If you love traveling with your RV, buying or renting a lot could be a great choice for you.
If you love to travel but need to do it on a budget, camping is something you’ll certainly want to look into. There are a variety of options available, but one that will allow you to camp in luxury – and without having to unpack – is purchasing an RV.
If you decide on a class A RV, you will also need the space to park it when camping, so you may need to decide whether you should purchase or rent an RV lot. Both owning and renting have their pros and cons, so you will want to take the time to fully research the possibilities…starting with:
Why Own a Lot? The Upsides of Ownership
Among the reasons to consider owning an RV lot, some pros include the ability to rent out the space when you are not using it. It is also nice to be able to set up the area however you please. Plus, with proper care (and luck) the land can increase in value during ownership. Another benefits is you will always have a guaranteed spot to park, which means not worrying about no vacancies. Finally, there is always great pride in the ownership of property, and that should not be discounted.
Why Not? Downsides of Ownership
With every benefit, there are also downsides – and the same can be said of owning an RV lot. As with homes and vehicles, ownership brings annual taxes and fees. Many RV lots have an HOA that requires an annual fee to be paid to be a member of the association. There are also insurances and maintenance prices to factor in. The insurance will vary greatly depending on what you have on the property, but there is a liability that should be covered. This can make ownership much more expensive than renting.
Among the additional costs, amenities will play a factor in the price. Before you consider whether you want to rent or buy a lot, make a list of which amenities you seek. This will give you the ability to determine which RV lots match your desires to the max and you get your money’s worth in the purchase.
Making the Decision
One of the easiest ways to make the decision between renting or ownership is financing the property. You will want to check with your banking institution to determine if they are willing to finance you for the purchase. In addition, make sure you know how much you can pay each month in case you are unable to rent it out in the off season.
If you have been able to secure a loan, then look at the lots in the area that are for sale and rent. You want to consider the property value around your lot, as well as check to see how long they have been on the market. The best ownership locations will be in a popular area where people will want to stay at when you are not using the lot.
Purchasing a deed to an RV lot should be taken with just as much seriousness as purchasing your first home or vehicle. You will have access to property year-round and have the ability to customize it as you like (inside HOA regulations). However, you will have a lot more financial responsibilities than you do with renting. While they can be lessened by maintaining the lot yourself, they are definitely the biggest deterrents to purchasing a lot.
If neither renting or buying an RV lot seem like the best option for you, consider looking into an alternative like a class A RV resort membership. These luxury resort style RV vacation destinations are popping up all across the country, from St. Augustine to Seattle, and are yet one more way to enjoy your RV lifestyle.