At some point in time you will probably find a destination that you simply fall in love with. A destination that you want to revisit time and time again, and possibly one where you would like to move in some time in the future. This can be anything from the lovely, white sandy beaches of Koh Samui, to a charming ski chalet in the Swiss Alps or anything in between.
Once you found this magical place you will have to answer a time old question for travelers. Do you buy or rent your vacation home. There is no wrong or right answer to this question, however, based on every individual tourist’s needs you might want to learn a bit more about each option.
Renting a place is an obvious choice and the industry standard. It allows a lot of flexibility, and little to no additional costs after you’ve paid for your allotted time. You can hence explore the surrounding area, extend your vacation by however much your landlord’s schedule allows and not worry about bills, maintenance or taxes. When your time is over you can simply leave without having to install some security mechanisms or to shut off certain gas and power outlets.
On the other hand buying can also have a lot of benefits, some that you won’t expect from a vacation home. Yes, the initial cost of buying a vacation home will be much larger than renting for a number of years. In some cases you may even have to get a small mortgage to cover the initial cost as well as some alterations and improvements you might want to make to the property.
After actually purchasing the property you will, naturally, have the advantage of being able to come here whenever you want, to bring how many guests you want with you and leave at a moment’s notice. Some might be reluctant to purchase their own vacation home saying that it will cost them too much on a yearly basis as it will basically be unused. Things don’t necessarily have to be this way particularly with the increase in alternative accommodation options in the travel industry. You can rent out your Koh Samui vacation home when you or your friends and family are not using it and depending on what broker or management agency you choose, make a nice profit.
Depending on where your property is located and on how it looks your profits can range from a nice little extra income on the side to something that will allow you to make quite a lot of money, maybe even pay off the mortgage or make back the money you spent on the house. Don’t be too ambitious though and before making any plans on how you’ll spend your new income have your property valued by an expert in the vacation home renting field.
Make sure you look up the legislation on renting in the country your property is located as additional paperwork or taxes may have to be paid. You may also benefit from better protection under the law if you do everything by the book.