Located just over two hours from New York and boasting a natural environment with wide open spaces, and small friendly communities, Hudson Valley is a popular choice for a getaway vacation home. The current buyer's market has made it possible for more people than ever to purchase an affordable 2nd home.
The price for properties vary, but the rule of thumb is the closer go to New York City, the more expensive the property. In the Hudson Valley, there are considerably more homes available in the $275,000 to $350,000 range. If you're looking for a larger property or a big home with a view, then you'll be approaching the $350,000 to $500,000 range. If you're seeking a country estate or a renovated farmhouse this can be had from $500,000 to $1 million (or higher).
Deals can be found by purchasing a home via the foreclosure listings or the auction route, but be sure to work with an experienced professional who can guide you in this process and ensure you have all the bases covered.
In addition to weekend homes, these properties make ideal vacation rentals. If you live in New York City, the property is located close enough that you can make the occasional quick trip to deal with any maintenance issues that may come up.
Numerous property management companies have sprouted up in the last few years that can assist you in establishing rental rates, screening tenants, marketing, and property maintenance. Many homeowners prefer to employ their own cleaning people, and this can be very effective, but expect to go through a few bad apples before you find the right one. It's always a good idea to be there during the first cleaning so that you can establish expectations and meet your potential employees in person.
When choosing the area for your vacation home, apart from price, you'll want to think about the activities you enjoy. If you are a skier, check out Accord, NY set amongst the Catskill Mountains and conveniently located near the Belleayre Ski Center.
If you like being on the water, the town of Esopus is set on the Hudson River, or High falls built along the canal and famous for its antiquing, specialty shops and great restaurants.
Take small trips to many of these towns and see what area is the best fit for you. Decide if your investment will be used exclusively by yourself or if you'll be renting it out. If so, decide whether you'll manage the property or employ the services of a property management company. Any good realtor will be able to assist you in this process.
