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4 Things to Know Before Buying a Vacation Home

Buying a vacation home is a bit like dating. After enjoying the casual encounter, it’s time to make a long-term commitment and settle down.

Choosing where to buy depends mainly on where you live, what you can afford, and how far you’re willing to travel. Unlike your last marriage, before you put a ring on it, give some serious thought to these core issues.

Travel

Make a few trips to the area before you take the plunge and purchase. Factor in the different weather, driving, and traffic conditions. Do you want your vacation property to be within an hour, or are you comfortable with a two-to-three-hour drive like most people?

Income

Are you financially secure enough to afford the luxury and maintenance costs that come with a second property? While most vacation homes aren’t typically rented out if you plan to use this property for extra income, ask yourself if this location is popular enough. If you’re saying no to both of those, you could be better off renting than buying. 

Lifestyle

While extreme mountain biking might be your current obsession, what happens if you take up skiing, golfing, or fishing? If you’re buying this home for future retirement, be sure to look for the kind of floorplan and location where seniors can live comfortably. And, no offense, make you’re within an hour of a hospital.

Investment

Just like the time you spend at your vacation home, the price can greatly change. While recent figures show an upward trend in the number of second homes purchased for investment purposes, will the value in the area you buy increase over time, or are you just buying a mortgage payment to break even in the end?

What You Need to Know

A vacation home makes a great place to unwind, make memories, and add another investment or income stream. In today’s real estate market, you can get a great vacation home at an even better price. If you need help locating or selling vacation property, contact a local real estate expert to get started today.

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