4 Questions to Ask Yourself before Buying a Vacation Home

Modern Home

Buying a vacation home is a complicated process for many, especially those who are on a tight budget. You want a great location (possibly by the beach), minimum costs for maintenance, state-of-the-art appliances and every imaginable luxury that could possibly fit into your budget.

We don’t wish to be the bearers of bad news, but rarely do people get everything listed above. Normally they end up compromising one or more of the desired features. So how is it possible to buy yourself your dream vacation home?

The trick is to play smart rather than going for the obvious. Here are four questions that you need to ask yourself before buying yourself a vacation home. This post will definitely get things in perspective for you!

What do I want in a vacation home?

The first thing you should do is make a list of the most important things and features that you would want in a vacation home. Be specific – if you want to have a beachside home, then make a list of the possible locations near you that you would like to visit on your vacation. Add any other special features that you would like. For example if you want a pool but can’t afford it, then don’t splurge because you would already have access to the beach. Consider things like appliances, the size of the property and other things that you would definitely require on your vacation.

How often will I go there?

Another important thing is to know how long you plan to stay in your vacation home. Is it every few weeks on the weekends, a monthly or a yearly basis? The less frequent you plan to visit, the more costly your expenses could be. But a lot of factors are at play here, the most important being weather conditions.

Can I afford it?

This is the most important question of all!

Depending on the list that you made in the first question, you need to estimate your costs; not only the mortgage or the buying price, but also the cost of maintaining your home. Add in the cost for employing a property manager (if you plan to do so), as well as of any predictable repairs and cleaning between tenants (if you plan to rent out). Make sure that the numbers add up and do NOT blow your budget for buying a vacation home in which you will just spend a few weeks every year.

Who will maintain my property when I am not there?

A good option is to rent out your property when you are not visiting for long periods of time. It won’t generate a huge income, but you would know what is happening to your second home and will be notified in case of any damages or wear and tear that needs repair.

Or you could hire a property manager to look after your property.

 

So do ask yourself these four questions before you make up your mind to a buy a vacation home!

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