Imagine sand between your toes, views of the sun setting over the ocean, waking up and going for a swim first thing in the morning. Owning your own vacation property can be very rewarding. Not only will you be able to enjoy it during the holidays for years to come, it’s a real estate investment that can’t help but deliver long-term returns. Also, it can become your retirement home. So plan carefully, think hard about what you want and what you can afford.

You will need to decide if you are going to rent it when you are not using it. Very few people can afford not to rent their vacation condo, and renting comes with special considerations, so it’s good to know what you’ll need to do ahead of time. If you are going to rent it, consider this from the beginning. Everything from the condition the condo is in to furnishings and upkeep will affect the return you can get on your investment. Remember to set your rent amount at least 10% more than your mortgage payments, so you can easily pay for home maintenance without going out of pocket.

When you’re calculating what you can afford, don’t forget to factor in the furnishings in your home. It will wear a lot and should look good for a long time, so don’t skimp. Also, depending on where you live in relation to the vacation condo, you may need to hire someone to do the cleaning and maybe even repairs. If you rent it by the week, it will need a deep cleaning between each tenant.

If you can keep the house in very good shape, you are likely to get repeat renters every year. This should be your goal. When people come back year after year, that means you need less marketing to keep your house rented. Also, when a renter returns to a condo, they are likely to have a certain attachment to it and respect their property a little more than a long weekend renter.

The benefit of a vacation condo over a home is that much of the maintenance is already included in your monthly fees. The condo may even have a cleaner that they use regularly, reducing your need to shop around in an unfamiliar city.

Whatever happens, a vacation condo is going to be nice. If you need to rent it in order to afford it, yes, it will take some work. But careful planning can ensure that your condo will pay for itself and still bring you great returns, both financial and personal, now and in the future.