Ah, yes, the joys of owning a vacation home. An escape from the grind of everyday life, a place to make memories with friends and family, and the ever-present opportunity to earn income by listing your property for rent. Vacation homes can be an excellent investment in the right circumstance, so long as you’ve done your homework. When you’re considering homes and properties, keep these few points in mind as you search, offer, purchase.
Consider Your Location
The golden rule of real estate is location, location, location and is always in play. If you’re purchasing the home for yourself as a second property, make sure that the home you’re considering is not prohibitively far from your primary residence. If you’re purchasing a home as an investment, ensure that you are able to either care for the property yourself or can hire a management company to do the job. A local agent around your new home may be able to help you find professionals to care for your home while you are away.
Consider Usage Potential
What good is a house if you can’t use it often? If you’re buying the property as a second home, it’s important to think about how often you’ll actually use the house. If the property is seasonally inaccessible or too far from your primary residence, it might be worth thinking through it again. Same goes for upkeep; if it’s not possible to maintain the residence without living there full time, it’s worth reconsidering
Consider Rentability
If you’re buying your home for a particular feature- lake access, a beautiful deck, or maybe even something big like a finished barn- odds are, there will be someone who’ll want to rent it from you for a similar reason. Consider the potential of your home to be rented out during periods of time when you’re not using it. If you’re savvy with it, you can use the rental income to make major contributions towards paying off the house.
Buying a vacation home can be one of the most rewarding experiences of one’s life, but it can also be a little intimidating. Copper Hill can help you find the home of your dreams. Get in touch with our team and see what our agents can do for you.