Tips For Buying A Vacation Home

BUYING A VACATION HOME OR PROPERTY? Here are some tips...

Brass Tacks

Your practical side will be most interested in the variables that will even make this possible. When taking on a property that will be supplemental to your primary residence, your first steps will be to determine the financial possibilities. Along with the purchase price and potential mortgage, it’s necessary to consider property taxes and maintenance. If there are limitations, would it make sense to lease? Regardless of how it is financed, you should also consider how often you personally will be using the property, and whether or not you will allow others to rent the property when you’re not there.

Consider Geography

Being that this is intended to be your escape, your rental property is going to be somewhere out of town. The real question is, how far exactly are you going to be going. A good place to start would be to become familiar with your cities surroundings, and what they have to offer. Something as simple as pulling up and navigating Google Maps, can give you a good sense of what is around. Furthermore, going on the fabled Sunday drive, and exploring areas that you are interested in is a great way to get the feel of an area.

Narrow it Down

Take a personal inventory of what you’d like to either gain or experience from your property. For instance, what are the types of activities you wish to engage in? Is it an outdoor endeavor like fishing or hunting? Or would you prefer a lake lot in a summer village? These types of questions will help you to determine the type of property that’s right for you. Your desired proximity to others, activities, and amenities will need to be considered for you to get the most enjoyment out of your investment. Additionally, think carefully about the home or structure you wish to purchase. Are you looking for something to renovate, and make your own? Or are you in the market for something as low maintenance and turnkey as possible?

Feel it Out

If you’ve got a location or destination in mind, consider doing a soft-launch into the area by way of spending time there. See if there are any vacation rentals or camping opportunities in the area, for a chance to try before you buy. This way, you’ll have a greater sense of what you’re getting into, before you make a commitment.

Work with a Realtor

At this point you should have a general sense of what you’re looking for, where you’re looking for it, and what your finances will permit. Most Realtors can take your property criteria and budget, and create an automated search, keeping you updated as soon as a possible match becomes available on the market. You can also leverage a Realtor to obtain information and schedule showings on your behalf.