Real Estate Tip – Buying a Home Away from Home
There’s something special about owning your own little getaway.
Owning a vacation property would be a dream come true for most of us! Here are a few important points to consider if you’re thinking of purchasing your own little piece of paradise:
- Motives – Determine whether you’re looking for a spot to enjoy with family on the weekends, an investment property that you can rent out or a retirement retreat.
- Income – Renting out the property when you’re not using it makes great financial sense. Location is critical for renters so make sure it’s in a high demand or up-and-coming area.
- Location – Figure out how far you’re prepared to travel and whether or not you need year-round access. Once you’ve decided on a possible location, spend some time there before you commit.
- Numbers – Looking for a vacation home is exciting but it shouldn’t be an impulse decision. Make sure you thoroughly go over all the financials just as you would for your primary residence and don’t forget to include maintenance costs.
- Co-Ownership – Purchasing your new getaway with friends or family means you can share the upkeep and expenses. Just make sure you agree on everything from day one and approach it like a business so you can spend your time relaxing instead of arguing.
- Fixer Uppers – Renovating a “diamond in the rough” is a great option as it allows you to add your own personal touch. Major renovations often require permission though so make sure you’re familiar with local zoning rules and regulations.
Buying a home away from home is a huge decision so do lots of research, get your finances in order and seek professional advice before taking the plunge. If you’re considering a few different locations or if you have questions regarding financing, please don’t hesitate to get in touch.