | | be wrong, then you should start looking for that |
| Now, I mean right now, may be the very best | | | | vacation home before this perfect storm fades |
| time to buy a vacation home. If you are one of | | | | away. |
| the fortunate few, whose lives have been | | | | Consider contacting the banks directly. There are |
| untouched by the current recession/depression, | | | | dual benefits to this approach. First, purchasing a |
| there are some real bargains awaiting you in the | | | | bank-owned property carries less risk. Second, |
| market. | | | | banks have their ducks in row and the sale will go |
| Think about it! If you are having tough times | | | | much faster. |
| financially, what do you pay, the mortgage on the | | | | I've taken something of a glib approach in this |
| home you live in or the mortgage on the second | | | | article. However, there are risks that you must |
| home you vacation in?. No brainer, right? | | | | recognize. Stay within your means. Don't hesitate |
| Thousands of people in the US are being forced | | | | to consult an experienced financial advisor if you |
| to make that very decision and as a result, there | | | | have any concerns regarding your financial health. |
| are bargains out there just waiting to be snapped | | | | That said, opportunities like this don't come along |
| up. | | | | every day. Make an appointment with your |
| This is going to sound cold, but I'm talking business | | | | banker and get pre-approved for your mortgage. |
| and business is merciless. The US Gulf coast has | | | | Be ready to act when the property you seek |
| some of the finest vacation property available | | | | comes along. |