Many families dream of spending long weekends, as well as several weeks each year, enjoying a second home in a scenic area or fun location. But the dream of owning a vacation home can begin to look more like a nightmare if the purchase decision was made without careful planning and thought.
If your family is ready to acquire a second home for vacation use and you would like to make your choice a great one, here are some excellent tips to help you succeed.
Buy close to home
While it may seem contradictory to do so, selecting a vacation home that is close to your primary home is the most important factor in determining how much or how little you get to enjoy owning it. Vacation home destinations that require air travel or days of driving to reach will create inconvenience and stress instead of relaxation and pleasure.
Instead, by purchasing a vacation home within a short drive from your primary home, families will be more able to budget time and money to really enjoy each visit. In addition, purchasing nearer to your own home will mean knowing more about the real estate market, which can help you save thousands on the purchase price.
Buy ready to enjoy
In addition to the mistake of buying a second home in an inconvenient location, vacation home buyers often fail to see the potential pitfalls of buying a fixer-upper. But overseeing repairs and renovations from thousands of miles away often leads to complications and delays that can push costs over budget and interfere with usage of the property for upcoming vacations.
A better plan is to always look for a property that is in good condition or one that will need only minor cosmetic renovations that will not interfere with the family's plans to enjoy the home.
Buy within a well-planned budget
Another smart tip to help ensure that your vacation home purchase is and will remain a dream come true is to always purchase within a well-planned budget. In addition to the initial cost to purchase, prospective vacation home buyers should also budget for maintenance and upkeep throughout the year, as well as making sure that all costs of ownership, including the mortgage, insurance, taxes, heating, and cooling costs, are within an easily affordable range.
Making the right decision on a vacation home is easiest when you are guided by a reputable real estate professional who specializes in this type of residential real estate. Contact a company like Summit Real Estate to get started.
