Sunny states have always been under the spotlight when looking for the best place to buy a vacation home, such as California, Florida, South Carolina, and even Hawaii. Ever since California was admitted as the 31st state of the United States, the state has been a travel destination like no other with its beaches, sunshine, and beautiful coastlines. Nowadays, it’s still known for the beautiful sceneries in addition to a little bit of showbusiness, and technology. If you’re questioning if it’s the best place to buy a vacation home, you should be wondering why you don’t already own a property in the golden state.
Related: The 7 Best Places to Buy a Vacation Home in Florida.
In Northern California’s wine country lies the city of Santa Rosa. The beautiful mix of population from young to old makes for a perfect peaceful atmosphere. It’s best known for wine, beer, and fresh produce. Who needs more convincing, right? It offers moderate weather and moderate winters. This all makes Santa Rosa the perfect vacation destination.
What makes Santa Rosa the best place to buy a vacation home?
- Reasonable property taxes: Property taxes and income property taxes are low compared to other states.
- The moderate weather makes it absolutely the best place to buy a vacation home.
- Growing economy in the region: Meaning employment opportunities which translate into more population drifting to Santa Rosa in the upcoming years. More people will be looking for rental properties to rent.
- Santa Rosa was marked the 77th best metropolitan area to live in and the 55th best place to retire in the United States.
- Growing business operations in the regions. California in general and Santa Rosa specifically is experiencing a boom in the business department. This can result in more business openings and start-ups, which can subject the region to an economic growth.
- People who are looking for rentals are high numbered. The rental demand is high in the region.
Related: Best Places to Buy a Vacation Rental Property.
What is the best location to buy a vacation home in Santa Rosa, California?
Santa Rosa is among the best places to buy a vacation home in California. Both the California real estate market and Santa Rosa real estate market are blossoming and it’s time for you to capitalize on that opportunity. You can pick the best place to buy a vacation home in Santa Rosa from our top picks:
Southwest Redevelopment
Southwest Redevelopment is rated the second-best place to live in Santa Rosa, with beautiful views all around and riverfront properties. Isn’t that what everyone needs? Colgan Creek stretches along Southwest Redevelopment allowing for beautiful scenery and a good place to tie your boat! The area is a mix of professionals, families with kids, and retirees. Your tenants will feel right at home if you choose this location for your investment property.
Reibli-Wallace
Reibli-Wallace is considered the top pick for buying a property. Whether you’re looking for a live-in rental situation or just looking to venture into Airbnb rentals, this is the place to go! It offers great views and the best of everything within short distances such as schools, shopping malls, restaurants, and even golf courses. What makes this place even more attractive for real estate investors is the low number of rental properties available, so factor that in when you’re trying to find the best place to buy a vacation home.
Related: California Emerging as the Best Place to Invest in Real Estate in the Coming Years.
South Park
South Park is situated in downtown Santa Rosa, making this not the best place to raise families or grow old. However, it can be the best place to buy a vacation home if you’re going for Airbnb rentals. Many residents have stated that the area is in desperate need of a makeover as many properties go without proper maintenance, but the crime rate has slowed down compared to past numbers.
So, how can you make sure you find the best place to buy a vacation home in Santa Rosa?
There are a few things to consider when you’re trying to find the best place to buy a vacation home or a property in general. Real estate investors research any location carefully prior to real estate investing in the area. A few things to keep in mind before real estate investing in Santa Rosa:
Location
Location is one of the most important things to look at when it comes to real estate investing. The value that the location adds to your property isn’t just about the numbers, it’s about proximity and comfort. Finding the best place to buy a vacation home depends on where you live currently, as you’ll most likely look for a location that offers different qualities than what you have available. If you’re planning to rent out the property most of the year, we recommend that you look for locations that short-term visitors and Airbnb guests would want to stay.
Rent before you invest
Real estate investors study all aspects of a purchase before jumping on the bandwagon. They must assess the viability of the financial commitment they’re making, and so should you! Consider renting a place in the area you are considering investing in and stay there, this will help you know what circumstances surround your property during different times of the year.
Type of property
Finding the best place to buy a vacation home, whether in Santa Rosa or another location, won’t matter if you make a mistake in the type of property to invest in. Many real estate investors research what’s available on the market and make comparisons to find what best suits their investment portfolio. The preferred type of property may differ with each real estate investor. Some may prefer condos, others may settle for an apartment with great views. You want a vacation property that fits your lifestyle.
Affordability
Know what you can afford and stick to it. Yes, you might fall in love with a property that has all your dream features of a vacation home, but if you want to start smartly in this sector of real estate, you mustn’t fall for the aesthetics. Think with your head. A real estate investor must factor in all the running costs of a property, including utilities, taxes, maintenance, and mortgage payments.
Investment property analysis
Real estate investors utilize investment property analysis and real estate market analysis to find the perfect formula that leads to successful real estate investments. Whether you’re going with an Airbnb rental strategy or a traditional rental strategy for your investment property, you should use a rental property calculator to help you figure out what rental income to expect.
Consider using Mashvisor’s real estate market analysis and Airbnb profit calculator to find out all the metrics to assure you that you’ve found the best place to buy a vacation home. Important metrics to look out for are return on investment, cap rate, and cash on cash return.
To learn more about our product, click here.
Related: These are the Best Cities for Airbnb Investment 2018.
Knowing where to invest in real estate may not be an easy task for everyone. It’s important to keep in mind that a beautiful destination that you enjoy regularly might do the trick. If you choose to invest in Santa Rosa, and you most likely should, never forget that you can be making money in real estate through buying a vacation property. Remember to calculate every decision well especially for vacation home rentals. If you are investing in a vacation home rental in Santa Rosa, you must study the market well to come up with the optimal rental strategy for your property.
