Last Updated on December 19, 2023
You’ve traveled to many countries around the world. However, there’s that one place that you always want to come back to. So much so that you’ve decided to move forward and buy a second home for vacationing. Before beginning your search there are several things to consider.
Identifying Your Budget
It’s an exciting time in your life. You enjoy traveling to the West Coast and now, you want to purchase a vacation home in Southern California so that you can visit it more often. Figuring out what you can afford ahead of time will eliminate the disappointment of viewing and falling in love with a property you can’t buy. Instead, do the numbers and then do them again. It’s best to stay in the middle range of your affordability. This way you’ll have the money to customize the home to your liking.
Use an independent brokerage
Using an independent brokerage, for example eXp Realty (the 2nd largest independent real estate brokerage as ranked by The Real Trends 500), means working with an agent who knows the local market and can help you make an informed decision because they share their knowledge about the region and the property. You can use eXp Realty to buy, sell or rent property anywhere in the US. It is recommended to use an independent brokerage without any strings attached, helping you making an investment decision easy with the help of an experienced agent.
The Importance of Having Good Credit
When it comes to getting a mortgage, the higher your credit score, the better your chances of acquiring the lowest interest rates. If your credit score is bordering on good and fair, get the numbers up prior to loan approval. You can pay down credit card balances to less than 30 percent to improve your score in a matter of months.
Factoring in All the Costs
There are many fees that come with homeownership. A vacation home is no different. In fact, it can cost more. For instance, homeowners’ insurance rates are higher for a second home. You’ll also have utilities and property taxes and maintenance. You can offset the costs by renting the home out for several weeks each year. Many people who have properties in other countries do this. Then have a local Realtor draw up the rental papers and choose appropriate candidates.
Buying a Newer Home
While a newer home may cost more initially, over time it will save you a bundle. Necessary repairs such as a new roof and heating and cooling system and updated doors and windows can run into tens of thousands of dollars. This will cause you a huge setback and reduce your quality of life. The last thing you want is to finally have a vacation home only to have to sell it.
Just imagine—a newer build often means less worry off the bat, but don’t forget those systems still need love. Having trusted heating maintenance services on hand is like owning that reliable car that starts every morning without fail; it gives you peace of mind knowing your comfort isn’t left to chance, especially when this isn’t your everyday abode.
Maintaining the Property
You won’t live at your second home, it’s for vacationing. Even, if you plan on spending a month or two throughout the year, that still leaves 10 or more months without someone tending to the property. Hiring someone to maintain the lawn and check on the home at least a few times per month is in your best interest. You can use the same Realtor to find a caretaker. Just remember to add the fees into your monthly expenses.
Know What You Want
In hot travel spots around the world vacation properties are in high demand. This means that finding the perfect home may be more difficult. Make a list of the things you need and then a few of the wants. If you find a home with most of what you need, take it into consideration.
