Buying a vacation home is an expensive decision, and you want to get the best return on investment. In order to do this, make sure that you understand what you are getting yourself into before you make the final choice on your dream vacation home.
1. Visit First!
Remember that buying a home is nothing like staying in a hotel or timeshare. Make sure you are in love with the area in which you are looking to buy. If you get tired of the area, you cannot relocate. This seems like common sense, and frankly it should be. Realize that you will be spending a lot of your free time in this area and at your new home.
2. How Far is too Far?
How far are you willing to travel to get to your new home? You probably aren’t going to enjoy taking a six hour flight just to get to your vacation home every time you want to visit, especially if you have younger children. Truthfully, a home that requires flights, rental cars, and lots of driving will not get much use. Not only because it is time-consuming to get there, but also because it is expensive. Consider how far you are willing to travel before choosing the perfect vacation home.
3. Safety Comes First
You will not be spending all your time at your vacation home so it is important that you know what the crime is like in the area. It will be a awful if you come to your house and realize that someone broke in while you weren’t there. You can easily do an Internet search to find out all the information that you need. It is still recommended that you get a security system installed, no matter what the neighborhood is like because it is a good thing to have when you are away. So remember to leave money in your budget for a security system for your new home.
4. Get Ready to Make Sacrifices
If you decide to rent out your vacation home to make some extra money, be prepared to make some sacrifices. The peak season that you want to spend at your vacation home is also going to be the time that people want to rent it out. It is a good idea to rent out your home because you will make a large sum of money off of the renters, which will help to pay your mortgage. But, you are going to have to give up some of the peak season that you want to spend at your vacation home for your renters.
5. A Vacation Home is a Home
Many people do not consider the fact that a vacation home requires maintenance and repairs just like any other home. You should be prepared to spend a few days doing maintenance on your home every time that you visit. Not everything will be fun even though you are technically on vacation. Also remember that you are going to have to find someone to watch your main home while you are gone, whether it be getting the mail or taking care of your pets. Considering that your vacation home is ultimately just another home, make sure to calculate all of your costs before buying. You will be required to pay for property taxes, insurance, and other carrying costs. Also, remember that even though you are not there all the time, you still have to pay for electricity, gas, water, trash removal, landscaping, and other maintenance services.
Do not be left in the dark when you are making such a expensive decision. If you consider all the above things then you should be fully prepared when it comes to picking the perfect vacation home. Here at TJ Woods Insurance Agency in Worcester, Massachusetts, we offer competitive home insurance rate for your second home. Contact us today to talk to one of our experienced agents. We wish you luck on your search for a vacation home!
