5 Things to Consider When Buying a Vacation Home

Whether it’s a slope side cottage in Vail or a beachside abode in sunny Florida, most homeowners begin to dream about buying a vacation home at one point or another. While the outcome can be a relaxing and enjoyable hideaway, purchasing a second home is a large commitment that homeowners need to think about very carefully before jumping in. If you’re considering buying a vacation home in the coming year, take some time to do these five things first.

1. Add up all costs

Purchasing a second home can have serious financial repercussions – for better or for worse – so it’s wise to know what you’re getting into before you commit. To ensure that you have all of your numbers straight, add up all the costs of your new home, including its purchase price, tax and insurance fees, HOA fees, and what it will cost to furnish the new home and make it functional. This can help you get a better idea of whether or not you can afford a vacation home, in the first place.

2. Think critically about the location

Since there is so much expense and effort involved in purchasing a vacation home, it’s exceedingly wise to ensure that the home is in a location you want  to visit on a regular basis. Don’t give into the temptation to purchase a house in an off-the-beaten-path location simply because it’s cheap. Instead, hold out for one in a location you’ll truly get excited about going to.

3. Consider rentals

If your purpose of owning a vacation home is to rent it as a vacation rental, you’ll need to check and make sure that such uses are actually acceptable according to your homeowner or condo association rules. Looking into these things before you purchase can save you time and frustration down the road.

4. Put an emergency plan in place

Since you can’t be at your vacation home all the time, it’s important to have a designated person to handle emergencies such as broken pipes. Be sure that you have a good friend or property manager on call to check in on the home regularly and give it the care it needs to stay in great condition.

5. Install security

Unfortunately, vacation homes are often attractive targets for thieves. Because they sit vacant for so long, and the owners typically live out of the state or even outside of the country, thieves and vandals can easily make a target of your precious new vacation home. To prevent this from happening, install a security system as soon as you purchase the home. Doing this can help protect your home when it’s vacant and ensure that you don’t have to deal with any costly repairs down the road.

While buying a vacation home is an exciting process, it’s important to think about all that’s involved in the experience before you dive in. By taking the time to consider and complete these five things, it’s easy to ensure that your vacation home stays functional, secure, and lucrative for years to come.