Posted on: 9 June 2016
If you are looking to buy a second home for vacation purposes, this can be an exciting process for your family. It is important to keep in mind some things specific to vacation properties that will keep your investment worthwhile in the long run. Here are four questions you should ask yourself before buying a vacation home.
1. Is the Area Secure Year-Round?
Sometimes, homes can be in great locations in the summer, but this might not be the case during other times of the year. If you purchase a vacation home in a seasonal locale, this can make your home a target for thieves during the off-season. Weather considerations are another thing to consider. If there might be extreme weather conditions during the off season, it might be hard for you to be available to take precautions or assess damages from storms or flooding.
2. Have You Spent Much Time in the Area?
If you like the idea of the cozy beach town an hour away but haven't spent much time there, be sure to get a few summers in before buying in the area. There might be things about a quaint town that you didn't realize, like not enough action or too many bugs at night. There can be many factors that might make paradise on paper not so great in real life if you don't test it out first.
3. Is a Potential Vacation Home too Much of a Fixer-Upper?
If you aren't planning on doing extensive renovations right away, your vacation fixer-upper might get away from you, compounding damages over time. If you buy a home that is a bargain but might need a new roof or foundation, these problems can quickly worsen if not dealt with right away. This can be even worse if you aren't physically at your vacation home to assess long-term issues that might turn into big problems during the off season.
4. Do You Want to Rent Down the Line?
If you are looking for a vacation home that you can enjoy and also possibly rent to others as a vacation home, make sure to double check that this will be a possibility. If you buy into a shared community or purchase a vacation condo, there might be strict HOA rules on rentals, even for short vacation-based stays.
The best way to narrow down your choices when it comes to your dream vacation home is to work with local realtors that knows the area. They should have experience working with clientele that are seeking out vacation homes and the nuances around this. Once you have chosen the right locale for your vacation home, be sure to go into your property search with your eyes open in order to ensure that all of your needs are met.Share