There are a few things to keep in mind when you are considering buying a vacation property to use as a second home or to rent out. We know that it can be overwhelming to choose from a large portfolio of Flagstaff rental property, but with a reputable agent, we can give you the necessary information that will help you make the best decision when it comes to purchasing a vacation home, as well as help you make the most of the property once you have finalized the purchase. Check out our ultimate guide to owning a vacation property in Flagstaff below!
Location
First thing is first – you want to choose a home that is in a pristine location! The last thing you want to do is to put your chips all in the basket and find out that your house’s location is not near anything. In this case, people might steer away from renting your property, as they will not be able to drive or walk to attractions, amenities, shops, or restaurants.
Make sure you look at a map and choose the ideal spot for your second home. We think that choosing somewhere YOU and your family will like is a great place to start. Do you love shopping? Well, then choose somewhere with boutique stores and souvenir options. If you like outdoor activities, then we recommend selecting a vacation property that is close to hiking, skiing, snowboarding, and sports. Luckily, Flagstaff features the best of both worlds. It doesn’t matter what your interests are; there is always something to do or see in this pristine area of Arizona.
Consider the Price
The second thing to consider before purchasing rental properties in Flagstaff, AZ is to remember that prices vary, and the total price is key to figuring out what you can afford, where to look to purchase a home, and how the value can fluctuate over time. In certain spots of Flagstaff, you will see that rental prices for properties are higher than others. In this case, you might see that spending more upfront can help get you more in the long run, as you will be able to rent your home for more in a more desirable area. However, the initial investment and long-term prices are good to weigh up, so you can make sure to choose a property, location, and value that is worth it for your finances.
Timing Is Key
Make sure you look at the best time to purchase a home in Flagstaff, AZ. Certain times of year create buyer-friendly markets and others result in seller-friendly markets. It will be best to purchase a home during a buyer-friendly market, when the for-sale prices are lower and you can get more bang for your buck. We recommend using an agent from our company during one of these periods so you can get a great deal in the Flagstaff rental market and make more money over time.
Flexible vs. Reliable Flagstaff Rental Property
The next thing to keep in mind before choosing a property to purchase is the fine line between reliability (stability) and flexibility. When it comes to business decisions, you need to balance both of these so you can make the most money in the long run without taking too many risks. We think that first deciding if you are going to use your property as a second source of income for just renting purposes, or if you are going to use the property as a second home for your vacations is the initial step. After all, if you love Flagstaff and enjoy hiking, skiing, and shopping, then using this second home as your vacation spot can help you save on travel expenses and other holiday fees!
Consider Taxes
Although taxes are going to be at the bottom of your list when it comes to things you want to think of during vacation, they can be a huge deciding factor for your second home/Flagstaff rental property. Buying another property can help you receive tax breaks from mortgage payments, which helps you reduce interest rates while still being able to use this property as a second home. There are a few key tax deductions you should discuss with your agent when it comes to figuring out how you can save money in the long run through reduced fees and taxes. First, you should look at the property tax deduction for your second home. A property tax deduction can help you save between 5K and 10K per return if you file separately. Next, you can file for a personal residence mortgage deduction if you are filing married or separately. Lastly, we highly recommend researching the rental property mortgage interest deduction if you rent the house for more than two weeks per year.
Set Aside Funds Beforehand
The last bit of advice that we have for purchasing a home in Flagstaff – with our help, of course! – is to set aside funds beforehand so you can customize your house, make any necessary changes, decorate the property as you would like, and make any quick fixes as soon as possible. Your vacation home is going to be in your dream spot of Flagstaff, so you’ll want to make the place really feel like your own home. You can rest assured that if you utilize Porter’s management services for your new rental property, all maintenance and repairs are taken care of, so you might just want to hang a few photos, alter the color scheme, or add any items that can work for your picture-perfect dreams.
Best Places to Live in Flagstaff
Now that you are convinced that purchasing a property with our help in Flagstaff is the best move to make a second income and enjoy a second home for your personal use, you might be wondering where to look in the area. The best thing is that when you use our high-end services, we can take care of the hard work of finding neighborhoods and ‘safe’ areas for you and your family — although almost everywhere in Flagstaff is extremely safe! We make sure that you can use our agents’ knowledge to find a safe, secure, and amenity-laden home that works for your unique needs. But if you want to do some research beforehand to choose the right ‘vibe’ for your new rental property in Flagstaff, it can’t hurt! One of the best areas to check out, especially if you are a solo traveler or a young professional looking to invest, is downtown Flagstaff. Not only is this a super popular spot for travelers who are looking for affordable places to rent, but it is a great spot for young people to live and remote work or commute to the office.
Downtown Flagstaff is the cultural hub and the party center of the entire city, featuring tons of things to do, cool gigs to check out, mouthwatering restaurants that offer the best of the best ingredients, high-energy bars to go for drinks, and unique shops to check out. If you are considering buying a rental property here, there are affordable options that make for great vacation options for young professionals, college students looking to walk to nearby universities, and those who want to see the local historic district on foot. We recommend choosing a house near the famous Lowell Observatory or Museum of Northern Art!
A second neighborhood that is great for homeowners and those looking for valuable rental properties in Flagstaff, AZ is Forest Highlands. Forest Highlands, also known as Paradise in the Pines, is a beautiful neighborhood for families and older couples who want to buy a home that offers amazing views of the ponderosa forests, featuring close proximity to golf clubs and downtown Flagstaff.
A third spot that is prime for real estate is Kachina Village. This census-designated area close to Coconino County is a small residential area that is within just a few minutes’ driving distance of Flagstaff, offering more quiet with the nearby National Forest while still providing easy access to shops, restaurants, and cultural attractions in a short drive.
Are you looking for a huge mansion near Flagstaff, AZ? We can’t think of anywhere better for luxurious homes and mansions than Pine Canyon, a luxurious estate and golf community that offers the ideal spot for travelers to unwind, de-stress, relax, and play a game of golf with their mates. The homer here are just steps away from the famous Forest Highlands Golf Club, along with highly rated fine dining restaurants, seasonal cafes, and boutique designer stores.
Lastly, we recommend looking at Cheshire if you want a cool and artsy home in a vibrant community that is slowly growing every single year. The low median age here makes this a fun spot for young couples, professionals, and new homeowners to make friends with their neighbors in their second home. Plus, the houses here offer pristine views, tons of amenities, and great educational institutions for young parents who are starting a family.
Why You Should Use Porter for Your Vacation Home
As you can see, buying a vacation home is a great way to make a second income and have the flexibility of a second home where you can spend quality holiday hours with your friends or family. Even if you are not super well-versed in the best bits of Flagstaff yet, we know that you will love this vibrant area that features restaurants, cafes, shops, hiking, outdoor activities, golf courses, ski slopes, and much more!
As soon as you look into the perks of living in this bustling and vibrant city, you will be convinced that Flagstaff is THE best spot for a second home and fun vacation with your friends or family. Although putting money down right away for a house can seem daunting, if you choose wisely, you will get a great return on investment.
That is why you need to work with a professional who can give you great advice and make sure that you make smart decisions for your future. When you work with Porter, we only offer the best of the best. You can also rest assured that we have ants on the ground who are here to help you whenever you may need. No matter what you require, whether it be extra advice for purchasing a home or help renting your property, we are there every step of the way to make sure you have a great experience.
Whether you want to find a new vacation home to use as a second income for more stability, or you want a second house to use for future family holidays, we are here to help. Contact us today at Porter to get started with your vacation home-buying process!
