It may be cold outside for now, but eventually all the snow will melt and summer will be here before you know it. And what is a great summer without vacations? So to get you prepared, we’ve come up with a few tips for getting started on making your first vacation home purchase.
- Buy what you can afford. Viewing the home as a potential way to earn income is fine, however counting on that income as a means to pay the mortgage on it might not be such a good idea.
- Location matters! Not just to you, but to your vacationer as well. People may not want to be far away from civilization, so consider things like being within walking distance to shopping and entertainment when deciding on a place.
- Visit the area you are considering during a season outside of its peak. You just may have folks that want to vacation at different times, and you want to be prepared for that, and make sure they will be too. So familiarize yourself with the location, that way you know what to expect.
- Consider the environment and how it may affect the upkeep of the home. Living near the beach or up in the mountains can mean additional monthly costs, so things like natural sunlight or a harsh winter can mean a lot.
- Speaking of upkeep, if you’re going to live substantially far from your vacation home, you’ll need to factor in paying for a caretaker or property manager. Talk to the locals in the neighborhood who are familiar with what it takes to maintain the houses in the area. That should provide you with some sort of insight as to what your costs could look like.
- Don’t rush to make a decision. As excited as you may be at the idea of finally finding “the one,” there is absolutely nothing wrong with taking some time to sleep on it and consider all the factors.
- When all else fails, there is nothing wrong with a little extra help. A local real estate agent will know the area well, and can be a great resource for you.
- Last but not least, make the most of your vacation home search! Although you won’t spend every waking minute there, you should be your home’s number one renter.
For more information on purchasing your first vacation property, contact the professionals at Starting Point Real Estate.