Buying Vacation Property to Eventually Live In

mrtibbs Active member

Member since 03 February 2018

mrtibbsActive member13 April 2018 13:43:39

My wife and I were planning on buying a home in the Isabela/Aguadilla area to live in seasonally. However, recently we have been discussing the possibility of using the home as a vacation rental to generate income instead of having it sitting there unused.

Our concern is that we no longer have the people we depended on before to keep an eye on the house as they have moved to the states. Does anyone know if there's any other route we could go with having someone on the island take care of handling vacation property while we are off the island? I was thinking there must be a realtor agency or property management that handles these things but then again we hate to go with just anybody who doesn't come recommended.

Also, are there any other things we would need to keep in mind when purchasing a home to use as a seasonal vacation property? We are planning on buying something small and simple as we are not extravagant people. It would be furnished modestly and have the essentials for vacationers to use. Thanks in advance on reading this and offering any insight you may have!

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annabfalter Contributor

Member since 26 January 2017

annabfalterContributor13 April 2018 14:01:26

124

The guy who looks after our property is the caretaker for a rental we have used for several years. We got to know him pretty well from that association.

Also, you buy a property, you will likely meet people who will be able to help you. Your lawyer, for instance, will have dealt with previous buyers and will probably be able to point you in the right direction. Just make sure your lawyer is a good one.

lgustaf Serial expat

Member since 07 April 2016

lgustafSerial expat13 April 2018 14:09:36

401

I would go into AirBNB and check for rentals in that area. Many of them are rented through property managers and you can read the reviews about them and the properties they handle on the AIrBNB listings.

This will give you a good idea of which ones are recommended by renters as well as what you might be able to ask for in rent. Contact a few and ask them to send you a copy of their contracts to review. Also, most will be happy to give you contact information for their clients to ask them directly how happy they are with their managers' services.

The realtor who represents you in purchasing your home might also give you a referral. Many have agents on staff who only handle vacation rental properties or know a broker who does.

Good luck.

mrtibbs Active member

Member since 03 February 2018

mrtibbsActive member13 April 2018 14:19:56

Both of your advice Anna and Igustaf were extremely helpful (and piece of mind for my wife!). I am going to get to researching on AirBnB and VRBO to get a better handle of everything we will be getting into. Thank you both so very much and I hope your lights are back on by the way if you were affected by last night's mass blackout.

Sitka Serial expat

Member since 07 October 2015

SitkaSerial expat13 April 2018 14:29:37

953

We have a friend here that stays in the house when we are gone. Can't beat boots on the ground!

lgustaf Serial expat

Member since 07 April 2016

lgustafSerial expat13 April 2018 14:34:57

401

My property manager only lives a short block away from my apartment, so she is able to keep a close eye on my place and respond to issues quickly.

mrtibbs Active member

Member since 03 February 2018

mrtibbsActive member13 April 2018 15:06:06

lgustaf wrote:
My property manager only lives a short block away from my apartment, so she is able to keep a close eye on my place and respond to issues quickly.

Is your property manager located near Aguadilla/Isabela? If so, would you share her contact info?