Ready To Buy A Vacation Home? 3 Tips For Finding The Right One!
You have worked hard and lived carefully, saving a percentage of each paycheck and investing it well. Now, the time has come to reap some of the rewards for all your hard work and wise decisions by buying a second home where you can enjoy spending long weekends, holidays, and vacations with your family and friends. If you are ready to join the more than 1.3 million people who purchased a vacation home recently in the United States but unsure how to find the right one for your needs and budget, the following three tips will help!
Look for your vacation home within a reasonable distance from your own home
Buying a beach vacation home thousands of miles away to escape snowy winters is a wonderful fantasy, but it is important to ask yourself how often you will actually be able to travel that far in order to enjoy it. In reality, vacation homes that are located within a short drive to your permanent home are usually able to be enjoyed much more frequently, making them a better value. In addition, a second home that is located near your permanent home is often much easier to maintain and keep ready for use.
Make sure to consider all the costs associated with each property you are considering
An important consideration when buying a vacation home is not only the purchase price, but any recurring costs that will be required during ownership. Annual permits, dock fees, security, special insurance premiums, and property taxes, as well as maintenance and utilities on a second home can really add up. Before deciding on the amount of money you will spend on your vacation home, take time to also determine how much it will cost to own the home each year and use that information to help you keep your total vacation home budget within an affordable range.
Be realistic about the amount of time you will actually spend there when deciding how much to spend
Another factor to consider when looking for a vacation home and trying to determine how much to spend is to be realistic about the amount of time you will actually be able to spend there each year. If you find that you will only be able to use it for a couple of weeks a year, you may want to consider spending less than you might if you were going to use it each month. An alternative option is to consider finding ways to make the vacation home pay its way by renting it out during the months it would otherwise be vacant. But remember that there can be tax consequences for this type of income, so take time to learn more before deciding to rent out a second home.
No matter what type of vacation home you are considering, remember to seek out the assistance of a real estate professional who specializes in vacation properties in the area in which you hope to buy. This will ensure that you benefit from their knowledge of the local real estate market and any issues specific to that area to help ensure that the vacation home you choose will be the best possible fit for your needs.