Frank DiGiorgio's Blog
Buying a vacation home is an important goal and milestone for many Americans who want to make the most of their holidays and plan for retirement.
Vacation properties needn’t be lavish or expensive to still be a perfect way to enjoy the winter months at your home away from home. Furthermore, owning a vacation home can prove to be an excellent financial asset that increases in value over time, as more people seek to scoop up properties in your area.
In today’s post, I’m going to talk about some of the most important things to look for in a vacation home to help you kick off your search. Whether you’re months away from buying a home or the idea of a second home is still a far-off dream, this article is for you.
1. Consider locations
The most important aspect of any vacation home is that it’s located in the perfect place for you to enjoy. Whether that’s a remote getaway in the mountains or a beachfront property in Florida, your plans for the home should be your number one priority.
If it’s your ultimate goal to retire and move into your vacation home someday, consider what it would be like living in that location full time. Is it close to amenities like grocery stores? Or, if you’re moving to a coastal area, will the traffic drive you crazy?
On the other hand, if you don’t intend to ever move into your vacation home full-time, it might be wiser to choose a location that will suit your family’s vacation needs while remaining a great asset to sell down the road.
2. Spend a week at your destination before buying
Some homeowners have a dream of buying a vacation home in a place they’ve always wanted to visit or have simply heard is a great place to own a vacation home in. The problem with this is that you might find, once you arrive, that you don’t want to spend several weeks or months there after all.
It might get too crowded during vacation season or you might decide that there isn’t enough to do that will keep you busy for extended stays.
To prevent buyer’s remorse, spend a week or two in your planned vacation home destination to make sure it really is the best spot for you.
3. If you plan on renting, know what to expect
Many Americans purchase a vacation home with the intention of renting it out while they aren’t using it to earn extra income. While this can be a great way to generate income, you will need to be prepared for becoming a landlord.
Look up local rental laws in the area to make sure you understand your responsibilities. Furthermore, understand that renting out a property part-time takes work; you’ll interact with prospective renters, filter out those that you think aren’t suited for your home, and handle problems with the property as they arrive.
If you keep these three things in mind, you should be able to find the perfect vacation home for you and your family.