Buying A Vacation Property

April 16, 2018 Facebook Twitter LinkedIn Google+ Buying Real Estate,Real Estate

There is nothing quite like owning a second home in your favorite destination. Making the leap in purchasing a vacation home can be challenging, but the rewards are many. If you pick a great location, you can use the home as a rental unit when friends and family are not otherwise using it, and you can also retain the home for many years, allowing it to grow in equity and create a nice nest egg if you decide to sell when retirement time comes. If you are considering the purchase of a second home, here are some tips that can help you to make the best choice, and one you will ultimately be happy with.

First, carefully consider your location. If you are looking for a home that can be used as a rental unit while you are away from it, you cannot go wrong by selecting a unit on the beach. Beach units can be rented year round, and during peak seasons they can bring in high dollar amounts. It is quite possible to own a beach property and receive enough in rental income to pay the mortgage each year. If you are not interested in a beach retreat, other popular locations include ones near a popular ski resort, near the mountains or sitting on the shore of a large lake. Take the time to look at rental prices in the area you are looking to buy in, and allow those to influence your final purchase.

Once you have carefully considering the location, take the time to find a professional Realtor with a lot of experience in that area. Take your time during this step, and make sure to interview several Realtors before deciding on one. If you have the chance, visit the location for a face to face interview with your top two or three choices, or at least perform interviews over the phone if you cannot be there in person. Make sure to explain to your Realtor that much of your home search will be performed from out of town, and make sure he or she is comfortable using the phone, Internet and fax machine for correspondence. You want to find someone who will be responsive to any correspondence you send in order to make your house hunting that much easier to accomplish.

After you have taken the time to browse through several days worth of search results, as sent to you by your Realtor, plan on making a trip to your preferred area for a house hunting excursion. If possible, plan to be in the area for several days in order to have the time to see several houses and go back for a second look if necessary. While you can get a good feel for many houses by looking at pictures and reading descriptions, you will not be able to make the right decision about your final home purchase without seeing some houses for yourself. A trip to the area will allow you to do that, and it will also give you an idea of what comparable houses in the area look like so you can make a wise decision when it comes to making an offer.

Purchasing a second home is a great idea for many reasons. By taking the time to perform your search the right way, you can end up with a home you are happy with for many years to come, and one that will provide you with a rental income and future nest egg as well. Happy house hunting!