5 Tips to Consider When Buying a Second Home or Vacation Home
What features do you value in your current home that you cannot live without? Whether it’s the natural fireplace, large master bedroom or lavish kitchen, determine what features you would like in your second home. Location of your second or vacation home can often provide extra benefits as well. If you love the water, then lake or beachfront property could land itself on your radar. If you love spending time on the links, then our pristine golf course community could be for you. Lastly, if you’re looking for a home with less upkeep, smaller properties such as condos or townhomes are a viable option with less required maintenance.
1. Explore The Local Area Before Purchasing
Prior to signing your name on the dotted line, get to know the local area. Exploring your potential new neighborhood is a great way to get a feel from a non-tourist perspective. It is also a great idea to survey the area at different times of the day. If you’re considering purchasing property in a seasonal area, visit in the off-season to get an even better idea of the area you could be spending time in.
2. Hire A Local Agent
Purchasing a second home outside your current area can be tricky. Hiring a local real estate agent can alleviate much of the stress of the process. Agents are often hyper-localized, and can offer additional details, perspective and suggestions on the local markets. Visit our Realtor Advisory page on our website for a list of local real estate experts.
3. Consider Shared Ownership
Split the cost of your second home by sharing ownership. By pooling resources with close friends or family, both parties can get their own vacation getaway without the burden of all the costs.
4. Rent Out The Property for Extra Income
When you or your shared ownership partners are not spending time at the vacation home, rent it out for extra income. Utilizing services like Airbnb or HomeAway to rent out your property can help supplement the costs of a second home. However, make sure you familiarize yourself with the local landlord/tenant laws in the area prior to renting it out.
Looking for more helpful home buying tips? Check out Best Places to Purchase a Second Home in Arizona and Second Home & Retirement Trends
