Many people own a second (or more) home, rent it out, and make money doing virtually nothing. If this sounds too good to be true then maybe you’ve invested in the wrong properties in the past or haven’t done enough research, because this is actually a reality. The crucial aspect of landing a profitable vacation home is investing in the right property. While it certainly isn’t easy territory to navigate, there are a few easy tips to remember. Experts agree that if an area has strong job and population growth, affordability, and tourist attractions, the odds of vacation home profitability are high. Research has uncovered the 11 cheapest places to own a profitable vacation home.
1) Dallas, Texas
With the average home price under $180,000, a spike in job growth, and a population increase, Dallas is a city that investors can pretty much depend on. The cost of rent in Dallas compared to the price of property is high; the average one-bedroom apartment goes for almost $1,000/month. Now imagine if you had a two-bedroom, two-bathroom house – your asking price would increase exponentially. Another excellent aspect of the Dallas housing market is the appreciation rate on property. In 5 years, it’s expected to rise to nearly 11%, making your rental even more valuable. Dallas is also one of Texas’ most attractive, lively, and cultural cities. Between the cowboy bars, the Dallas Cowboys, excellent restaurants, shopping, and nightlife, there’s no doubt you’ll be able to find some happy holiday makers to rent your pad.