The vacation home market continues to heat up—especially in the Palm Springs area. Buyers are eyeing Rancho Mirage real estate, luxury homes in Indian Wells, and properties in Indio for their dream vacation homes. Real estate experts maintain that the market is primed for buying a second home now, as interest rates are good and demand is poised to increase in the near future. Here are three great reasons to get in the market now:
1. Vacation rentals are in demand. As we start to come out of a recession, more people are committing to taking vacations this year, resulting in an increasing demand for rentals. This is a great way to offset the cost of a second home and bring in some additional income. Rancho Mirage real estate offers an ideal location for tourists and vacationers, with its renowned golf courses and varied recreational activities. Plus, in general, vacation rentals appeal more since they tend to be less expensive and more comfortable than hotel rooms, especially for families and those seeking a longer stay.
2. It’s a pretty safe investment. Real estate is a good place to put your money for the long-term, and the potential for additional income is a plus. In addition, there is a chance to make a profit, especially when renting out highly desirable properties, such as luxury homes in Indian Wells. Many property owners are able to cover their entire mortgage payment simply by renting out their second home for a week.
3. You will save money on your own vacation. When you own a vacation home, you always have an option of a place to go during your time off, and can take more vacations than normal since you won’t have to worry about hotel costs and can take advantage of the kitchen and other amenities such as a swimming pool.
Whether you’re interested in properties in Indio, a beach cottage or a high-rise apartment, now is a great time to take advantage of the benefits of owning a vacation home.