What You Should Know When Buying a Second Home.

Are you dreaming of the perfect vacation home? Maybe a breezy beach bungalow, or a rustic lakeside house, or perhaps a cozy mountain cottage is your dream of a second home.

If you own a vacation home, you can escape whenever you desire.

Read on to discover the Four Ws of purchasing a vacation home, why, when, where, and what.

Why own a vacation home?

There are many reasons to purchase a vacation home or a second home. Who wouldn’t want a dreamy place to vacation they can call their own? In determining whether a vacation home is for you, here are a few things to consider:

• Do you have vacation time each year?
• Is a second home for your family, a status thing, or an investment?
• Will the investment help you save money on yearly vacations?

 Once you know why you are ready to move on to “when.”

When is it a good time to look for a Vacation Home?

Checking with the real estate market is crucial in deciding when to make your move on a second home. Look into the interest and real estate patterns. It is a good idea to consult with a real estate agent on this.

 Another determining factor is your personal finances. Can you afford a second mortgage and the down payment? Consider the following financial topics:

• Do you have money to address repairs for the new property?
• Can you afford to operate at a loss while you get settled?  
• Are you able to keep up with maintenance for the property?
• Did you figure in insurance, taxes, utilities, furnishings, a cleaning service, landscaping, and pool maintenance?
• Will you have time to devote to managing the vacation home or the resources to hire management?
• Will you need to budget travel costs to the location?

 You will also need the time to research to find the right purchase for a vacation home. If you have that time, you are ready to move on to “what.”

What Are You Looking for in a Vacation Home?

Now you are ready for some soul searching. Specifically, what do you desire for your home sweet second home?

• Will it be more significant than your primary residence to accommodate your whole family? Or are you wanting a hideaway for just the two of you?
• What area of the world do you picture the vacation home? Do you dream of skiing the slopes, or is surfing the island waves more your style? Perhaps you are looking to escape it all in a secluded cabin tucked far away.

Don’t forget to consider the vacation styles of the people you might be taking with you.

Now you can consider the “where” of it all!

Where is that Perfect Vacation Home Located?

Whether beach, mountains, or the plains, there is a perfect place for you.

 Thinking about where you want your vacation home to be, consider the following:

• How will you get there? Will you drive or fly?
• Will you need rental income to make it affordable? How is the rental market in the area?
• Would you retire there?

 Gathering the Information for Your Vacation Home.

Once you have answered the questions above, it is time to go deeper into your investigation. A real estate agent from the area can help you do just that.

The agents at Kayifi are ready to help you plan for the vacation home of your dreams. Call to speak with one of the qualified and friendly agents TODAY!