You’re considering a vacation home – how exciting! Will you do the beach, mountains, or somewhere in between? Or how about price….how much is too much? There is likely a lot on your mind, and it’s a big decision. With so many factors to think about, these are the top things to consider when looking for a vacation home.
Here are 6 things to consider when looking for a vacation home
What are the costs?
How much are you willing to spend on a vacation home? It’s not just the mortgage or purchase price, either. It’s the maintenance and upkeep, any renovation costs, furnishing it, and so on. So creating a budget for your new vacation home will be the key to selecting the right one without a lot of stress.
Vacation homes are not always a vacation
Consider that at least some of your time visiting the vacation property will be fixing things up, swapping out décor, making it more functional, and so on. Plan to spend a day – or more – tending to the property each time you visit. So make sure that you can afford enough time actually enjoying your vacation home before making the investment in one.
What about rental income?
Are you planning to purchase the vacation home for just yourself? Or would you like to share it with others in hopes to earn some income from the property? There’s pros and cons to both scenarios. Just consider hiring a management and cleaning company if you’re looking to rent it out to others.
Find the right care when you’re gone
Regardless of if you’re planning to use the vacation property for rental income or not, you’ll want someone to maintain the property and grounds while you’re gone. Landscaping and yard work, storm cleanup or snow removal, there’s a lot of work to be done year-round on a vacation property. Consider this expense and research companies in the area that can handle this for you before ever buying a vacation home.
Home security
How will you secure and protect the property while you’re not there? Home security is an important part of keeping any home safe, but especially a home that’s vacant at least part of the time. Consider properties with security systems in place, or one that can easily and affordably be secured.
Location, location, location
How easy is it to travel to and from your vacation home? The easier it is to get there, the more likely it is that you will visit frequently. If it’s multiple flights and car drives, that may seem more stressful than enjoyable. Yet if the journey is low-stress, the vacation property is just that much more alluring.
With so many things to consider when looking for a vacation home, it can be mind-numbing. Stick to this list as you start to consider buying your vacation home!