Eight Questions to Ask When Buying a Vacation Home

June 2, 2016

Whether you are a sun worshipper or a snow bunny, there are multiple considerations for buying a vacation home that are a little bit different from buying your primary residence. It’s important to work with a sales associate with experience in the vacation home market where you want to live. An experienced sales associate can help you answer questions you might not think to ask, such as:

How will you pay for it? If you prefer to pay cash, that’s simple, but if you want to finance some of your vacation home purchase, a lender can work with you to find a home loan that meets your current needs and your financial goals.

How far are you willing to travel to your vacation home? If you plan to use it every weekend, you’re better off choosing a home within a reasonable driving distance.

How do you intend to use it? If you plan on enjoying holidays with friends and your extended family, make sure you buy a home with enough bedrooms and bathrooms to accommodate your crowd.

What do you enjoy doing on vacation? If your priority is golf, choose a home in a community with a course you love or plenty of nearby courses. If you want to enjoy entertainment and dining out, pick a place with easy access to nightlife and activities. On the other hand, if you want peace and quiet most of all, choose a home that’s more isolated. The important thing is to identify your priorities and buy a home that makes your preferred vacation activities as convenient as possible.

Do you plan to use the residence as your retirement home? If so, no matter how young you are, look at the possibilities for aging in place such as a one-level home or a house with a first-floor master suite.

What type of resale value will you have? While your priority may be having fun on vacation, this home should also be an investment. If you’re buying in a beach community, get as close as you can to the water because those are typically the most attractive to buyers. A professional real estate agent can help evaluate homes in the context of their investment potential.

How much maintenance will the home require? The last thing any vacationer wants to do is to spend the weekend painting windowsills and mowing the lawn. You can buy a home in a resort community where routine maintenance is taken care of or consider the benefit of a vacation rental company.

Do you want to rent your property to vacationers? Renting your property for a few weeks or longer can offset the cost of the property. An experienced sales associate can help you identify a property that will be appealing to other vacationers. If you choose to offer your vacation home to occasional tenants, you can hire a vacation rental company to handle all aspects of the rental.

Whether you are looking for a vacation home to buy or have a resort home to sell or rent, consider the Long & Foster team. Sales associates specializing in vacation properties are available to help in your search for a new home or the sale of your current vacation property, even marketing your home on a global scale to prospective buyers through the Long & Foster network as well as affiliated networks such as Christie’s International Real Estate in select areas, Luxury Portfolio International and the Long & Foster Luxury Homes brand.

In addition to working with buyers and sellers, Long & Foster offers property management and vacation rental services to handle all aspects of renting and maintaining your vacation home, as well as mortgage lending, insurance and settlement services. All Long & Foster real estate agents also have an array of local, trusted resources such as moving companies and contractors they can recommend to make every move as smooth as possible. Choose your real estate partner wisely to make sure you receive the expert advice and full-service approach to meet your needs.