Buying a vacation home can be a great investment but there are some things you should be aware of before pulling the trigger. You want a vacation home that not only provides you with the perfect vacation but I’m assuming one that you can rent out when you’re not using it so cure things to look for when buying a vacation home.
#1. Know your budget.
It’s important to have a budget ahead of time and while most of us probably do, it’s important to stick to that budget. However, before you make a budget, talk to real estate agents in the area in which you are considering to find out what’s a good price point to consider. You may have a budget of $200,000 but in the area in which you want to buy, most vacation homes start at $300,000. This may mean that you’ll need to save up a little bit more or choose a different vacation spot.
#2. Know your location.
You want to choose a spot that is popular with vacationers. If there’s a lot of vacation homes in an area it could be a good investment but if there are none in another location, they may know something you don’t know. But also, choosing a vacation home in a spot where there are very few might mean that you’ll have the monopoly on vacationers. This is a tricky decision so it’s important to talk to local real estate agents that are familiar with vacationers and vacation homes in the area. You want to pick a spot that people will want to vacation as well as yourself all the while staying within your budget.
#3. Make sure the property fits your vacation lifestyle.
If you’re planning on using the home for your own vacation, make sure it fits your lifestyle. Don’t focus so much on other people’s vacation lifestyle and miss out on the things that you really want. Are you looking to live close to the beach? Close to town? Within walking distance to your favorite bistro or entertainment spot?
#4. Consider the seasons.
Are you looking for a vacation home that you can use in all seasons? Will it be profitable for you in all seasons? Ask the local real estate agent what the most popular seasons are for vacationers and if that fits into your budget and your lifestyle.
#5. Is it big enough?
Is the home itself big enough for your family and other vacationers of similar familial status? What type of family or vacation or do you see renting this home?
#6. Does it come with amenities?
Will you gain more profit from a property that has more amenities? Perhaps it’s a home within a gated subdivision that has a swimming pool, access to the beach, tennis courts, or other amenities. Will you be able to make homeowner association dues even when you’re not using it yourself? You’ll need to add these into the cost and maintenance of the property.
#7. Can the house maintain itself when you’re not there?
If you buy an older home, it may need a lot of upgrades and updates as well as maintenance and if you can’t be there on a consistent basis, that might be something you don’t want to undertake. Will you hire a local property manager or do it yourself?
#8. How will it be protected when not in use?
Will you have a security system? Have someone looking on the property from time to time? Or do you expect it to be rented as often as possible?
We help a lot of folks find the perfect vacation property to buy and invest in along Florida’s Gulf Coast. You can start your search online or contact our office today and speak to one of our agents that specializes in buying vacation properties. We can offer tips and suggestions, locations, and what to look for in a Gulf Coast vacation home.