If you’re considering buying a vacation home, you’re not alone. According to the National Association of Realtors, more than 10% of homes purchased are intended as vacation homes, and the rate has been increasing since the Great Recession ended. However, you shouldn’t let the market dictate when and what you buy. Here are a few tips for finding the perfect vacation home for taking much-need breaks from running your home business.
Know Your Priorities
The perfect vacation home for you must include what you value the most. Whether that is immediate access to the beach or a full kitchen depends on you. You could save money by sacrificing the factors that aren’t as important to you.
Choose Locations Carefully
If you’re planning a vacation home location as a getaway from your home, you still want to find something that isn’t so far that you have to book a flight to reach it. If you’re looking for a vacation home that is also an investment, you’ll care more about the projected growth of the local community and its overall health. This matters too, especially if you become the one-third of all vacation homeowners who end up moving into the property full-time. So, make sure that you look around and see if this is the type of community you’d see yourself living in full-time.
Live by the Beach
You can never go wrong living near the coast in California. Whether it’s in Newport Beach or Laguna Beach, an experienced realtor, such as those at Berkshire Hathaway, can help you find the perfect property for you. They will narrow the search based on location, as well as the qualifications you provide them with such as renting or buying. Their team of experienced realtors will present you with several opportunities, whether it may be from renting in Laguna Beach or showing you several Laguna Beach homes for sale.
Buy Under Your Budget
Remember to factor in all the costs of owning the property when determining your budget. The property rental rate may seem high compared to a mortgage payment, but the owner also has to pay property taxes, insurance, and other carrying costs. Property taxes on second homes are often far higher than they are for primary residences. Understand the tax implications before you buy.
Vacation homes aren’t hotels, either. Remember to factor in costs like toiletries and food that may be expected by guests. You’ll have to pay for maintenance, as well, whether you do it yourself or hire someone else to do it. Make sure your vacations each year are kept within your financial budget by investing in a home that has upkeep you can reasonably manage without breaking the bank.
Conclusion
A vacation home may be an investment or become a future family residence, but only buy based on what you’ll enjoy using for years to come. Taking the time to figure out what is right for you and properties that aren’t a burden will ensure you’re happy with your selection.
