Spending time on vacation is something that many people enjoy. If you want a place that your family can call home while vacationing in the future, then purchasing a second home could be a great option. Investing in a vacation home requires a lot of thought and preparation.
Here are three real estate tips that you can use to ensure you purchase the right vacation home to meet your needs.
1. Visit the area during the off-season.
When it comes to purchasing a vacation home, it's important to remember that you are making an investment in a property that will need care throughout the year. This means that you shouldn't plan to just utilize your second home during peak vacation times.
Schedule a visit to the area in which you want to purchase during the off-season. Seeing how active a mountain community is during the summer or what entertainment options are available in a beach community after Labor Day will help you determine where you want your second home to be located.
2. Look for desirable rental features.
Since you likely won't be living in your vacation home for most of the year, it can be beneficial to rent the property out to other vacationers in an attempt to generate income and cover some of your mortgage and property insurance costs.
If you are hoping that your second home will have earning potential, you need to look for a property with features that will be desirable to renters. Look for a vacation home with easy access to outdoor amenities, ample bedroom space, and upgraded features to help attract potential renters in the future.
3. Factor in management costs.
Whether you are renting out your vacation home or simply allowing it to sit empty while you are away, you will need to invest in the services of a property management company. These companies can help clean your second home after renters check out, perform routine maintenance to keep your second home in good condition, and maintain your vacation home's landscape.
Having someone local checking up on your property regularly will help to ensure that vandalism and other problems don't plague your vacation home. You will need to factor the costs of hiring a management company into the purchase price of your second home.
Purchasing a vacation home can be exciting. Be sure that you end up with the home best suited to meet your family's long-term needs by looking for a home in an area that thrives during the off-season, appeals to potential renters, and is affordable enough to allow you to cover management costs.