Wouldn’t it be nice to have a place where you can always go on vacation and feel at home?
In fact, since 2020 many Americans have been buying vacation homes — often before buying their first home! But before you find the perfect vacation home to visit each summer, you want to know about buying real estate for this unique purpose.
This detailed guide will show you everything you need to know about summer real estate. Before buying real estate, make sure you consider whether this is the right step for you.
Here’s what you need to know:
1. Work With an Agency
The first step is to always work with a great real estate agency such as bristarealty.com
They’ll help you find properties that are specifically for a vacation home. They can help you find the best value for your money and can negotiate deals on your behalf.
Remember, your vacation home will remain empty for much of the year. As a result, you have to be extra careful when buying a vacation home. If you want to rent out your vacation home when you’re not in, you want to choose a high-quality home.
Only a great agency can help you with this process. It’s often a hassle to buy real estate but an agency makes the process much easier.
2. Research the Geography
The next step is to research the geography of the place or places where you wish to buy a vacation home.
Just because a place seems like it’s a great place to vacation doesn’t mean that it is. For example, a beautiful beach location that few know about won’t work as a vacation home.
You wouldn’t be able to rent out a vacation home in such an area. If you buy one, it won’t be of the best quality as such homes are rarely maintained.
You don’t also want to go the other extreme of choosing a place that’s overcrowded with tourists. In this scenario, you’ll have to deal with competition from other vacation homes as well as hotels.
Take your time to research different locations until you find the one worth your while. Make sure you research property appreciation in that area before you buy your vacation home.
3. Research the Security
We must remember that not all vacation spots are safe places to visit. Places like Cancun and Las Vegas are both popular tourist spots. But they also have crime and aren’t always safe.
Should crime persist, your vacation home today might become an empty home tomorrow. As a result, you want to find a place that has a track record of having low crime rates.
You can’t just choose a vacation home in a place that’s currently popular. You want to choose a location that’ll continue to be popular for at least a decade.
In addition to statistics, it’s always best if you have first-hand experience with the location. Remember, in some locations crimes and underreported and this gives the illusion of safety even when crime is afoot.
4. Consider the Size
Now you’re ready to start looking for great vacation homes in your desired area. But you want to first consider the size of the vacation home.
If you want to rent out the home, choose a size that’s most popular among the average traveler. If you just want the home for yourself, you want one where every member of the household will fit.
However, the second one is a bit trickier. Let’s say it’s you and your spouse and 2 children. Do you want a 3-bedroom house? Or do you want 2 bedrooms and have the children share a room just as you and your spouse do?
You have to remember that in the latter case, your vacation home will be empty for most of the year. This means you’ll have to pay for the mortgage, maintenance, bills, and tax, even when the home isn’t in use.
The larger the home is, the more you’ll have to pay. Once again, you might have to shell out large bills for a vacation home that’s not in use. Consider your budget carefully when choosing the size of your vacation home.
Let’s return to the scenario of renting out your vacation home or even selling it again in the future. You want a size that works with your location.
For example, South Beach usually attracts singles and couples so a studio apartment works. But Nantucket Island attracts large families, so you might want at least a 3-bedroom house.
Take your time to research which size of vacation home will work best for the location you choose.
5. Amenities and Recreation
The final step is to look at what amenities and recreation are available in the location where you want to buy your vacation home.
These are the things that attract you to a vacation home and will attract future tenants.
For example, Key Biscayne has beautiful beach properties but not a lot of recreation apart from a few restaurants. Whereas Key West has bars, clubs, beaches, and events operating all year.
This makes Key West a superior place for buying a vacation home compared to Key Biscayne in most cases. You want to take this approach when looking for great vacation homes.
Make sure that it’s not just the home that’s welcoming but also the entire neighborhood. Whether it’s for you and your family or future tenants, you want to truly feel like you’re on vacation in this new home.
Get Your Summer Real Estate
Now you know how to get the best summer real estate and move into your dream vacation home.
The first step is to always work with a real estate agency. They’ll help you find the best vacation home and make deals on your behalf.
Next, you want to research the different locations. You must also consider how safe the area is. Take your time to decide the ideal size for the vacation home. Finally, look at the amenities and recreation so that you or your tenants will feel the vacation spirit.
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