3 Questions To Ask Before Buying A Vacation Home At Your Favorite Travel Spot
If you find that you visit the same place a couple of times a year while on vacation, you may be considering buying a vacation home there. However, because this is a large investment, you may wonder if this is a wise decision. If so, start the decision-making process by asking yourself the following three questions.
What Are The Total Costs?
Even if you have an idea of the price range for the vacation home itself and the mortgage payment, you need to consider other financial requirements that may accompany the property. These can range from property taxes that you will have to pay every year to having someone mow the lawn to stay in compliance with city ordinances.
You also need to think about the type of weather the area gets so you can plan for your utility bills. For example, if your home's location gets cold during the winter, you will need to keep at least minimum heat on in the house to keep the pipes from freezing and busting.
Can You Rent It Out When You Aren't There?
If you do not like the idea of having your vacation home staying vacant when you are not there, you may consider renting it out to other vacationers. If so, you will need to find out if the property is zoned to allow for rental property.
If you are legally able to rent out the property, you also need to consider how you will find renters. You may want to speak with a travel and tourism company that offers vacation property management services. You can then make an agreement as to what type of renters you are looking for, as well as discuss the cost of management and maintenance.
Could You Easily Set Up An Emergency Plan?
If you are unable or unwilling to rent the property, can you easily set up an emergency plan for when something goes wrong while you are not there? If you know of or can find anyone in the area, you may be able to ask them to check on the home at specified intervals.
After asking yourself the above questions, you may decide that making the purchase is the right decision for you. If so, you may want to schedule an appointment with a travel and tourism agency that specializes in vacation homes to discuss your plans for buying one, as well as ask any other questions you may have.
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