When you set out to buy a new vacation home for your family, you may have a number of questions in mind. Planning is important. You absolutely need to know what you are looking for in a vacation home if you are making such a permanent decision. Consider these tips before you make your down payment on the vacation home of your dreams, no matter where it is.
1. Understand amenities and terminology.
Do you know the difference between being beachfront and oceanfront? What does it mean to be able to ski in and out? What is a garden view? It is important that you get the terminology right when you relay to your real-estate agent what you are looking for. Otherwise, you may end up looking at homes you are not actually interested in.
2. Understand rules of the local homeowner's association or co-op.
When you purchase a vacation home, you may very well be purchasing a home that is part of a co-op or homeowner's association. These tend to come with steep rules you will be forced to follow, even if you do not live in the home full time.
3. Avoid purchasing right at the tourist attractions.
The locations immediately outside tourist attractions may be alluring at first, but you may look to expand your vacation horizons by purchasing off the beaten path. For instance, you may not need a vacation home or condo right on Venice Beach, but perhaps you can find a location that is not as busy or expensive.
4. Buying online presents a real risk.
It is never smart to make a purchase before you actually see the rental and meet with a real-estate agent first. The Internet has led many hopeful shoppers into scams, leaving them with broken hearts and stolen money.
5. Rent in the area first.
It is always a good idea to consider renting a vacation home in the area you intend to buy first. This gives you the opportunity to ensure that you will enjoy spending vacation after vacation in this area.
6. Work with an experienced real-estate agent.
A real-estate broker or agent who understands vacation homes will have a solid understanding of exactly what you are looking for.
Buying a new vacation home offers an exciting opportunity for the future. If your family is set on purchasing a vacation home, making smart decisions is the key.