Many people who invest in a second home to use for weekending and vacations soon come to find that the costs of maintaining the home can put a big dent in their budgets. If you are thinking of purchasing a second home and this is a concern for you, take note. You don’t have to let your second home drain your bank account - instead, make it pay for itself. Turning your vacation home into a money-making proposition is not a difficult process, according to Christine Hrib Karpinski, a real estate investor, advisor for other investors and author of the book How to Rent by Owner.

Turn your vacation property into a profitable asset

Ms. Karpinski has some recommendations for people who want to make a profitable asset out of their vacation home. First, the rent you ask for one week’s occupancy should equal your mortgage payment and expenses for one month. Using this math, you can see that you must rent the property 15 or 17 weeks every year to break even and generate income. Second, it is crucial that you advertise your rental on the internet to attract attention from potential renters. Finally, manage the property yourself instead of using the services of professional property management companies; they will eat up a large percentage of your rental payment in management fees.

Any time you do not have guests renting your vacation home, you need to make certain that it is secure. When your tennants leave, check to be certain the doors and windows are locked. Purchase a timer and turn on one or two inside lights when no one is home. You will find additional tips to help you enhance the security of your second home at be-safe.org. And check with your insurance carrier to make certain you have enough coverage. Be a good neighbor and responsible landlord to keep the neighbors on your side.

When’s the best time to buy your vacation home?

FOMC Chairman Ben Bernanke, in a recent speech to the Independent Community Bankers of America, urged government-sponsored enterprises (GSEs) FannieMae and FreddieMac to implement practices to increase the number of loans they support, a move that would make affordable mortgage loans available to more home buyers. Frank Nothaft, vice president and chief economist for FreddieMac, says that mortgage interest rates actually are dropping as a result of economic news that suggests the economy could be slowing.

The silver lining in these remarks? Coupled with the current real estate market, they may indicate that this is an ideal time to purchase that great vacation home you have always wanted. Remember that real estate sells on local markets and national news may not accurately reflect the situation in your area; in some parts of the country, sales are slowing, but prices are still rising. If you hold out expecting that prices will drop further, you may let your best opportunity disappear.

Vacation Property? Look at Florida

Do a bit of homework before you dive in to the investment rental market; you want to purchase vacation rental property that is both affordable and desirable as a vacation spot.

You might find some great opportunities in Florida right now. Regular visitors to the Sunshine State can give you a long list of reasons to own a vacation rental: Florida is warm in the winter; it offers all sorts of attractions, from Disney World to Everglades National Park to the Kennedy Space Center at Cape Canaveral; it has hundreds of miles of beautiful beaches.

There are plenty of pre-construction opportunities available in Orlando and Ft. Lauderdale that might be just what you’re looking for.

Transport improvements are always good news for property investors and the arrival of a new high speed train linking Madrid and Malaga is no exception. The new high speed train service has greatly improved transport links already, since its inauguration on 23^rd December 2007, and is likely to broaden property opportunities in the area.

Madrid to Malaga in two and a half hours

The Madrid-Malaga high speed AVE (Alta Velocidad Española) Train reaches speeds of up to 350km/h and cuts down the travelling time between the two cities to only two and a half hours - a massive time saver compared to travelling by road. In the first year of service, rail company RENFE expect 1,650,000 people to use the Madrid-Malaga AVE and by 2009 they anticipate that two million people will be travelling on it. This equates to double the number of users than the previous Talgo 200 service.

For Spanish property owners based in the UK, the AVE opens up extra travel opportunities. Thanks to a combination of the high-speed rail link from St Pancras and the high-speed service from Madrid to Malaga, you can now travel all the way from London to southern Spain by train in less than 21 hours. The eco-conscious will be happy to hear that this journey has a much lower carbon footprint than flying by plane.

More Spaniards expected to holiday in the sunny south

It’s not just British holiday home owners who’ll benefit - experts say the new Madrid-Malaga AVE link is likely to increase the frequency of Spaniards visiting and holidaying in southern Spain. “I’m certain that with the new AVE, Madrileños will be visiting southern Spanish holiday homes with greater regularity,” commented Adam Gale, director of Duchy Estates.

Traditionally Madrileños have only enjoyed one dose of sunshine and holidays per year, in the month of August when Madrid typically turns into a ghost town. Only heading that way once a year may seem odd, until you realise the reason is due to the gruelling 1,100km and 12-hour round trip by car.

Madrid-Malaga AVE ticket prices cost 76 Euros for a single fare if bought on the day, or as low as 30 Euros if booked online in advance.

Costa del Sol closer than ever

“The Costa del Sol has 50 or more fabulous golf courses, a stunning year-round climate and property prices here are also lower than in the salubrious suburbs of Madrid,” said Adam.

There are many off-plan developments in the area, but one new project is the La Quinta Suites, in La Quinta, Marbella. The 42 luxury two bedroom apartments will be located close to the Westin La Qunita Hotel and 100m from the Club House of La Quinta Golf. Fully equipped with all mod-cons, fitted kitchens and bathrooms, the development, in an area already renowned for its upmarket nature, is likely to appeal to golfers and investors alike.