Choosing a vacation home is an important decision that requires a great deal of thought and preparation. If you put in the work, however, you will be left with a vacation home that you will love for many years to come. Consider things such as whether you want to rent or own as well as location, cost, upkeep, amenities and its rental and resale potential when making the decision on what type of vacation home you would like. Personal preference will dictate much of what you decide, but sound financial advice might save a great deal of frustration as well.
Some individuals choose to rent a vacation home, and others decide to buy. This is a personal choice, and it should be made with great care. If you feel that you will not be using the home for more than a week or two each year, it might be more prudent to rent a space. Buying the home might be a better idea if you decide that you will be spending several weeks out of each season in the home. As with any home purchase, be sure to look at things such as property values and history, local taxes and extra costs such as homeowners’ association dues.
Location is another important decision when choosing a vacation home. If you prefer beaches and warm weather, a home in the mountains might not be for you. Also consider whether you would like to be around a large number of people; whether you need to be near certain services, such as a hospital; how far you would like to travel for groceries; and how far you would like to be from things such as shopping and entertainment. Really get a feel for the area, what is available and what is in close proximity to the home to decide whether it is the right location for you.
Cost and upkeep are two factors to consider as well. It would be difficult to purchase your dream vacation home, only to work all the time to pay for it without the ability to enjoy it. Keep the costs within a comfortable level. Also consider the upkeep of the home. Determine what type of upkeep is needed and how much it will cost, being sure to add this into the total cost of the property.
Amenities are an important aspect of a vacation property. Ensure that the area has all the amenities you desire, whether they are as basic as grocery shopping and movies or more adventurous, such as outdoor sports and activities, evening hangouts or fine dining. You will want to enjoy the area as well as the home.
It is a great choice to have the property for as long as you would like, but sometimes, unforeseen circumstances warrant renting or selling your property. Before committing to a property, do your homework to determine whether there is a good possibility that you would be able to rent or sell the property if needed. Although you cannot be completely sure whether this is a possibility, you can make an educated guess if you do the proper research.
