Not only are vacation-home sales on the uptick, but the percentage of purchasers who intend to rent out vacation homes to friends, family and travelers is climbing like never before. Perhaps it's the sluggish economy, coupled with the chance to buy a bargain getaway, but 70 percent of vacation-home buyers say they plan to rent out their home in the next year, according to a survey by the National Association of Realtors.Recreation home sales were up 7 percent in 2011 from the year before, yet the median sales price dropped 19 percent to its lowest point in four years. Of the 70 percent who said they intended to rent out their properties, 39 percent said they planned to use the rental income to help cover mortgage, taxes, insurance and other costs, while 14 percent stated they pur...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.