4 things to remember during your vacation home search
No matter how far off a second home may be in your future, it’s never too early to dream. Buying a vacation home is a big purchase that comes with many decisions. Mountains or beach? Hot or cold? Close by or across the country? Whatever you decide is best for your journey, we wanted to share a recent list we found of some things to keep in mind while you look.
Research the area and neighborhood the best you can. Likewith any other real estate purchase, you must do your due diligence. What’s the neighborhood like, and what are your zoning laws (especially important if you have dreams of generating rental income. More on that later.) Find out the peak times for visitors and decide your plans for those times. Our teams are ready to help answer these questions, too.
Visit the community – and property itself – first. We understand. Sometimes circumstances prevent buyers from seeing a potential purchase in person first, especially if you’re hundreds of miles away. In fact, if that’s your situation, we can still work with you. However, seeing a place in person allows you to evaluate accessibility – which is key, especially in a mountain town – and more.
Don’t rely on rental income as a big part of your budget. Vacation is often a time to splurge and relax, but when buying a second home, you should be carefully sticking to a budget. Even if you plan on renting your place out, don’t count your chickens before they hatch, per the old saying. Rental income can fluctuate, and there are rules and regulations to remember. Plus, you’ll need money for upkeep, utilities, property management fees and more.
Secure the proper insurance coverage. And we’re not talking about title insurance this time. For all secondary residences, you must get the right policies and insurance coverage to protect you as a homeowner.
Want more tips, specifically on buying a cabin in the mountains or a house on a lake? Check out these articles, too. If buying a home in one of our great destination spots can become a reality for you sooner than later, we’d love to get your transition to the finish line and introduce you to everything our towns offer. Reach out to us today!