You and your family have finally taken the plunge and decided to purchase a vacation home. The idea of a vacation home can be romantic and relaxing. From a weekend cabin in the woods to a condo with an oceanfront view in Hawaii, a vacation home can be a great way to make family memories as you travel to your home away from home for many years to come. Since purchasing a vacation home is an investment, you want to be smart about finding the right vacation home for you and your family. Here are a few things to consider when finding the perfect vacation home.
The Cost
Just because you love to vacation at a particular spot, does that mean that you can afford to live there? It is important to crunch the numbers to make sure that a second mortgage is manageable. Remember that you want your vacation home to be a space to relax so you want to be sure that taking on a second home and all the costs with it (like a mortgage, homeowner association fees and property taxes) is doable within your budget. It’s important to know what you are getting yourself into when purchasing a vacation home so do your research and be aware of any hidden costs to maintaining a second property.
Location
You want to be very smart about where you purchase your vacation home as you want it to be accessible to you. You don’t want to buy a home or condo in a place that you would rarely visit so you want to find a vacation home in a location that you and your family would trek to often to make it worth the cost. You also want to make sure that your vacation home is in a safe and secure area. If you are a little unfamiliar with the area that you are interested in purchasing a vacation home in this is where it may be beneficial to enlist the help of a realtor from the area. Realtors can really be beneficial in buying a vacation home, you just have to know what questions to ask.
A Plan When The Home Is Vacant
It is important to have a plan on what will happen when your vacation home is vacant. Opting to rent out your vacation home when you are not using it may be a lucrative move, or it may be a liability. Renting out a condo in Florida may pay for itself, whereas an isolated cabin in the woods probably won’t generate any interest for a vacation rental. Also, you need to plan on the elements. If you have a summer cabin, you need to look into things like winterizing your vacant vacation home and various forms of insurance to cover any issues with mother nature.
Planning to buy a vacation home is an exciting time. Just be sure to factor in the cost, location and have a game plan when you won’t be using your vacation home. If you prepare for all of the above things, you will be able to enjoy your vacation and relax a little easier.
