Buying a vacation home for sale is a bucket list item for many people. Being able to drive or fly a few hours from home to escape the daily grind makes for a great weekend. There are many aspects that you need to think about before making the big move, however.
1. Distance: You need to think about how far away your vacation home can be before you start looking. While some people do not mind driving hours on a Friday night after work, others may prefer to have a vacation home located nearby for convenience. The closer it is, the more often you will use it.
2. Budget: When you buy a vacation home for sale, you need to talk about your budget and what you can reasonably afford before you start looking with a real estate agent. Make sure you include not only the mortgage but also the cost of upkeep on a second home.
3. Lifestyle: Before buying a vacation home you also need to consider your current and future lifestyle. While you may like downhill skiing now with your children, it may not be an activity that you like once you are older. Similarly, you may not want a secluded home in the woods when you have young children who want to be entertained on the weekends.
4. Rentability: Not everyone buys a vacation home with the intent of renting it out, but if it is part of your plan, you need to make sure it is feasible. Some communities, condo complexes, and even municipalities have restrictions on short-term rentals. Know the rules before you buy to avoid surprises -- and possibly lawsuits -- later.
5. HOA Fees: When analyzing your budget, make sure you understand what the HOA fees are and what they cover. Communities with multiple amenities can have high HOA fees to maintain those amenities. This can make an affordable mortgage payment suddenly out of reach.
6. Taxes: Like HOA fees, taxes can be higher in resort areas. Do not rely on the tax amount stated on the MLS listing. Property taxes often increase when homes exchange hands and the recorded value increases. Talk to your real estate agent for more details in your specific area.
Buying a vacation home is an exciting decision for anyone. Knowing all the facts before you buy is important in making that decision a well-educated one.
To learn more, contact a resource like Summit Real Estate.