Another spring break.
Another wasted opportunity.
Your family could have been at that beach house enjoying the outer banks lifestyle,but you passed on the great real estate for sale that you looked at two years ago. As you family lamented that they were not at the Outer Banks Condos with friends, you again regret the opportunity that you did not take.
finding the best real estate for sale is often about timing. Making the decision to capitalize on a great opportunity the first time it is available can help your family make the most of their investments, as well as vacation opportunities. Once a family has found a favorite vacation spot, it is tempting to return again and again. The wisest investors make a quick decision to purchase a property in a prime location. The purchase can then begin earning income as a place that you rent out when you are not there, as well as a free place to stay when you return to your favorite spot.
Owning a Second Home for Vacation Purposes Creates Family Traditions
Whether your family likes to vacation on the beaches of North Carolina or the ski slopes of Colorado, 40% of buyers find their real estate agent through a family member referral or a friend referral. In fact, most buyers view real estate agents as a good source for investment information. As many as 98% of buyers who used an agent while looking for a home were satisfied with their decisions.
Owning a vacation home is a wise investment if your family has a favorite location that they like to visit. Annual trips to a vacation home on the beach or in the mountains can create a lifetime of memories. Meeting for the holidays or getting together for family celebrations like anniversaries and birthdays are more likely to happen if you have a “free” location where everyone can stay. Families who find great vacation spots often look for real estate for sale in these locations.
Things to Look for in a Vacation Home
- Location, location, location. Every home owner, whether for a vacation home or a permanent residence, needs to carefully consider the location of any property that they purchase.
- Size. Are you planning to have your entire family meet at this location for Christmas? If so, how many bathrooms and bedrooms are needed. Many vacation homes use creative sleeping arrangements like built in bunk beds that accommodate many guests in a small amount of space.
- Storage. Locked storage space is especially important if you are considering renting your second home out or letting friends stay when you are not there. Ski homes in the mountains, for example, often have locked areas in basement closets or garages where the owner’s ski equipment can be stored when it is not in use.
- Cost. Buying a second home, a vacation home, or a primary home in a vacation location is exciting. Do not, however, get caught up in the the more is more game. It is okay to start small. If you have indeed bought in a great location, it will be easy to sell and purchase something bigger at a later time. Know your budget and stick to it. You want to be able to come and enjoy the space. This will not happen if you have overspent and left yourself financially strapped.
- Understand the taxes. In many cases, a vacation home will be purchased in a state other than where you live. Working with a local realtor and a local lender when looking for real estate for sale will help you understand the tax implications of the state where you are making your purchase, as well as the implications of owning a second home.
Home is Where the Heart Is
Making the decision to purchase a second home as a vacation property is an opportunity for more days off and more time with family. By renting in a favorite vacation spot, you have likely determined what you like most about the new location. Invite your family to join new in your new place and encourage them to make themselves feel at home. A home is where family members can gather, rest and relax. Create a place where both family and friends will visit frequently.