26 March 2017 Posted By : Administrator

What to Look for in a Vacation Home

When you’ve earned your financial freedom and found a vacation spot you can’t wait to revisit, the next logical step is to purchase a vacation home. It gets you out of an uncomfortable hotel room while you travel and provides a space for you and your family or friends to relax.

This is probably a one-time luxury without a do-over, so it’s important to find the property that matches your needs perfectly. Here are some things you should look for in the ideal vacation property:

Affordability - Including Upkeep Costs

It’s true that real estate is an investment, but it’s a non-liquid investment. This means that if you need the money from this investment right away, you can’t just take it out of a bank account. In good markets, you can sell quickly; but oftentimes, it takes a few months to move a property.

For this reason, your property should fit well within your budget. Crunch the numbers and don’t put yourself at any financial risk, even if it means purchasing a smaller home in a less ideal location.

When calculating the cost, don’t forget about the upkeep. You’ll have a second set of utility bills, furnishings, landscaping and maintenance, unexpected repairs, and other costs associated with maintaining a property. These costs rise if it’s in a high maintenance area, like beachfront. Take this into consideration and make sure you can foot the bill before investing.

Size and Amenities Just for You

The size and amenities will depend on your budget, but it’s wise to make a list of must haves and wants. Start with the structure of the home, considering the square footage, acreage, and number of bedrooms and bathrooms. The layout (open-concept or not, levels, position of bedrooms, etc.) is also important. Consider both your family needs and the potential opportunity of inviting friends.

Next, prioritize your extras. Some important considerations might include:

  • Kitchen appliances and layout
  • Flooring
  • Smart home technology
  • Patio or deck
  • Multiple car garage
  • Large, furnished front porch
  • Air conditioning

You may not be able to get everything on your list, but putting them in order of priorities will narrow things down for you.

Location, Location, Location

The ideal location of your vacation home depends on your preferences. Some people want a beachfront property while others prefer a cozy vineyard villa. When choosing your ideal vacation spot, think about places you can’t wait to visit again. You’re investing in a second lifestyle somewhere, so consider everything from the city life to the tourist attractions to the temperature.

This will require a lot of initial travel. When you’ve narrowed your options, visit each place for more than just a few days to get a good idea of how it would be to live there. Try visiting multiple places, comparing and contrasting spots before choosing your favorite.

Additionally, choose a good location within the chosen region. If you’re purchasing a vacation home in Houston, for example, think about where you’ll spend most of your time. If you prefer the city’s many attractions and amenities, look in the downtown area. If you want to go just because you like the weather, but you don’t want the hustle and bustle of city life, look in the surrounding rural areas.

Rent-Friendly Option

Whether or not you need the rental income to sustain your property investment, it’s smart to look for rent-friendly properties. Renting out your property when you’re not there not only pays for the mortgage, but it will also help the local economy. You’ll offset some of the costs of maintaining your property, making it easier to sustain in the long run.

Consider features renters look for in a great rental home. A fully equipped kitchen, washer and dryer, full linen closet, stocked bathroom, large entertainment system, and other features will keep renters coming back.

You can also talk to local agents and property management companies who have insights into the performance of vacation rentals and general pricing. You can also compare prices online to see what’s renting and for how much.

Good Resale Value

Eventually, you’ll need to sell your vacation property, and it may be sooner than you think. Whether you want to purchase a property somewhere else or you need the cash for another investment, selling the home for a good price means keeping the resale value in mind from the very beginning.

There are many factors that go into boosting the resale value of a home, but the economy and condition of the property are most important. If the market grows steadily, you know the home will be worth more a decade from now.

The home should also be in good structural condition. Handle any major repairs immediately, and add modern renovations. Pay close attention to the kitchen and curb appeal to bring the most value to the property.

These factors should give you a good start on finding the vacation home of your dreams so you can forget the hassle and enjoy your vacation.

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