Buy An Oregon Coast Vacation Home

Thinking about buying an Oregon Coast vacation home or vacation rental property at the Oregon Coast? In this video, we discuss the pros and cons of buying an Oregon Coast beach house, if it's worth it, and how to evaluate the best Oregon Coast properties.

Thinking about buying or Oregon Coast vacation home? 

There are a lot of factors to consider from price to location to costs, taxes and fees. 

Evaluating a particular market and property to buy requires step-by-step evaluation, and some of the criteria you just can not put a number on. In this video, we discuss these considerations in depth to give you more clarity on what, where, and when to buy at the Oregon Coast! 

Here is a break down of your top considerations when buying an Oregon Coast vacation home: 

1) Financing. Loans for investment properties and second homes require more cash and typically come with a higher rate. Whether or not you can afford to do so or whether or not you should consider financing an Oregon Coast vacation home is built into what your loan costs will look like. Speak with a lender to understand what you can afford and if it makes sense. We are happy to connect you with a lender if you need any recommendations. 

2) Occupancy Rate and Average Daily Rate. If you plan on renting out your Oregon Coast home as a vacation rental, these are the two foundational metrics to evaluate your projected earnings. Collecting data about how often homes are rented in a given town and what the average rates are will give you a ballpark estimate of what you could expect to earn on a monthly and annual basis. Get in touch with us to discuss how to find these numbers and we can breakdown the projections for a town or specific property. 

3) Identify the Intangibles. Occupancy and average daily rates for a town only provide so much when looking at where the value lies. There are many intangible qualities of a property that can only be evaluated by considering the experiential side of vacationing there. Access to the beach, style of home, fun amenities, age of home, floor plan and layout – these are some of the qualities of a property that can make it more or less desirable. The Home Team Brokers can work with you to look at the top considerations for amenities of a property that would contribute to being a better rental or second home. 

4) Operation Costs. Fees for property management or rental services (think AirBnB, VRBO). Utility costs. Maintenance costs. All these plus your time are all deducted from your gross revenues. Get in touch with us to discuss what these numbers look like or watch the video above to learn more. Oh, and taxes! Oregon has a tax on short terms rentals of 1.5% plus many counties and towns have local taxes. 

5) A vacation home is considered a residence if you use it for more than 14 days out of the year. Many of your operating costs from a business perspective are not deductible if the property is used for personal use more than 14 days out of the year. Get in touch with The Home Team Brokers to get more information on this topic! 

---

See other related videos: