When people first think of vacation homes, they usually think of something fun and easy. But in reality, there’s so much more to it.
It’s important to pick a house that’s durable and that you’ll enjoy long-term. Here are some tips on how to select the right one!
Consider how long you are willing to travel to get to your vacation home. Some want to leave their home and be there within an hour, while others will want to take a long and relaxing drive.
Do you want to be able to drive there, or are you okay with taking a plane? The average distance to vacation homes is 180 miles.
Think about how much of the year you envision being in your vacation home, and what time of year that will be. For instance, if you want the home for summers, make sure there are good air conditioning and close proximity to fun summer activities. Don’t brush off a lack of luxury- like a dishwasher, for example- and actually, think about your comfort level of living without those amenities.
Create a budget and don’t stray from it. Not only should it include the price of the home and a possible mortgage, but monthly costs. These include things like insurance, utilities, and taxes. It’s also important to think about any potential other fees that may come with the location of your property, such as resort fees.
Are you thinking of renting out your vacation home when you’re not living there? If so, there are certain strategic choices you should think about, such as location: does the property have year-round value or is it only seasonal? How many people can it accommodate? While renting may be a relief for your wallet, it may also be a source of extra stress to serve as a landlord.