Investment Tips For Vacation Home Buyers
Follow These Tips for a Hassle Free Home Buying Experience
Second homes remain consistently in demand, making now the ideal time to buy that vacation home you’ve dreamed of. Whether purchasing a home for sale in Reunion for enjoyment, profit, or both, here are a few tips for a smart investment.
Avoid Impulse Buying
Don’t come home from a vacation with the keys to a new vacation house in your hand. Before making such a big purchase, you must do some thorough research. Buying on a whim may lead to owning a second home you can’t afford or doesn’t fit your needs.
Evaluate Needs and Long-Term Goals
Be realistic about what kind of second home suits your current lifestyle. Are you looking for a weekend getaway? If so, we recommend staying within a day’s drive of your primary home. Is your second home going to be your retirement spot? Then we suggest assessing the home’s accessibility and see what health care services are in the area.
Learn About the Area Before Buying
Even if you’ve been vacationing to the same spot for years, it’s still important that you get to know the area from a non-tourist point of view. We encourage you to visit the Reunion home for sale during the off-season, to see if you’d still enjoy the area.
Hire a Local Real Estate Agent
When purchasing a vacation from outside of your state or country, it can be tricky. A local real estate agent will have a solid understanding of the area, and will help you get to know the market.
Shop Around for a Mortgage
Because the market changes constantly, it’s important to resist the temptation to accept whatever terms your lender offers you. See what else is out there to ensure you get the best deal possible on your home for sale in Reunion.
Add up Additional Expenses
You know to calculate a down payment and mortgage payments, but it’s also important to add in the costs of insurance and maintenance when determining the costs of your vacation home. When figuring out insurance costs, get several quotes before making an offer. When it comes to maintenance costs, we suggest setting aside two percent of the home’s value per year for repairs and upkeep.
Consider Fractional Ownership
Buying a vacation home by yourself is pricey for the amount of time you’ll actually spend there. When you pool your resources with friends or family members, many people will be able to enjoy a vacation home for a fraction of the cost.
For more information, please call us today at 407-705-7634 or submit our contact request form.