Wouldn’t it be great to own a place at the beach, in the mountains, or by the lake? If you are seriously considering buying a vacation home, you have probably weighed many of the pros and cons already. Before buying a vacation home, take some time to visit vacation home rentals and contemplate what you are truly looking for in your dream vacation home.
You should carefully consider everything before you buy. Have you taken these additional costs and benefits into account?
The Overlooked Costs of Homeownership
As any experienced property management services will tell you, there are additional annual costs that come with owning a home, such as property taxes, home insurance, and any association fees. How severely these additional factors impact you will depend on your situation as well as which agencies you decide to work with to establish these services. For example, you can look for a reputable independent insurance agency that can adjust their rates to your level of use of the property. In the case of a vacation home, there might be less wear and tear as no one lives in the house for extended periods of time, but this could result in burglaries, which the insurance agency would have to take into account when establishing your rate.
Make sure you consider maintenance costs, as well. If you decide to rent out your property, you might want to invest in housekeeping or property management services. MarketWatch outlines a few additional costs you may face.
Additional Fun: Resort-Style Amenities
In popular vacation destinations, you can purchase a second home in a resort community. This gives you access to a range of amenities that can include a golf course, spa services, swimming pool, and dozens of events.
Just remember, you may have to pay additional fees for these amenities.
It’s a Good Investment, But Not a Guaranteed Money Maker
Many vacation homeowners rent their property out to other vacation-goers as a way to earn extra money.
But, as US News & World Report points out, you may not always make money with your vacation home.
Location is Crucial
When buying any property, whether it’s a primary or second home, location is one of the most important factors in your decision. When choosing a vacation home, consider how much time it will take to get to your home, whether you will need to drive or fly, and if you will be able to visit as often as you want.
You should choose a home that is close to your favorite vacation features (such as a ski resort or private beach) and close to the grocery store, major roads or an airport, and fun things to do.
We Can Help You Weigh Your Options
Investing in a vacation home can be a great decision, but it should not be taken lightly. We can answer any questions you have about finding, buying, or renting out a vacation home. Call us and let’s talk.