Are you considering buying a vacation home? Years ago that flight to Venice captured your heart and want o spend your retired years there. Or the winters have become unbearable for you now and want to escape to warmer climates. You may also want to give yourself a treat after years of saving and number crunching. Better economies and surplus income have allowed people now to buy a vacation home in a more suitable climate, and environment. Even though it has become easier to buy a vacation home, there still remains some risk factor and thorough planning is required to make the final plunge. As distant locations may seem lovely and you may want to seal the deal immediately but behind the sun and the beach some foul play may lurk.
Getting down to business what are some factors that you need to considered before signing the dotted line:
You must have heard the saying “location, location and location” well it’s been said for a reason as location of a property value determines its price, availability, demand for it, resale values and the ROI you may expect from it. Chances are that when you’ve decided to buy a vacation home you also have a vague idea where you want to buy it, that location may be abroad or in the suburbs where you spent your childhood. Make a careful and deliberate decision when it comes to determining the location.
Even if you are buying a house in the same country that you live, it still isn’t in the same neighborhood that you live or the state. So chances are you won’t know the inside information about the locality. Thus it’s best to hire a local retail expert rather being stuck with a bad choice later. They have connections and a vast network to get you the best deal- paying for their expertise is worth it in the long term.
Yes we all know we should have a budget and stick to it but that’s the easy part. The difficult part comes when we don’t make the right budget and are not aware of all the costs that should be included in that budget. Be aware of the maintenance costs, management costs, and initial repair costs, insurance, travel to and fro costs and etc. As buying a house isn’t really a onetime expense but lifelong commitment that needs money injections from time to time.
These would partially be covered when analyzing location but separate point needs to be allocated to discover all the amenities in the area. If you kids then a nearby park and recreational activities would ensure no slump in the vacation, as kids can’t lounge all day at the beach reading like you. If you are thinking of moving there after retirement then consider all the health care facilities in the vicinity. How accessible is it from your present home- if you are considering buying in Spain then are you prepared for the long haul flights back home and the cost? If you are TV buff and would like your 100+ channels- then will it be possible and a simple thing like how close is the grocery store.
Happy buying and good luck!
A dedicated travel writer Anas Ahmad who loves to transfer his wanderlust onto a page and also read other’s experiences about travel. A spicy food aficionado along with things sweet. Lives on the personal motto of “bring it on!” and a particular lover of simplicity.