How to buy a vacation home

o, you’ve decided you’re going to buy a vacation home – great! Vacation homes are the perfect places to get away from it all and enjoy some downtime from time to time. That being said, purchasing a vacation home can be frustrating. Here are a few tips to help you navigate the sometimes turbulent waters of a vacation home purchase. 

The Location of Your Vacay Home

Location is key when choosing a vacation home. You want to choose a home in an appreciating neighborhood to avoid losing money if/when you decide to sell down the road. Talk to your real estate agent about this as she will be able to clue you in on the current real estate climate and the going trends. 

Rent First

It’s important to make sure you like the area before making any permanent decisions. Rent a vacation home first in the area you’re considering, getting a feel for the community, and whether you really like spending time there. 

Take Your Time

The idea of owning a vacation home is exciting, but just because you’ve fallen instantly in love with a particular vacation home doesn’t mean you should jump on it right away. Take a few days to think it over before making any decisions. The last thing you want to do is have buyer’s remorse after the fact. 

Set a Budget

Owning a vacation home is a luxury that not many people can afford comfortably. Set a budget for yourself and don’t stretch it to make a second home possible if it simply isn’t. 

To make your vacation home a reality, you may choose to buy the property with other people to split the cost and its use. You may also choose to purchase the home and rent it out when you’re not using it. Whatever you decide, make sure you consult a tax expert as owning a vacation home could mean major tax implications, which must be factored into your budget. 

Be Realistic About the Time You’ll Spend There

Too often, people buy vacation homes and spend very little time in them. Life is busy, that’s for sure, but the whole point of a vacation home is to have a place where you can get away from the hustle and bustle and slow down to enjoy life for a while. The idea of a vacation home is great, but if you know you won’t spend as much time there as you’d like, it might not be worth the purchase. 

Be Prepared to Maintain Two Homes

When you own a vacation home, you’re responsible for its upkeep, just like you’re responsible for the upkeep of your primary residence. You must be prepared – both physically and financially – to maintain both properties. Will you hire someone to maintain your vacation property or will you do the work yourself? This is something you need to consider when making the budget for your vacation home. 

Vacation homes are wonderful places, but they come with extensive responsibility and cost. As you search for your dream vacation home, keep the above tips in mind.