If you have a love for travel but can’t spend as much time going all over the world as you’d like, one option for you is to purchase a vacation home. Having a vacation home can make it easier for you to make your traveling dreams a reality. When you have your accommodations already taken care of and are paying for this piece of property, it can make all the other aspects of travel come together much easier for you. However, there are a few things you should know before you make the decision to buy a vacation home. To help you with these choices, here are three tips for buying a vacation home.
Choose The Right Location
The choice for where you get your vacation home can be a big decision. While you may have a favorite place to visit around the world, there should be more than this inclination that persuades you to buy a home there. According to Trey Duling, a contributor to Time Money, you should also consider what it is you want this vacation home for. If you plan to invite others to join you here, you’ll want to pick a location that’s relatively centralized. Additionally, if you plan to rent out your property when you’re away, you’ll want to find a home in a location where there’s a strong rental market and a pull for tourists or other travelers.
Calculate All The Potential Costs
While you may only be thinking about what the cost of your monthly mortgage would be for this vacation home, there are a lot of other potential costs you should figure into your calculations as well. According to Teresa Mears, a contributor to U.S. News and World Report, you’ll also have to pay utilities for that home, HOA fees, rental fees, taxes, insurance, the cost to furnish and the services of a property management company close by. Also, if you plan to use this home for certain purposes for your family, like skiing or boating, you’ll likely have to get some more gear or toys for yourself to make this home useful to you.
Use A Local Realtor
When the times comes to actually purchase the home that you want as your vacation home, Julian Hebron, a contributor to Zillow.com, recommends using a local realtor and lender to handle the actual sale and other transactions. If you use someone who isn’t familiar with the area and the laws and taxes associated with the place you’ll be buying the home, you could have a much harder time getting the home at a fair and reasonable price. They could also be more aware of if you’re being taken advantage of or if something in the sale is wrong or suspicious.
If you plan to purchase a vacation home soon, use the tips mentioned above to ensure you can do so simply.