People purchase vacation homes for getaways, income and retirement. A growing number of people are looking outside their home country for vacation properties to take advantage of lower home values, lower costs of living, and immersion in different cultures and climates.
Whether or not a vacation property will be rented out, the owner may wish to hire a property management company to handle routine maintenance responsibilities. This is particularly important if the owner is located several hours or more away from the property and will not be able to effectively maintain the property. Certain tax implications apply to both owning and selling a vacation property. A qualified tax specialist can be consulted for clarification.