Tips for Buying a Vacation Home
Investing in a second home is a great way to vacation. Whether it’s a beachfront condo or a Disney-adjacent single family home, there are so many wonderful ways to make lasting memories with your family.
But, before you jump in, review these 6 tips:
1. Keep costs within the budget. Unless you’re paying cash, make sure you get prequalified for a loan before you start looking. And don’t overspend: you’ll need cash for ice cream.
2. Determine the frequency of use. If you’re going to be spending a week or a month at a time at your vacation home, then you may not mind spending half the day in the car (or in airports) to get to your destination, but if it’s a weekend home, you’ll probably want it a little closer.
3. Pick the right location. Pick an area that offers what you want. If you’re not a beach person, maybe homes with the Gulf of Mexico in the backyard isn’t where you should be looking.
4. Understand upkeep. If you don’t want to hire a lawn service to mow a large yard, you may want to consider a maintenance-free condo or town home.
5. Research rental potential and costs. If you intend to rent out the property, be sure to research things like renter’s insurance and what properties in the area are renting for.
6. Think about resale and changing needs. Don’t forget to factor resale value into your decision.
These tips are summarized from Barbara Ballinger. Read more at Realtor Mag.
Check out my free home search app:
click here to learn more!