“Buy land, they ain’t making any more of the stuff.” – Mark Twain, writer and humorist
“Don’t wait to buy real estate. Buy real estate and wait.” – Will Rogers, actor
“Every person who invests in well-selected real estate in a growing section of a prosperous community adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.” – Theodore Roosevelt, U.S. president
Investing in quality Real Estate has been a path to wealth and security for many Americans over the years. The potential for real estate investment growth is certainly existent in many of the cities in the Greater Palm Springs area.
Perhaps you would like to own a vacation home in one of our Western Coachella Valley cities – or even buy a home now for your future retirement in paradise.
However, you cannot really make that financial commitment right now.
One extremely popular option is to invest in a single-family home or condominium and put it to work as a full time or seasonal rental property. The demand for housing, both on a full time and seasonal basis continues to grow and can provide great opportunity for both regular rental income and property value appreciation.
Investing in property in the desert can be a very real option for you, depending on your personal needs and financial situation. The demand for seasonal rentals – temporary rentals of at least 30 days or longer – is large and growing. As people are learning they can work from home they are often choosing to come to the Greater Palm Springs area where they can continue to work while enjoying our beautiful, sunny Winters while there is cold and snow back home. Many retirees, including “snowbirds” from the Northern States and Canada, regularly come to Palm Springs in the Fall and remain through the Spring.
A more recent popular option is the “short term vacation rental”. The option to rent out a single-family home or condominium on a short-term basis, less than 30 days, is a popular way to help offset the expense of buying and maintaining a vacation home. Vacation Rental companies abound in the area. For a percentage of the earned rent, they will take on as much of the management, repair, cleaning, and other responsibilities of owning and operating a vacation rental, or a seasonal rental, as you wish.
HOWEVER, and this is important when considering a vacation rental property, caution must be taken and the risks known, understood, and fully considered. . Each of the nine cities in the Greater Palm Springs area have differing rules and regulations regarding short term vacation rentals, and some cities ban them altogether. Some who previously allowed them are now beginning to ban them.
Before investing in a short-term vacation rental ensure that you are aware of the rules and regulations of the city where you wish to invest.