There are a lot of advantages to owning a vacation home. You’ll have a convenient and easily accessible getaway spot at a moment’s notice. There’s opportunity to earn extra income if you rent it out. You can spend a few years settling in and then retire there. Whatever your reason is, a second property usually ends up being a smart investment—that is, if you go about it the right way.
If you’re considering buying a vacation home, make sure you take the following steps to ensure you choose the right property!
Determine your goals first.
Before you even begin your search, think about why you want to buy a vacation home. Does your family vacation in the same place each year and owning a home there makes financial sense? Do you plan on renting it out for additional income? Will you be retiring to this property?
Knowing what you’ll be using your vacation home for will help you determine your needs in terms of location, budget, insurance, and amenities.
Research the locations you’re considering.
Location is perhaps the single most important factor when choosing a vacation property. You need to buy a home in an area that you and your family will enjoy living in or, if you’re renting, that will attract a wide rental pool. Narrow down the locations that will best fit your needs by doing some research.
Look into local economies, job growth, real estate prices, nearby amenities, community resources, area recreational activities, and the rental/tourism market. If possible, it’s a good idea to rent the place you’re considering before buying to get a more accurate idea of what it will be like for you or your renters to live there.
Create a realistic budget before you start looking.
Owning a vacation home is a luxury. You need to be absolutely sure you can afford it before you take that leap. Actually being able to afford a vacation home means having enough not just for a down payment and mortgage, but for the ongoing costs of ownership as well.
Additional expenses to factor into your budget include interest rates, maintenance costs, homeowners insurance, homeowners association fees, taxes, utilities, and rental amenities.
Florida, and Palm Beach County in particular, is one of the top destinations for investing in a vacation home.
As the premier luxury real estate specialists in the area, Leibowitz Realty is your best resource for finding the property of your dreams. Whether you’re looking for a private place or country club home in Palm Beach Gardens, West Palm Beach, Jupiter, or beyond, our team will have your vacation home needs covered.
Contact us today to get started on your search!