Whether you call them “camps”, “cottages”, or “lake houses”, vacation homes are often a bigger investment than our primary homes.
If you’re considering a vacation home, go in with both eyes open, and you’ll make a great investment of your money, time, and leisure. Here are 5 tips to keep in mind:
1. Visit first
Before you buy, visit the area a number of times. Reading or hearing about a great vacation spot isn’t enough. Before you commit to a long-term residence, make sure you’ll truly enjoy it.
2. Understand all your expenses
Learn the real price of owning your vacation home. In addition to the cost of the property, make sure you know the taxes, insurance, and other carrying costs. Even when you’re not there, you’ll still have to pay for water, gas, electrical, trash removal, landscaping, and other maintenance. Make sure you can afford the entire cost year round. Another common cost for vacation homes is a management fee. If you don’t plan to be there for a large part of the year, you can find a reliable local property manager to maintain your home.
3. Plan for work
Remember, this is a vacation home, which is still a home. It requires repair and upkeep the same as your primary residence, and you should budget time, effort, and costs during the season (especially at the start!) for maintenance.
4. Consider renting
If you won’t be there for large portions of the year, consider renting your home to other vacationers during those times. With rental managed by a reliable property manager, you can offset your monthly costs, and even pay off your vacation home early! Check out other local rentals, and find a good local agent or rental company, so you can set a reasonable rental price, as well as get an idea of how much of the season your home will be vacant. Also keep in mind that the most popular vacation times are when your rental will be in demand, and that could conflict with your own vacation plans.
5. Remember accessibility
How easy will it be for you to get to your new vacation home? Find a place that is close enough, and easy enough, to access easily year round. You’ll be much more likely to use it.
We can help you with a number of these considerations. Make an appointment to tell us your vacation dream!