Did you know that vacation homes account for about 15% of single-family home sales? More people than you think have a second home. If you can afford it, why wouldn’t you want a holiday home to lounge in so you can avoid hotels when you’re on vacation?
Buying a holiday home isn’t as straightforward as buying a home to live in. There are a few extra things to consider while you’re shopping around.
Read on for a few quick tips for buying a new house for your vacations.
First: Decide if it’s a Good Decision
Make sure that you spend time considering whether or not you actually need a vacation home before you take the plunge. For most people, vacations are occasional experiences. If you only vacation once per year, or if you like to travel between different locations, buying a holiday home might not be a financially viable (or even logical) decision.
We recommend keeping track of your vacations for a year and giving the location a “trial run” by renting. If you get a lot of use out of your rental home, you can start looking at holiday home options.
Consider the Actual Costs
Buying a vacation home isn’t cheap. Make sure that you’re keeping the actual costs in mind so you can decide whether or not it’s worthwhile or whether or not it’s even within range right now.
Remember that you may have to pay realtor fees, utilities, inspection costs, property taxes, and any upkeep that you’ll be doing for the house when you’re not around.
Bonus: Getting Some of Your Costs Back
While buying a holiday home is always going to be expensive, there is a good way to make some of your money back and even start paying off your mortgage. Turn it into an investment opportunity.
You can use your holiday home for short-term vacation rentals (or even longer-term rentals if you know that you won’t be using the property for several months at a time.
Keep in mind that you’ll need to pay someone to clean the property between visitors, but that cost will be negligible in the grand scheme of things.
Pick the Perfect Location
A second home is a big deal. Make sure that you pick the perfect spot for it if you want to get your money’s worth!
Are you looking for holiday homes in North Wales for a lodge getaway? What about a second home on the beach in Malibu? Maybe you love the idea of getting a modern condo in Manhattan for trips into the city.
Regardless, pick somewhere that’s close to all of the amenities that you value when you’re on vacation.
It’s Time to Pick Your Holiday Home
Your perfect holiday home is out there; you just have to find it! Keep these tips and suggestions in mind when you’re hunting for your perfect new vacation home. Good luck!
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