First Time Buyers: Millennials Opt for Cottages

Millennials opt for cottage investments

Why Millennials are Turning to Cottages

Getting a house is a daunting task for millennials. The expensive housing market is a barrier for young adults and families looking to buy their first home. With rent climbing across North America, many millennials are looking to invest their money in cottages.

Rather than buying a house, millennials are purchasing recreational properties outside the city. At a lower cost than residential housing, cottages help millennials avoid incremental debt. Plus, it provides the option to rent out your recreational home to vacationers. By listing your cottage on websites, social media, or resort-based rental services, you can easily find renters for your property.

Buying a vacation home is often the first experience millennials have in the real estate market. Here are a couple of helpful tips to keep in mind when starting the search for a cottage.

sherkston shores vacation cottageUpkeep

Make sure that the cottage you’re buying is worth the price. If the price seems too good to be true, have an expert check out the property. You need to make sure that there aren’t any hidden costs or major renovations needed.

If you live out of town and only want a weekend home, look into resorts that offer property maintenance. This ensures that your property is always in tip-top shape with no work on your part.

Location

A low price for a cottage is great, but is the surrounding area where vacationers want to be? If you want to rent out your cottage, opt for a vacation home near water or major attractions. Additional considerations include proper roads, cellular/internet service, and clean water. All of these will draw more renters to help your cottage investment make money.

sun n fun rv resort vacation cottageBudget

We know, millennials constantly hear about budgeting. But when it comes to buying, maintaining, and renting a cottage, a budget is your best friend.

Before you buy, take a hard look at your current and future finances. Make sure you have enough for your investment and any unexpected expenses that may accompany it. We recommend working with a real estate agent or park representative to answer your financial questions. These experts will also help you learn the ropes when it comes to renting out your home.

 

Many Sun RV resorts offer vacation cottages for millennials. From Sherkston Shores Beach Resort & Campground on Lake Erie, to Sun N Fun RV Resort in Sarasota, Florida, there’s an option that fits your needs!

 

Let others know about the benefits of cottages for millennials by sharing this post on Facebook!

 

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*No Cancellation Fee policy is only valid on reservations placed prior to September 30, 2020 for any future stays at a Sun RV Resort throughout 2020. Guests wishing to cancel without fees must call the resort at least 2 days prior to their scheduled arrival date to confirm their cancellation. Guests who fail to show for their scheduled stay without confirming their cancellation with the resort, will be charged in accordance with the resort’s cancellation policy. Policy is not valid on reservations for stays over 28 days, with the exception of participating Florida properties. Policy expires September 30, 2020. Stays must be completed by December 31, 2020