Did you have a stressful experience buying your first home?
Now that you have a little experience under your belt, you can relax and enjoy buying your first vacation home instead.
A vacation house is a home away from home, but you don’t have to consider school districts, proximity to work, and other logistics.
So, put your feet up and learn how to pick a vacation home!
What’s Your Dream Location?
Buying a vacation home is your opportunity to create a literal dream home.
First, make a shortlist of your top destinations. Of course, certain features and amenities drive up prices more than others. Unsurprisingly, beachfront vacation properties are more expensive than more rural areas.
Don’t cross that dream shorefront home off your bucket list just yet, though!
Beachfront homes in California are notoriously expensive, but you can buy one at a fraction of a cost in states like Tennessee and Georgia. Plus, you can rent out your property when you’re not using it.
Don’t forget to consider noise, air pollution, and neighbors. Loud noises from nearby trains and traffic can disrupt your relaxing vacation. That’s why it’s critical to visit (and walk around) each property on your shortlist.
Brush Up on the Basics
Talk to an experienced real estate agent if you’re serious about buying a second home. However, every homebuyer should also have a solid understanding of the vacation home market. Thus, you’ll know when the market is cold, helping you secure a home at the lowest possible price.
A cold market means there are more vacation properties available than buyers. Therefore, owners are more willing to negotiate lower than they usually would. You also have homeowners who are desperately trying to unload unwanted vacation homes.
Next, look at vacation home sales in your chosen destinations. This information is typically public, but real estate agents also have access to this data.
Pay attention to repairs and renovations too. Recently renovated homes are more expensive, but they may be more cost-effective in the long run. Old “fixer-upper” vacation homes come with hefty remodeling bills.
Planning Ahead
Are you planning on selling your vacation home in the future?
If you want to sell (or even go into flipping), look for areas with appreciating property values. Comparing sales history yields a lot of information too.
Look at surrounding businesses and institutions. Too many closed companies send a message that the area is in recession. Instead, find up-and-coming neighborhoods still cheap to buy but show good (and growing) potential.
Areas with a thriving nightlife, landmarks, and activities are huge draws for future buyers.
These questions are essential to ask when speaking with your real estate agent. You can also consult online sources like real estate guides, Top Guns Realty experts, and noted bloggers.
Pick a Vacation Home You’ll Love
Vacations are supposed to be relaxing. Consider every variable as you pick a vacation home in your dream destination. Real estate experts are also available to help.
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