5 Tips For Buying A Vacation Home 5 Tips For Buying A Vacation Home

1 comment / Posted on by Steven Rivera

5 Tips For Buying A Vacation Home

Summer is unofficially here and you're ready to escape those winter blues. You’re thinking of escaping from it all to a beautiful vacation home, but can you make that dream a reality? Here are some tips for buying a vacation home.

 

Take Your Time

Take time to think about exactly what you want. A vacation home is no small investment. It is important to take the time and effort into deciding what you really want and what you can afford. Location is key, especially when it comes to your vacation getaway. Consider the location, imagine yourself returning there at your leisure. When you settle on a location, decide the style home you will need whether its for big family gathering or a quiet getaway.

 

Consider All Costs

Remember to keep in mind not only the cost of the property but the cost of upkeep throughout the year, utilities, taxes, community fees and maintenance. Find a number you can comfortably afford and stick to it. Its easy to fall in love with the perfect vacation home but its important to not overspend or it will cause more stress in the long haul.

 

Do Your Due Diligence

Do your due diligence when purchasing a vacation home and make sure you research additional fees associated with the property. It is important to do your due diligence so that additional fees are no surprise. Many times there can also be restrictions on what you can do with the property depending on the location. Purchasing in the Caribbean, abroad or even another state may be different than the laws at your permanent residence.An example may be If you are considering renting the property, be sure you are legally able to do so. Other restrictions may include length of rental, pets allowed, vehicle type and more.

 

Alleviate Risk

A fourth tip to consider when buying a vacation home is purchasing with a partner. When purchasing a vacation home, many people tend to split the purchase with a family member or friend. This tactic can make your purchase more cost effective, allow you to increase your budget and alleviate some of the risk. Take the time to pick the right partner if you chose to share the responsibilities. Sometimes having a partner can be more difficult to manage but with the right contracts in place it could save you money and make better use of your new vacation home. Payments, usage, selling options are all topics to consider with your partner. Remember, communication is key!

 

Remember It's An Investment

Keep in mind when buying a vacation home is that this is an investment. Be sure the cost is worth the amount of time you have available to spend there. Airbnb and short term renters could be an option to not only help pay for the purchase but to make money as well. The resale potential is always a good idea to keep in mind when purchasing a home. It is important to make sure your home will attract a variety of people if you ever want to sell in the future and increase the value of the home.

 

Last word of advice. Don’t rush into buying a vacation home. Take your time, do your research and it will pay off in the long run!

 

Follow us on Facebook and Instagram!
&
Subscribe to our YouTube Channel!
Revival Property Group
"Real Estate Solutions At Your Convenience"

Summer is unofficially here and you're ready to escape those winter blues. You’re thinking of escaping from it all to a beautiful vacation home, but can you make that dream a reality? Here are some tips for buying a vacation home.

 

Take Your Time

Take time to think about exactly what you want. A vacation home is no small investment. It is important to take the time and effort into deciding what you really want and what you can afford. Location is key, especially when it comes to your vacation getaway. Consider the location, imagine yourself returning there at your leisure. When you settle on a location, decide the style home you will need whether its for big family gathering or a quiet getaway.

 

Consider All Costs

Remember to keep in mind not only the cost of the property but the cost of upkeep throughout the year, utilities, taxes, community fees and maintenance. Find a number you can comfortably afford and stick to it. Its easy to fall in love with the perfect vacation home but its important to not overspend or it will cause more stress in the long haul.

 

Do Your Due Diligence

Do your due diligence when purchasing a vacation home and make sure you research additional fees associated with the property. It is important to do your due diligence so that additional fees are no surprise. Many times there can also be restrictions on what you can do with the property depending on the location. Purchasing in the Caribbean, abroad or even another state may be different than the laws at your permanent residence.An example may be If you are considering renting the property, be sure you are legally able to do so. Other restrictions may include length of rental, pets allowed, vehicle type and more.

 

Alleviate Risk

A fourth tip to consider when buying a vacation home is purchasing with a partner. When purchasing a vacation home, many people tend to split the purchase with a family member or friend. This tactic can make your purchase more cost effective, allow you to increase your budget and alleviate some of the risk. Take the time to pick the right partner if you chose to share the responsibilities. Sometimes having a partner can be more difficult to manage but with the right contracts in place it could save you money and make better use of your new vacation home. Payments, usage, selling options are all topics to consider with your partner. Remember, communication is key!

 

Remember It's An Investment

Keep in mind when buying a vacation home is that this is an investment. Be sure the cost is worth the amount of time you have available to spend there. Airbnb and short term renters could be an option to not only help pay for the purchase but to make money as well. The resale potential is always a good idea to keep in mind when purchasing a home. It is important to make sure your home will attract a variety of people if you ever want to sell in the future and increase the value of the home.

 

Last word of advice. Don’t rush into buying a vacation home. Take your time, do your research and it will pay off in the long run!

 

Follow us on Facebook and Instagram!
&
Subscribe to our YouTube Channel!
Revival Property Group
"Real Estate Solutions At Your Convenience"

1 comment

  • Posted on by Rose Rivera

    Thanks for the tips!

Leave a comment

All blog comments are checked prior to publishing