Things to Consider When Buying a Vacation Home

Whether your dream vacation location is a forest, desert, jungle, or beach, here are some things you should keep in mind when vacation home hunting.

Motive

Before you begin searching for that quaint condo or perfect Palm Beach luxury real estate, it is important that you know your motive. If you plan to rent out the house when you are not using it, you will need to be up-front with your realtor about that plan. Some houses are restricted from becoming rental properties due to local codes or HOA agreements.

Likewise, your motive and goals for the home will help determine what type of homes you look at. If you want a small, trendy apartment in the hub of activity, the properties you look at will be very different from when you want a family-friendly abode with peace, quiet, and few neighbors. Try to think as long term as possible. Do you plan to have a family that will use the property? Would you like to be able to sell it in the future? Keep both your short-term and long-term goals on the table as you shop.

Budget

Next, it’s important to think about budget. This does not simply mean the purchase price of the home. This also includes property tax, utilities, HOA or condo fees, and more.

Another important area to think about when it comes to budget is theft prevention. Empty homes attract thieves. You may want to consider purchasing a security system, installing bars, gates, or other barriers, hiring a part-time security guard, employing a house-sitter, or upping the premium on your theft insurance.

Location

Location, location, location. There is a reason these are the three most important rules of real estate. Where the home is will matter a great deal, especially when it is a vacation home. Is your main goal to be near the beach? To have easy access to downtown?To have the best views of the mountains? Now is the time to think about what is necessary and what isn’t. You will definitely pay more for the better views, so if your main goal is to have access to the beach, consider an ocean-access house instead of an ocean-view house to save a great deal on costs.

Think about how you want your vacation lifestyle to be. If you want to get away and lead a simple life, then a secluded cabin is the ticket. If you want to feel elite and pampered then Palm Beach luxury real estate is more your style. Whatever motive, mood, and method you have for finding your dream vacation home, you can find it, with a little soul-searching and help from an experienced realtor.

 

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