Over the past couple of years, the pandemic has shifted how and where people are spending their time. For some, it created greater flexibility in where they could live as a result of working remotely. On the other hand, the pandemic caused a number of people to put travel and vacation plans on hold. The combination of those two factors has caused a renewed interest in buying vacation homes.
What to Consider Before Purchasing
Buying a vacation home is the ultimate goal for some people. It’s easy to daydream about buying a second home in a gorgeous beach town or in a remote area to reconnect with nature. However, in real life, it’s not that simple. There are a few things to consider before purchasing a vacation home. First off, purchasing a new home comes with new costs including taxes, a mortgage, insurance, liability, etc. Not to mention, day-to-day maintenance costs and sometimes, big repair costs like a new roof or new plumbing. If you want to customize your vacation home, then you need to take renovation costs into account as well, and financing a second home isn’t as easy as financing your primary home.
It’s also important to determine how you want to use your vacation home. Is it a place where you’ll spend a month every summer or will you visit every other weekend? Sometimes, vacation homes can be a great source of passive income if you’re not spending much time there. If you’re thinking of renting out your vacation home, make sure you do thorough research beforehand. Some places don’t allow short-term rentals and as a result of Airbnb and VRBO, the rental market in some areas is saturated, making it difficult to get a leg up on the competition.
Choosing a Location
If you frequently visit a location for work or pleasure, purchasing a vacation home in that area can save you money in the long run. We all know hotels aren’t cheap, so depending on home prices in that area and how often you’ll use the home, buying could be very cost-effective.
If you could see yourself soaking up the sun in a vacation home, you may want to start your search. Summer is a popular time to buy vacation homes. By beginning the process now, you could get ahead of the competition. Regardless of where you’re looking, we have an amazing network of real estate agents across the world and can refer you to someone who can help make your dream a reality. Give us a call at 562-896-2456 to explore your options or fill out the form below!