4 Tips To Picking Out A Vacation Home
Any home purchase is incredibly stressful, whether it’s your first home or not. However, shopping for a vacation home can have a few added on risks and challenges that you should be prepared for. Use these tips and tricks to help find a vacation home that’s right for you, while still sticking to your ideal budget.
Walking On Sunshine
One of the best parts of your vacation time is the time you get to spend outdoors enjoying the sun and the beautiful weather, so why limit that to just your time outdoors? Sun rooms are an excellent way to enjoy the beautiful weather from your vacation home, particularly during longer summer days. June 21 is actually the longest day of the year, with 14.3 hours of sunlight.
If you find a vacation home that’s perfect for you, consider making it a goal to add a sun room to the property. Adding a sun room can be a big investment to your home, but it can dramatically improve your resale value. If the room is used an average of four times per day, the return on investment can average between 89% to 115% of original cost. If you’re willing to do a bit of work on your vacation house to make it absolutely perfect, this is one element to seriously consider adding.
While you might not be in your vacation home year round, home insurance is still essential for your second property. Just one reason why it’s such a key element of vacation home ownership is that many vacation destinations are at risk of certain types of severe weather conditions, like hurricanes or flooding. Homeowners insurance provides financial protection against disasters, meaning that if your vacation home ends up being in the direct path of a hurricane or tidal wave, you’ll be financially secure. Don’t forget about other potential types of damage you’ll want to be insured against – if you’re planning on renting out your vacation home when you’re not there, you’ll want insurance that takes that into account as well.
Location, Location, Location
One of the biggest elements to consider in any real estate purchase is the location. If you’re planning to purchase a vacation property, you’ve likely already considered your favorite destination spot; however, one thing you might not have factored into your location options is the neighborhood or community you’ll be purchasing in. Certain neighborhoods and communities have additional expenses and regular fees associated with them, and you’ll be on the hook for those whether you’re living there year-round or not. The employment of real estate and community association managers is predicted to grow by 10% between 2016 and 2026, so chances are you might be looking at a home in one of these neighborhoods during your search. Consider if you’re willing to pay those extra fees before you make an offer.
Consider Your Options
Depending on how much time you’re planning on spending in your vacation home, consider if purchasing the home is really the right option for you. Would long-term rental options suit your preferences better? If you do purchase the home, what will happen when you aren’t living in the space? Do you plan to rent the house out during certain portions of the year? Purchasing a home isn’t always the smartest financial option available for every situation, so make sure you sit down with a professional and assess whether now is the right time for you to buy, or if you should be buying at all.
Be sure to use these tips to get the best possible deal on your vacation home and find the property that’s right for you. What tips would you give to someone checking out a vacation home for the first time?