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In addition, this past summer’s mortgage meltdown has made securing a Jumbo mortgage much more difficult. A Jumbo mortgage is one that is larger than the conforming loan limit of $417,000. Since New York City real estate prices are in many cases higher than $417,000, sales have lagged due to buyers having difficulty qualifying for Jumbo mortgages. All of these factors have contributed to “the bubble finally bursting”.

There has been however, one sweet spot in the New York City real estate market. Affordable living is making a comeback. Smart developers have stopped over building million dollar houses in middle class areas and instead begun developing affordable condo apartments throughout the boroughs. Studio to 3 bedroom apartments can now be bought from the high 100,000′s to the mid 300,000′s.

Some of these condos have been gut renovation conversions of apartment buildings like Zinfandel Condominium in Crown Heights and others have been ground up new construction like 580-586 Van Siclen Avenue Condominium in East New York. Affordable condos are the hottest area of New York real estate right now. Many developers who were building 3 family houses throughout the city have now decided to convert the complexes into condominiums because of the current market condtions. It is more profitable for the developers and more affordable for the end buyers.

For example, a 1 bedroom condo at Zinfandel Condominium is priced at $237,000 which is actually cheaper than renting a similar apartment when the income tax deductions are taken into account. Renting a 1 bedroom with hardwood floors, granite countertops, stainless steel appliances, a video intercom system, recessed lighting and internet connections prewired in the walls can easily run upwards of $1200 to $1400 a month in Crown Heights (if there are any available). Owning the condo can cost as little as $1060 per month with the tax advantages and only 5% (aprox 12,000) out of pocket.

Owning instead of renting is the first step towards financial freedom. Renting only gives a landlord a mortgage interest tax deduction and the tenant a rent increase each year. Plus real estate will appreciate over time so it is a great long term investment. With the recent slowdown in the real estate market combined with many people who have recently lost their homes to foreclosure entering the renters market, rents have begun dramatically increasing as the citywide demand for apartments increases.

As a vacation rental owner, advertising on the internet is very easy and also free at most websites. One could begin by writing a good descriptive and informative paragraph about the vacation rental available. The description or the listing should have a catchy headline that catches the reader’s attention. Something like “In the very heart of nature” or “The sandy tan paradise” etc. The reader should be fascinated by your headline. The description itself should contain details about the number of bedrooms, equipment installed, furnishings etc. Your description should make your vocational rental stand out in the crowd of other advertisement sin the same category. Always highlight things like saunas, swimming pools, tennis courts etc. They help putting your advertisement in the luxury class and obviously fetch you better rentals.

There is no one better to write your advertisement, since, as the owner, you would be best informed about the property. It is just a matter of expressing the same to the prospective renters. Many a vacation rental web sites also help by giving you the option of dedicating a web page to advertise your property. In case you opt for a larger advertisement or a webpage itself, make sure they contain good quality photographs of your rental property. Pictures speak better and more efficient than words.

Make sure you describe the common areas, kitchen and bedrooms in such a way that the renter can visualize them beautifully in his/ her mind. If your property is stand-alone like a condo, cottage or a villa, the pictures of the exterior can set it apart, especially if you can capture the docks or swings or saunas. If it is on a beach, you can have a picture of the beach front that the renter can use. Take your own time and come up with the best description you can, since first impressions are the last impressions.

Since you are already into vacation rentals, you can request your old customers to give you honest testimonials that can be used to post on various blogs and forums related to places where your vacation rentals are located.

When you are ready to search for the perfect vacation rental you will notice that there are several search criteria that you must adhere to. This is a great way to narrow down the number of choices that you will be able to display. For instance, price is one search criteria that you will want to take seriously. After all, every vacationer has a budget that they need to stick to. When you can search by price you will then be able to eliminate any of the vacation rentals that are too expensive for your budget.

In addition, you can also search via location. Of course this is important if you want to stay in a particular part of a city or country.

And on top of all the major search options, you can also look into smaller details such as amenities and accommodations. After all, if you are traveling with five people you need to find a vacation rental property that sleeps that number. If you do not, you will end up with a problem on your hands from the very start.

Choosing a property is easier than you ever thought possible. After you find an internet site that suits your needs you will be well on your way.

The first type is the general vacation rental website. There are many of these available, and they are perhaps most suitable when you haven’t decided where you want to go. You can browse these sites for ideas on where to go and the larger sites may well have a reasonable choice of homes in certain destinations, particularly the most popular ones. These homes may be advertised by the individual owner, or by companies who manage multiple rental properties.

However, these sites have their limitations. You will rarely find any information about each destination, since these sites typically cover the globe, albeit with varying levels of inventory available in any one resort or location. Also, the site is really nothing but an advertising venue; it takes no responsibility for the accuracy of any of the information posted by the owners who use it, and you will have no comeback to the operator of the website if it turns out that the property is misrepresented, is not available when you turn up even though you have paid or, in the worst but by no means unknown case, does not even exist.

The second type of site is often advertised as ‘by owner’. These sites may be global, or they may be destination-specific. Such sites frequently claim that by dealing directly with owners they are cutting out the middleman and saving you money, and in certain areas owners who market their properties directly can escape some types of tax. However, these sites also have drawbacks. As with global vacation rental sites, ‘by owner’ sites provide no guarantees about your holiday; they are just a way of putting you in touch with the owner. Furthermore, the owner is not worried about the credibility and reputation of the site as a whole; their main concern is to promote their own property. Finally, if the property becomes unavailable for any reason, the owner may be restricted in their ability to provide an alternative. So be cautious with these sites.

The third type of site belongs to a property manager with an inventory of homes in a individual destination. He does not usually own the homes but rents them out on behalf of the owners. He does not mind which home you choose, so his incentive is only to find the property most suitable for your group. If, exceptionally, your property becomes unavailable for your dates, he will be able to find you an alternative from other properties he manages. Finally he will have consistent quality systems in place to ensure that your place is in perfect condition for your stay. So if you want to be sure of the quality of your vacation rental, choose a property management company which specializes in the resort of your choice.

All you have to do is to click and carefully choose what you want to order.