One of the most important issues will usually be the cost: Always stay within your budget. This is even more key if this is your first attempt at a second property. I always recommend that a buyer contact a loan officer if they are not paying cash. This will help a buyer understand the total cost for upfront and some future associated expenses. Remember a big lawn requires plenty of upkeep and a pool requires constant maintenance. Will the funds be readily available for future upkeep and repairs such as repainting and exterior maintenance? Always take into consideration the cost for a management company if the property will be vacant for long periods of time. This will ensure all issues such as lawn care are handled properly. You also will be less likely to confront issues such as break-ins, or neglect damage such as broken pipes, that you may not be able to handle from a distance in a timely manner. What will the expenses be even while your vacation home is not in use? Also ask yourself how much will it cost you to visit my property in travel expenses?
Are you looking for a vacation home that you can use as a rental property when not in use by your family? A local management company will keep your property rented during non-use times. Look at what’s popular in the area you’re searching. Are there certain seasons when the area is popular? Is there a local attraction nearby? If so, how close is your property to it? Make sure your home will be easily rentable. If you buy a property in Florida for example, near the ocean or a body of water would be an ideal location.
Lastly keep in mind any future resale value the particular area will have. Is there any future development for the area in the works that may change an aspect of your property? A building with a perfect view of the ocean is worthless if another building is built in front of it. Check with the local city hall’s planning department for more information on such issues.
In the end many families may purchase a second home or vacation property to enjoy for years and generations to come. What’s more, that home could end up passed down from generation to generation. HAPPY MEMORIES!!