Planning To Buy A Vacation Home? 8 Posers For You
With racy lifestyles and extended working hours, frequent getaways have become a norm. Spending a fortune on hotels and guesthouses does not make good sense, it's better to own a vacation home and spend as much time without bothering about the rising bills. Before you zero-in on what you want and where, it's important to consider these 8 queries to ensure that you are heading in the right direction.
Where do you want to buy a home?
Mountains, beaches or by the countryside? Your concept of a vacation home should be clear from the very beginning. The kind of location you prefer is the most central part of the entire buying process. And of course, the location should be within your budget.
Is the area safe enough?
Safety never takes a vacation. Crosscheck the area minutely. Keep a record of the crime rate. Ask the locals about the safety of buying a property there. On how many intervals you will visit your vacation home should be taken in consideration as the home needs to meet the safety-check parametres. Add the cost of a security and alarm monitoring system to your budget.
While you are away, who will manage the home?
Vacation home comes with a price. No matter how frequent you plan to visit or even considering tenants for your vacation home, make sure you appoint a local property manager or dealer who can maintain your home properly. This may cost you some hard cash but nobody wants seepage or leaky taps.
How far is the vacation home from your dwelling?
Ideally, the vacation home should be a drive of two-to-three hours door-to-door. Because you are not residing there permanently, and any emergency can pop-out, so an immediate presence is a must.
How much the vacation home will cost you?
Vacation home may sound small for some as this will not your primary property but it requires a good budgeting. Property tax, insurance, utilities and maintenance fees may burn a hole in your pocket. The expenses are perhaps higher than your expectations. Even when you are not around, you still be charged for water, gas, electricity, garbage removal and other maintenance services.
How do you plan to use the vacation home?
Are you planning to visit during long weekends, or once in a month or annually? You should be clear of what you want from your vacation home. If the vacation home restricted to only few visits, then a small property is enough. But if you are buying the home for long-term purpose where you can stay post-retirement then the property needs to be big one and the investments too need a research in detailed.
Do spend good amount of time before buying the vacation home
Don't jump into any decision of buying a property in the spur of the moment. Be there, try visiting the place multiple of times in every season. Check the neighbourhood and other locality. While investing so much money you can't afford to change the home in every year. Even if you get bored of the scenery, changing another vacation home is not feasible.
Give the vacation home on rent
Giving your vacation home on rent is a smart move. If managed properly, the rental option will prove beneficial. Do a complete research, ask other vacation home owners, analyse nearby locations. Do a total calculation and how often you can put your home as a rental property is also important.