While on vacation, there are times when you might catch yourself thinking about how nice it would be if you had your own place in the area.
You’re not alone – nowadays, the demand for second homes remains strong, with many markets across the country offering plenty of advantages for second home buyers. If you’re thinking about buying a vacation home, here are a few important things you should keep in mind.
Resist the temptation to purchase while you’re on vacation
It may seem more convenient, but it’s never a good idea to buy a home while you’re on vacation. Be sure to thoroughly consider your purchase first and do your research before you go on a house hunt. Buy on impulse, and you might end up with a vacation home you can’t afford or one that could turn out to be a major disappointment. Just enjoy your vacation and plan your purchase once you get home.
Consider the trip
How easy will it be for you to get to your future vacation home? Will it be a short trip down the highway, or will you need to book a flight? What other travel options are available?
You need to know whether or not the trip to get to your vacation home will be worth it, especially if you plan on staying there frequently.
Think about what you want in a vacation home
Try to think about what you’d really enjoy in a vacation home. Do you look forward to the solitude and being completely surrounded by relaxing scenery? Or would you rather have easy access to nearby entertainment options, restaurants, and other attractions in the area? Would you rather live in an exclusive golf course community or along the shores of a serene lake?
Remember to choose a location you’ll really love and will visit often.
Reevaluate your needs and preferences
Will you be more comfortable in a luxurious condo or a small villa in a secluded location? Think about what sort of creature comforts you’d love to have and narrow down your options to the homes that will best suit your lifestyle.
Remember your last out-of-town trip or family vacation, and try to remember some of the things that made your stay more pleasant and comfortable. Try to find homes that more or less have the same type of features and amenities.
Examine the rental market in the area
Be sure to find out what the rental market commands in your vacation home’s location, especially if you’re planning to rent it out while you’re away. Various factors can influence the rental prices in an area, and you don’t want to overestimate your potential income, especially if you plan on using it to offset the cost of your home.
In addition, keep in mind that there are other costs for renting out your property, including marketing and advertising costs and property management. You will need someone to be in charge of your property in case something unexpected happens during a tenant’s vacation.
Want to find the perfect vacation home in northwest Michigan? Get in touch with us today at 231-622-3355 or send an email to
tony(dotted)ray(at)cbgreatlakes(dotted)com to find the vacation home of your dreams!