As we head into summer, vacations are just around the corner.
Some of us relish a favorite vacation spot and have possibly flirted with the idea of buying a second home there. When considering the purchase of a vacation home, the topics of timing, finances and location require thoughtful attention.
Timing in the real estate market fundamentally comes down to supply and demand. When considering this purchase, determine if the local market is such that properties are commanding multiple offers or if sellers are eager to make a deal.
Buying sooner is better than later because you can be assured that the price of a home is lower now that it will be in 10 years. Consider that the prices of the most desirable locations, such as waterfront resort properties, are likely to rise even faster.
That being said, time is on your side. Fortunately, you aren't in the position to have to make a snap decision. Take the time to research the areas you are interested in.
Sort out your finances now. Another added benefit of having time to plan your secondary home purchase is the ability to crunch the numbers ahead of time and figure out what you can afford, along with your fixed expenses.
To help decrease the costs, consider renting out the property. It may not make your vacation home a profitable venture, but it can make it more attainable.
The real estate mantra of location, location, location also applies to vacation homes. Things to consider when you're researching areas are: Is it affordable? Is it convenient to get to? Generally, it should be within three hours from a major city. Can you rent it out?
If you plan on renting it out to lower your cost, make sure you are buying in an active vacation rental market. You will want to make sure there is plenty to do around the area. Is there room to grow? The most desirable destinations are usually in the least saturated markets. Is it both a winter and summer retreat?
If you believe your favorite vacation spot is worthy of your investment dollars with a second home, consider timing, finances, and location to help ensure it remains your favorite.
For more information, call (760) 274-5228 or visit www.tracysharrar.com.
Some of us relish a favorite vacation spot and have possibly flirted with the idea of buying a second home there. When considering the purchase of a vacation home, the topics of timing, finances and location require thoughtful attention.
Timing in the real estate market fundamentally comes down to supply and demand. When considering this purchase, determine if the local market is such that properties are commanding multiple offers or if sellers are eager to make a deal.
Buying sooner is better than later because you can be assured that the price of a home is lower now that it will be in 10 years. Consider that the prices of the most desirable locations, such as waterfront resort properties, are likely to rise even faster.
That being said, time is on your side. Fortunately, you aren't in the position to have to make a snap decision. Take the time to research the areas you are interested in.
Sort out your finances now. Another added benefit of having time to plan your secondary home purchase is the ability to crunch the numbers ahead of time and figure out what you can afford, along with your fixed expenses.
To help decrease the costs, consider renting out the property. It may not make your vacation home a profitable venture, but it can make it more attainable.
The real estate mantra of location, location, location also applies to vacation homes. Things to consider when you're researching areas are: Is it affordable? Is it convenient to get to? Generally, it should be within three hours from a major city. Can you rent it out?
If you plan on renting it out to lower your cost, make sure you are buying in an active vacation rental market. You will want to make sure there is plenty to do around the area. Is there room to grow? The most desirable destinations are usually in the least saturated markets. Is it both a winter and summer retreat?
If you believe your favorite vacation spot is worthy of your investment dollars with a second home, consider timing, finances, and location to help ensure it remains your favorite.
For more information, call (760) 274-5228 or visit www.tracysharrar.com.