Buying a vacation home is a great way to ensure a relaxed getaway during the holidays as well as a long term investment and potential earnings from renting out. However, it is never advised to jump into a purchase without doing some research. Frankel Realty is an expert at providing professional real estate advice on buying as well as selling. Here are the top 7 things to consider when buying a vacation home:
Do not make impulse purchases
Buying a home is very different from buying a piece of clothing or a pair of shoes. Even if the property seems undeniably tempting, be sure to thoroughly research and take the time to make your purchase. This way, you will be much less likely to encounter nasty surprises and to regret your decision.
Get to know the house and neighborhood before buying
Many real estate professionals agree that it is always a good idea to take the time to get to know the house and the neighborhood before making a purchase. Spend some time in the house or in the neighborhood to get an idea of how you feel and if you would be comfortable living there for extended periods of time.
Don’t forget about the maintenance
When it comes to buying a holiday home, you will need to think of the amount of time it will take for maintenance in particular. Without proper maintenance, the property will deteriorate and lose its value. Even if you are not living in the house year-round, the maintenance will have to be carried out to keep the house habitable. This is an expense you’ll have to make allowances for.
Have your specifications ready
Do you require privacy? Do you need a property with specific features? Do you require a specific number of rooms? All of these are valid questions that are essential for figuring out your requirements. Be sure to have a list ready and to consult it when you shop around for houses.
Consider the additional costs
Aside from maintenance, you will also need to consider insurance to keep your home safe when it is occupied and when it is not. Areas such as Florida are at risk of hurricanes while various other highly desired areas have their own risks. You will need to consider the proper type of insurance as well as to set aside funds for possible repairs and upkeep. In many cases about 2% of a home’s value is needed for annual repairs and upkeep.
Hire a local real estate agent
Buying a vacation home outside your area can be tricky, as residential real estate is extremely localized. A local agent will know the local market and point you in the right direction. If you are on the lookout for a second home in Florida, be sure to contact Frankel Realty knowledgeable advice and the moist exclusive listings. Call us on (561) 427-2154.