Where should I buy my vacation home?
There is no right or wrong answer to this question. When buying a vacation home or second home, the biggest thing to consider is choosing a location that you and your family will enjoy and will want to visit multiple times a year. Another thing to consider is whether or not you want to rent your vacation home out when you are not using it. If the answer to this question is ‘yes’ then you need to make sure that the location you decide on will be desirable to other families as well. Chances are, however, if you love the location other families will too.
Should my vacation home be close to my primary residence?
The answer here depends on a variety of factors. If you are going to rely on driving to your mode of transportation to access your vacation home, than of course it will be more convenient if the location is within an easily drivable distance. Buyers need to take their work schedules and available vacation time into account when deciding on location. If you only have a few weeks of vacation a year you don’t want to waste a lot of precious vacation time driving to and from your vacation residence. Conversely, if you are retired and don’t need to worry about time constraints, then a vacation home farther away from your primary residence becomes less of a burden.
Additionally, maintenance of your vacation home must also be considered. Do you want to be able to easily drive to your vacation residence to make needed repairs? Will you be comfortable relying on a property management company to oversee things for you? Buyers must ask themselves these questions when deciding on how far from their primary residence their vacation home should be.
If I want to rent my vacation home out, which amenities should it have?
This is a great question, and one that buyers need to be keenly aware of if they want to rent their vacation home out when they aren’t using it. A good rule of thumb is to research the kinds of amenities that similar vacation homes in the area have. If most of them have pools, hot tubs, or easy access to the beach, then yours probably should as well. Remember that you will be competing against all the other vacation properties in your area…if you were a potential vacation renter what would you look for in a property? It’s important to remember that some of the amenities that are common in your area may not be desirable to you, such as a community game room in condo developments; however, if travelers see it as common in the market you are in, they will come to expect it in their vacation rentals. There are also added tax benefits when renting out your vacation home.
How important is the view?
The answer to this question is fairly cut and dry. If it is important for you to have a specific view, then you should look for a vacation home that matches your preferences. You will be spending your free time here and you should not compromise when it comes to the view. Your vacation home is a long term investment and you should ensure that you are buying something you will be happy with for years to come. In terms of rentals, view can either make your property more appealing because of location, or because of price. An oceanfront rental will come with a higher price tag for vacationers, while a property with a less desirable view will be more affordable to rent. Choose the view that you like the best, and then maximize your home’s appeal to attract the right kind of renters for your property.
For more information on buying a vacation home check out our free guide.
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