Picture this: you’ve just gotten home after a great weekend away complete with sandy beaches and sunny skies. Maybe you’re thinking it’d be great to go back any time you like. If so, you may be considering purchasing a holiday home so you can do just that. You’re certainly not alone in the feeling as vacation home sales went up 33% last year.
However, there are a few things to look at before making such a commitment. Let’s take a look at 5 things you should consider before buying your new holiday home.
- Location
The top of the list for consideration is location. Are you someone who prefers quiet, country roads? Perhaps you’d like a beachfront view and bustling tourist spots nearby. Really write out your location must-haves and what you’re willing to compromise on. These are all things to take into account when it comes to the location when buying a holiday home.
Apart from physical the physical environment, it’s a smart idea to also look at things such as:
- Accessibility of the property
- Proximity to shops or restaurants
- Whether or not Wifi will be available
- Current or future developments in the area
- Extra Costs
Figuring out your budget should be top of mind, but what about the extra costs that come with owning a holiday home? It’s a good idea to understand and prepare for the extraneous costs that come with the property.
Things to keep in mind might include:
- Taxes
- Insurance
- Seasonal upkeep
- HOA fees
- Maintenance
- Cleaning fees
- Renting
Something to consider when purchasing a second home is the likelihood that you may be renting your holiday home in the future. Renting your home can provide great incentives as well as offset certain ownership costs.
Having a holiday rental property can be an effective way to not only bring in consistent income but also provides a way to build long-term wealth. In addition, on those weekends when you just need to get away, your property is still there for your use.
- Lifestyle Fit
Consider what amenities you prefer to have while on vacation. When buying a holiday home, you’ll want to take into account how the property fits your lifestyle. Do you prefer to take scenic, roundabout routes to a mountaintop location? Perhaps you prefer to have a quick pickup and dropoff to a downtown luxury unit?
Whether it’s luxury or laidback, consider what you can and cannot live without while you’re on holiday. Maybe you love your current vacation home but are looking for a new adventure. Home exchanges offer a way to fit your lifestyle preferences while exploring somewhere new. Whatever your preferences may be, click for more holiday home ideas today.
- When You’re Away
Last, but certainly not least, who will be there to help when you’re away? Leaving your home unattended for months at a time isn’t ideal. Consider a property manager, family member, or friend who can help keep things running while you’re gone.
Having your investment safe and looked after can be a huge source of relief. Having a security system can also help with knowing you can come back to it in good shape.
Home Sweet Holiday Home
If you have dreams of purchasing a holiday home, be sure to take into consideration the 5 tips above. You’ll be well on your way to finding the perfect spot in no time.
Whether you’re currently planning an international adventure, or a close-to-home staycation to find that holiday home, feel free to browse through any of the additional articles we offer in our Holidays or Vacations sections. Happy travels!
