It’s summer, and the appeal of warm weather, the sand between your toes, or just the fresh air, makes you want to capture these days permanently. Some people choose to purchase vacation homes as a way to escape from the midwest’s cold weather, or others want vacation homes in more remote locations, or places that hold the recreational activities they enjoy (think fishing, hunting, golfing, etc.).
While vacation homes are no doubt a great way to hold a residence in an area you want to visit often while keeping your main home, it’s a big decision and owning a vacation property does not come without some issues.
One of the best, insightful articles we’ve seen on what to consider when buying a vacation home is from Forbes.com. We’d like to share some of their tips (along with our own thoughts) to help you if you’re pondering a vacation home purchase.
Spend time in the area: Personally, we recommend spending lots of time there. Without a doubt you need to know this is an area you would want to visit often. Once you purchase a home, you’re committed to spending lots of time there.
Know what the costs are: Don’t get in over your head on a vacation home purchase. You’ll want to understand all costs associated with owning the home including utilities, maintenance, association fees, property taxes, insurance, etc.
Plan for someone to watch the home while you’re away: Because you won’t spend much time at the home, it’s best to hire a property manager to keep an eye on the home.
Know that time spent at the home is not always going to feel like vacation: With a vacation home comes the upkeep. You’ll likely spend some of your vacation time working on the home before you can actually enjoy it.
Consider renting the property: While it’s nice to keep the home all to yourself, it’s usually a wise financial decision to rent the home out when you’re not using it. Renting the home provides a source of income which can offset your costs and the extra funds may allow you to pay the home off quicker. Keep in mind that tourists will likely want to rent the home during high seasons, which means you may have to stay flexible on when you use the house.
Take safety into consideration: Research the crime rate for the area. In areas of high crimes you may not want to leave a home unattended for long periods. Regardless of the crime rate, you should always have a security system in operation on a home which is left unattended for days, weeks or months at a time.
Is the vacation spot accessible?: Ideally a vacation home won’t take hours to reach or the likelihood that you’ll use it very often becomes less.
Read the full article at Forbes.com
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