Over the years, as a real estate and vacation rentals agent on Martha’s Vineyard – I’ve had many conversations surrounding the Own vs Rent debate. Of course, as with every good debate, there’s a positive argument to be made for both sides.
The benefits of Renting a house on Martha’s Vineyard:
- Variety. Renting gives the ability to explore different parts of the island. You can rent in Chilmark on the beach one year and downtown Oak Bluffs the next!
- Walk in walk out. Talk about no hassles – the house is waiting for you when you arrive and when you leave, you just say, ‘see ya later!’
- No ongoing expenses. When you rent, you have no maintenance fees, no new roofs to put on, no property taxes, etc.
- Source of income? Purchasing a house that will pay for itself through rentals hasn’t happened in on Martha’s Vineyard for 15 years or so.
The benefits of Owning a house on Martha’s Vineyard
- No time schedule. You can come whenever you want, stay as long as you like and use it however you like.
- Renting out your house. As I mentioned above, rental income won’t pay for the house, but it certainly can’t hurt to earn some income on the house when you aren’t using it.
- Rental income can certainly offset property taxes, bills and maintenance. In fact, many people that buy Vineyard houses rent them out to start – working towards retiring on-island down the road.
- It’s a dream come true. How many people do you know that dream of owning a house on the island?
- Check the market. Right now we’re living in a buyer’s market – so this would be a great time to buy.