Wouldnâ€™t it be great to own a place at the beach, in the mountains, or by the lake? If you are seriously considering buying a vacation home, you have probably weighed many of the pros and cons already.
But you should carefully consider everything before you buy. Have you taken these additional costs and benefits into account?
The Overlooked Costs of Homeownership
As any experienced home buyer knows, there are additional annual costs that come with owning a home, such as property taxes, home insurance, and any association fees.
Make sure you consider maintenance costs, as well. If you decide to rent out your property, you might want to invest in housekeeping or property management services. MarketWatch outlines a few additional costs you may face.
Additional Fun: Resort-Style Amenities
In popular vacation destinations, you can purchase a second home in a resort community. This gives you access to a range of amenities that can include a golf course, spa services, swimming pool, and dozens of events.
Just remember, you may have to pay additional fees for these amenities.
Itâ€™s a Good Investment, But Not a Guaranteed Money Maker
Many vacation homeownersÂ rent their property out to other vacation-goers as a way to earn extra money.
But, as US News & World Report points out, you may not always make money with your vacation home.
Location is Crucial
When buying any property, whether itâ€™s a primary or second home, location is one of the most important factors in your decision. When choosing a vacation home, consider how much time it will take to get to your home, whether you will need to drive or fly, and if you will be able to visit as often as you want.
You should choose a home that is close to your favorite vacation features (such as a ski resort or private beach) and close to the grocery store, major roads or an airport, and fun things to do.
We Can Help You Weigh Your Options
Investing in a vacation home can be a great decision, but it should not be taken lightly. We can answer any questions you have about finding, buying, or renting out a vacation home. Call us and letâ€™s talk.