In Canada (due to the excellent exchange rates) and in many parts of the United States, owning vacation property has been growing in interest. Homeowners are looking to find the perfect location to relax and unwind while saving on accommodation costs during the holiday season. And with services like Airbnb the property will hardly go to waste.
Here are some essential tips to know, #5 being the most important!
- Spend time in the area.
If you haven’t been in the area much before, don’t go by the word of mouth of friends and family. It’s time to go on vacation and find out if its right for YOU! Spending time in the area will allow you to get a feel for what it would be like to spend your summers or weekends there. Is the neighborhood nice? What’s the weather like and what activities (free and paid) are there to occupy your time?
- Look for a reasonably sized home.
Your vacation property doesn’t need to be as big as your regular home. It can have a room for you and your spouse and perhaps a room or two for the kids. The typical goal is to be as low maintenance as possible, but still allowing you to enjoy yourself even if space is limited. If you’re just looking for a place to rest your head after spending a night on the town stick to the essentials.
- Think about how far you’re willing to travel.
Make a few drives to the area before you make an offer. Taking into consideration the distance between your primary residence will also determine if this is a feasible vacation property, especially if you plan to spend weekends there. Similarly, consider your income and how much it will cost to travel to and fro.
- Hire a home inspector.
It may be a vacation home but that doesn’t mean you should skip the fundamentals. Get an inspector to evaluate the home as a condition in your offer. This will ensure no surprise repairs will be required, causing your stress-free getaway spot to become a real estate nightmare.
- Hire the right REALTOR®.
Ever wonder how a real estate nightmare is made? Well it takes two ingredients.
1. Buying a new property – which is already stressful and emotional.
2. Hiring a REALTOR® that doesn’t put your best interests first.
It’s essential, especially if you are buying in an area you are not overly familiar with, that you find a REALTOR® with high integrity, experience with the vacation home market and will be patient with you as you search for new homes.
Need to have greater assurance you are hiring a REALTOR® you can trust? Use our free service! Click here to find out more!
With property prices reasonable in any quiet towns, you’ll be able to find a great weekend and family spot to suit your budget. Allow us to help you find the right REALTOR® if you’re thinking of purchasing a vacation property – it would be our honor.