The #1 Reason It Is Difficult to Find Your Dream HomeThe headlines in real estate today all revolve around one major point: there is a shortage of homes available for sale. Price appreciation
Things To Consider Before Buying A Vacation Home
Points to Ponder Before Buying a Vacation Home
How often will you use it? Surveys show most vacation homes are within two hours of the owner’s primary home. More travel time than that, and you may not choose to make the trip nearly as often as you thought you might.
How much will it cost? In addition to the purchase price, consider annual property taxes and insurance as well as monthly utilities, trash removal, and maintenance services. For safety’s sake, you may want to add the cost of a security and/or alarm system, plus the cost for a property manager to keep an eye on the property when you are not in residence – and to handle rental services if you decide to rent the property.
Will you rent or not? You may be planning to offset costs by renting out the home while you’re away, and that could be a worthwhile decision. But if you will rely on rental income to meet expenses, check first with local agents/rental companies to see what similar properties are renting for in the area and what the occupancy rate is like. Also, understand that if you rent during the region’s high or most desirable season – say, winter in a ski area or summer at the beach – you will limit the time you and your family will have the property available for your use.
What about maintenance? – Your vacation home will likely need as much year-round upkeep as your primary home. Be prepared to devote at least part of your vacation time tending to repairs – or tack on the cost of keeping a handyman on retainer.
By James DAmico
Deirdre is a Broker and co-owner, with her husband Steve, of EXIT Realty Champions in Davenport - the closest office to Disney World Orlando! With 12 years of experience over a broad range of real est....
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