Vacation homes are the perfect place to unwind and get away from the stresses of everyday life. In fact, they are so popular that you’ll find vacation homes popping up in many locations, whether it be hot tourist spots or out of the way destinations. You might be finding that at this point in your life you need to have a place to retreat to every now and then, so buying a vacation home is the perfect opportunity. However, there are many things you need to consider before you take the plunge and buy the home which you might not have considered.
Here’s our top five things you need to consider before picking your perfect vacation home.
1. Spend some time there first
There are so many destination options to choose for your vacation home that it’s going to be hard to just pick one. In fact, without visiting a few locations first, you’re not really going to know what it is you want. You really should consider taking a vacation to some of your top destinations before you decide to buy somewhere, because once you have signed on the dotted line, then that’s what you’ve got. By spending some time in these places first, you’ll find out all the little things about the towns that you wouldn’t know from just reading about the places. You’re going to be spending a lot of time in these places once you buy the home, so you need to know what you’re in for.
Make sure that the location has all the services you can see yourself needing. Things like general stores and a bar might be must-haves for you, or you might instead want something truly isolated. On your first few trips, you can get a rental from Nox Rentals in order to really experience the town. Once you have visited a few times you’ll have enough knowledge to make the best decision for you and your family.
2. Know all the potential costs
Just like any other venture, owning a vacation home is going to come with some costs. Similar to your primary home, there are taxes and utility bills that need to be paid on your vacation home, even if you’re not there. Everything will add up, so it’s best to be informed before you go into this. You have to make sure that you have enough capital to afford the house to begin with, as well as all the overhead costs that are involved. There’s nothing less relaxing than having a home where you’re constantly concerned about costs. Make sure you set up a very thorough budget and that you can really afford your new vacation property before you get started.
3. Figure out what you’ll do while you’re away
When you have a vacation home, you’ll probably be planning to visit a few times each year. However, that means your property will be sitting empty while you’re not there. That’s not really that bad of a thing, except if something goes wrong, such as a busted pipe or a leaky roof, it might go unnoticed for a long time. Not only that, but without regular activity at the home, it may become a target for thieves.
You could consider turning your property into a rental in the months that you’re not planning on being there. Not only will that ensure that there is regular activity at the home, but it will also mean an extra line of income for you and your family. If you manage this correctly, you can start making back your money in no time.
4. Keep the upkeep in mind
Once you have your new vacation home, it’s not just a matter of turning up and relaxing. In fact, you’ll actually find that at least the first few days of each vacation you take is going to be revolved around performing general maintenance and routine upkeep of the property in order to maintain it. For instance, you’ll probably need to mow the lawns and perform minor repairs, particularly if the house has sat empty over the winter. You can expect to be performing the same level of maintenance that you’d be doing on your primary residence so make sure you factor this into your equations. If you’d rather not concern yourself with it, you can always pay someone to maintain the property for you in your absence.
5. Remember the seasons
Depending on the location of your new vacation spot, you may be in for a surprise at certain times of the year. Some areas may have high seasons, depending on the kinds of services the town provides. For instance, you can expect ski towns to be super busy between December and February. You will have to consider this seasonality in your calculations. If you want to avoid the crowds, you may want to make sure your vacations don’t overlap with these high seasons. Or, if you want to take advantage in the huge spike in accommodation needs, you could rent your property out at a premium in these months. It’s completely up to you!
Purchasing a vacation home is an exciting time, and it can open up many opportunities for you in terms of giving you a great spot to get away from real life, or provide you with a new way to generate income. No matter what the purpose, buying your vacation home might seem like a stressful process. However, if you remember these five essential tips, you’ll be vacationing in no time.
