9 Tips for Buying a Vacation Home
1. Consider how you plan on using the home.
Will the home be used for family and friends, or will it be rented out as well? Be realistic on how frequently the house will be used?
2. Evaluate Locations.
Does the locations being considered have enough amenities and attractions to keep you -and renters- coming back year after year?
3. Talk to the locals.
What do locals love about the area? What do they find charming? If the area is seasonal, find out what is it like during the off season.
4. Inquire about local lows.
If planning on renting out the home, keep in mind that local rules may restrict rental periods or limit the number of days property can be rented.
5. Calculate costs.
Along with mortgage, insurance, property taxes and association or amenities fees, plan for wear and tear. A good rule of thumb: Budget 1½ percent of home’s value for annual repairs. If house is to be rented out, add the cost of a property manager.
6. Talk to an accountant.
This person can advise you on issues such as the tax implications of rental income and changes in federal tax laws that could impact deductions.
7. Test before you buy.
Once its decided where you want to purchase, try renting during in every season in order to gauge busy and slow times.
8. Take your time.
Don’t let the excitement of one great vacation push you into an impulse decision to buy.
9. Work with and experienced Realtor.
Pick someone who knows the community and who can recommend any other experts required for consultation.
Yamilis de la Rosa
Senior Vice President of Casa de Campo Real Estate
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