Three Things To Consider When Purchasing Your Vacation Home
Posted on: 21 May 2017
You've done your research and you've secured your financing; now it's time to find your new vacation home. As you tour potential homes for sale with your realtor, there are a few things you need to take into account to ensure you make a smart purchase.
Do you prefer a house or a condo?
Deciding whether you want to purchase a condo or home for your vacation retreat is a tricky decision. Both properties have advantages; the ultimate answer depends on your personal needs.
Condos are located in close proximity to many other units, making the condo a plus if you like having neighbors nearby. They also usually have amenities that all of the unit owners are permitted to use. Expect to pay a monthly fee to the condo's homeowner's association. This fee goes towards maintaining the building and other shared areas.
A house usually provides a greater level of privacy than a condo. Homes are usually more expensive than comparable condos due to the land that the home is built on. Though some homes are lacking in the amenities associated with condos, many vacation communities have shared areas, like pools and playgrounds, that the whole neighborhood may use.
What amenities do you need?
Decide how you envision using your new vacation property. Do you like to spend lazy days lounging by the pool, or do you prefer to take your kayak out and spend time exploring and fishing? Make sure that the amenities reflect your preferences. Common amenities you may encounter include:
- Pools and other water areas
- Boat launch areas
- Dog parks
- Play grounds
- Walking trails
- Rooftop decks
- Club rooms
If you don't see yourself utilizing a potential home's amenities, it may be best to keep shopping. Homes that have access to these amenities usually have higher monthly homeowner's association fees. You can make the most of your budget by looking for a home that only includes amenities you will use.
Are you interested in renting the property?
Many owners rent their vacation homes to offset the costs of ownership. If you are interested in renting your new home, you should talk to your realtor about what traits a desirable rental should have. For example, you may be able to command a higher rental fee if your home is located in a certain neighborhood or close to certain activities. Homes that come with a pool or hot tub may attract more interest from potential renters and rent more frequently. See what characteristics will help your home stand out from other rental units.
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