As people near or enter retirement, one of the decisions that typically comes up is whether to sell their "big" home and buy a smaller one. If you know anyone who has been faced with that situation,
Now Is The Time Vacation Home Buying
Now is the Time – Vacation Home Buying
With spring quickly approaching you might be dreaming about owning a vacation home or cabin. The thought of searching for a perfect location and financing this dream can be overwhelming. However, breaking the process down step by step can make it easier than you think. Attempt to visit the location several times to be sure you are ready to commit since you will be potentially spending a vast amount of your time there.
Begin with location; find what will suit your lifestyle and determine how you plan to use your vacation home. Maybe you dream of secluded land in the mountains with a cabin or a beach location with your family in mind. Talk to a lender and if purchasing out of state use a local lender in that location unless you are planning to refinance your primary home to make this purchase. Will you be purchasing a vacation home with the intent to use it as an investment property and renting it when you are not there? If you intend to purchase a condo make sure you know the expenses and rules for rentals with the homeowners association. If buying a vacation home with the intent to rent it, this could make your mortgage rate higher but you will have the extra income which can make the property affordable. Also, determine if you can afford all expenses without rental income. Keep in mind, renters will be demanding and you will not want to set family photos around or keep personal items in the home.
Make sure you consider the total costs of owning a vacation home. Add up the estimated monthly expenses such as taxes and utilities. Also, know the time and cost of traveling to the location you choose. Are you dreaming of a few hour drive or will you have to fly and maybe rent a car. Do not forget to add in projected maintenance costs. Keep in mind you might be not always be on vacation there if you plan to do the upkeep yourself. If purchasing a cabin for hunting or fishing explore what other activates the area has to offer. You also might want to consider what type of cabin you are looking for such as a log cabin will have more upkeep then another type of exterior.
Once you are ready to begin your vacation home search, find a local realtor or ask a realtor you have worked with to refer you. Ask questions such as fees, closing costs, local zoning and if you intend to rent the property inquire if there are rental rules. When you know what you can afford you should have an idea of your criteria such as amount of acres, bedrooms, waterfront, or are utilities accessible. Each state will vary with most of those expenses and different laws for closing.
Contact Re/Max Pinnacle to speak with an agent and find your dream home (717) 569-2222