Things to Consider When Buying a Vacation Home

 

Beach house at Cape Cod, Massachusetts, USA.

Winter begins next week, and some of you are probably wishing you had a vacation home, either to spend some time at your favorite ski resort or escape to a warmer climate to evade the bitter chill. Think about it, if you leave your home for the winter, you won’t have to worry about shoveling, driving on icy roads, and other hassles that come with the season. No matter your reasons for pursuing a vacation home, there are a several factors you have to focus on in order to make the right purchase for your getaway spot.

Although this is very obvious, it’s important that you visit your desired area before you consider buying a home in that location. Don’t just go to a certain area once and automatically think you want to have a home there; visit the area a few times in order to get a complete feel for the community. After that, you’ll have a clearer idea of whether or not you want to buy a vacation home. When you visit a vacation area, use that time to rent a place for yourself to see how much you like spending time in that location. Once you do, you will know if that area is the type of place in which you will be able to spend a few months without getting bored. When you know for sure this is a place where you would like to buy a vacation home, hire a realtor. Some companies even have relocation teams to assists clients with purchases such as these.

Seeing as we’re talking about vacation homes, you’re not going to be there all year. Even if you’re not there, you should think about hiring someone to manage the property. Yes, it will cost some extra money, but it will be worth it to have someone maintain the home in case there are any damages or small fixes that need to be taken care of. A vacation home is a place to which you want to escape for what will possibly be an annual vacation, so you want to make sure you have someone to watch over the property when you’re not there, so when it’s time to visit for your vacation, the house will be all set for your extended stay.

Speaking of management fees, there are other costs you’ll have to think about when owning a vacation home. You should know that the costs involved in such a home will be just like those included in your regular home. These costs include a mortgage, electricity, heating, water, trash removal, and other services. You’ll be paying for two homes, so you have to make sure you have enough to cover the costs that will go into maintaining a vacation home. Before starting your search for a vacation home, take some time to review your finances so you can be certain you will be able to afford such a home. That way, you’ll see what kind of vacation homes you can afford, or if you should wait awhile before buying one.

When investing in a vacation home, you should have an idea of how often you will be staying there. If you know you’ll be spending time there every year, or if you know you’ll be renting it out to others when you’re not occupying the house, then this will be a reasonable purchase. If you know you or others won’t be in there for lengthy periods of time, you may want to reconsider making a purchase as big as this. After all, what’s the point of buying a vacation home if you or anyone else won’t be going there for any vacations? You should purchase a vacation home in a place you know you’ll want to keep going back to. This way, you know you will be getting your money’s worth.

It will work in your favor to purchase a vacation home in an area you enjoy that also has tourist appeal for more than one season. This way, if you intend to receive extra income by renting out your house to others, you’ll have the season where you spend your time in the home, while tourists can rent and enjoy it for a different season. Given how a vacation home is a significant purchase, you might as well use as an advantage to earn some money. However, if you plan on renting out your home at certain times of the year, make sure you check the rules of the property before you buy it to make sure it allows you to offer the space to renters. The ability to permit renters in your home may be one of the benefits you hope your vacation home offers, so conduct some research on that aspect when looking at your possible homes.

Having a vacation home is a wonderful luxury, but there are several important steps you must take before you finally purchase such a house. I’m sure you look forward to your yearly vacations, and having your own place to escape to will save you the hassle of reserving a hotel room, so make sure your potential vacation home meets your requirements. Once you purchase your dream vacation home, you’ll be eagerly marking your calendar for your next getaway.

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Sources

www.forbes.com

www.hgtv.com

www.money.usnews.com

www.time.com

Posted on December 17, 2015 at 12:52 pm
Rand Realty | Category: Rand Country Blog | Tagged , , , , ,