How To Purchase A Vacation Or Second Home

Dated: 07/21/2015

Views: 947

Image titleI want to share an article that I found very informative on steps to consider when buying a vacation or second home. The purchase of a home, whether a primary residence or a vacation spot, can be a complicated process and a significant financial commitment. However, by following the proper steps, you can make the experience as painless as possible.

1. Determine Your Ideal Location

Resort areas usually have a wide range of properties to fit a variety of budgets. The greater the area you’re willing to consider, the more likely you are to find a property that fits your own budget. Things to consider, do you want a private pool, live near a golf course or near theme parks? Side note in Central Florida there are certain areas that are zoned short term rentals while other areas, example East Orlando are primarily zoned for long term rentals.

2. Establish a Price Range

Owning a second home should be pleasurable, not the source of constant financial strain. The article suggested, when setting a price range assume your down payment (earnest money), home inspections, closing costs, and furnishing could account for 33% of the purchase price. For an example, if you have $50,000 in cash your beginning price range should be around $130,000 to $170,000.

3. Consider Fractional Ownership

Fractional real estate ownership is an alternative that became popular in the 1990's. This allows several unconnected buyers, or family & friends, to combine their resources and collectively own a beautiful vacation property. 

4. Engage a Local Realtor
The assistance of a local real estate agent is invaluable during your search for the vacation home of your dreams and one you should not have to do alone. A great agent will guide you through the purchase process, help you find the perfect location (certain areas in Central Florida are zoned for short term rental), mortgage financing, home inspectors, and may assist in property management.

The opportunities are endless – now is the time to begin the search for your dream vacation house with me. 

Give me a call at  863-242-4470 today, if you have any questions. 

Buying a Second Vacation Home - Pros & Cons, Things to Consider by Michael Lewis 

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Jane Gao

Help you find your perfect home is my passion! No matter you are looking for primary residence, vacation home, or investment property, I will go above and beyond to assist you! Contact me TODAY and se....

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