Buying a Vacation Home: Tips and Considerations

There’s nothing worse than the last day of vacation when the trip is ending, and you have to say goodbye to your favorite place in the world. Luckily, vacation doesn’t have to end. Buying a vacation home in an area you love can be a great investment, and it means more priceless memories. That said, there are some things you’ll want to consider before buying a vacation home.

Find a Trustworthy, Local Realtor

A professional, local realtor will be your best asset as you consider buying a vacation home. Especially if the vacation spot isn’t close to where you currently live, they’ll be the boots on the ground finding good listings and keeping an eye on things for you. Having someone who knows the area is a huge advantage. Once they get a better feel of what you’re looking for, they can recommend specific areas and neighborhoods that fit your needs. They’ll also know more about what the town looks like in the off-season, areas that avoid seasonal traffic, and other specific things you may not have thought about. Find someone who you trust to guide you through the process, and be sure to stay in touch with them often.

Understand Your Goals for the Vacation House

What are your goals for your vacation house? Understanding this can help your realtor find the right fit and can help you determine what you need from the house. Here are a few things you should ask yourself about the house:

● How often will you be there?

● How many people will typically be staying there?

● What are the most important things you want to get out of your vacation house?

● Will you be renting the home?

Time Your Buy With Seasonality

Home prices can vary greatly, especially in destination towns. Keep this in mind when planning to buy a vacation home. Before and during peak season, prices will typically be higher, and houses will spend less time on the market. If you can wait, buying a vacation home during the off-season will help you get a better deal on the home. Your realtor will be able to pull comparable listings to give you a good idea of the price range you can expect for the area and house size you want.

Determine What You Can Afford

Double the home means double the cost. As you pull together a budget for your vacation home, remember that you will have to pay to furnish the house and add essentials like cookware, silverware, bedding, towels, and everything a standard home would need. Aside from that, you’ll have to pay homeowners insurance, mortgage payments, utilities, and potentially HOA fees.

Another potential cost to consider is a security system. You may not need it, but it could give you peace of mind while you are away. With all of this in mind, make sure to set a maximum budget that allows you to comfortably enjoy your vacation home and all the things that come with it.

Consider the Cost of Upkeep

If you will be at your vacation home infrequently, you will need to hire someone to take care of the lawn and landscaping. Depending on where your vacation home is, the elements may play a role in upkeep. Salty beach air can deteriorate paint, wood, metal and may cause issues with your HVAC. Make sure you keep this in mind as you create your budget.

Buying a vacation home can be a great investment in both real estate and valuable time. Having somewhere to escape, either by yourself or with friends and family, is priceless. The two most important things you can do to ensure success when buying a vacation home is to find a local realtor and budget accordingly. If you have any questions about the process of buying a vacation home, please reach out!