Having a vacation home can be a great way to help your family get away regularly without having to spend the money to rent someone else's property. And if you play your cards right, it is also a good way to generate some revenue by renting out the property to other vacationers. Here are some things to think about when you're choosing a vacation home.
What Additional Needs Does the Home Need to Meet?
It's a good idea to sit down and really think about why you want to buy a second home. It probably comes down to certain aspects of your current location that aren't perfect, as no location is. A second home gives you a chance to balance your current lifestyle and spend some time in a location that's completely different. If you spend time thinking about what you love in your current home and what you don't like, it will help you draw up a vision of your second home.
How Can You Balance Your Needs with Renters' Needs?
At the same time, you may have to split your budget between features that you love and ones that your potential renters would love. Speak with a real estate agent about the features that are popular for renters and buyers in the area.
When Will the Home Be Used? Does it Have an Off Season?
It is a good idea to visit your proposed location during all seasons to see what the vibe is like and how the community changes throughout the year. In some vacation spots, you won't see much action during the winter time. But you may well prefer to visit during that time, when you can have peace and seclusion.
But the season can also affect your ability to rent a property. Beach properties won't be nearly as useful in the middle of winter as in the summer. If you are counting on having your property rented for much of the time that you're not in it, consider choosing a location that's closer to the action.
What Kinds of Costs Will Go Into Upkeep?
Something that you may not have had to worry about with your primary home is the cost of hiring someone else to do all of the upkeep. But that is likely to happen if you don't live in the same city as your second home. Things like cleaning, lawn maintenance, emergency maintenance, and tenant management will likely fall to a property manager, so make sure you're aware of how much that will really cost.