Shelley Koster
Bartlesville & Grand Lake Realtor
Vacation homes are a HUGE investment and can be vastly rewarding. You’ll never realize how much better vacationing can be until you are spending it in your home away from home. It really takes the entire experience up another notch. If you’re in the market for a vacation home, then you have a lot to look forward to! However, there are several things that you need to be aware of when purchasing a vacation home.
Today, we wanted to go over what it takes to own a vacation home and some thoughts you need to have before making the purchase.
The Area
When you purchase a vacation home, you are not just purchasing a house, you are also purchasing the city that goes along with it.
Therefore, one of the first things you want to do is to take an in depth look of your vacation city. Understand the finer details, know where the grocery store is, take a look at the entertainment it has to offer, and explore to see if you’ll enjoy spending your vacation time there.
Weighing the pros and cons of the city will help you find the right location that best suits you and your family!
The Costs
Next thing you will need to think about, are the costs of owning a secondary home.
As you may already be aware, a second home means a another house payment. If you currently are paying a mortgage, then you need to take a look at your household budget to determine whether or not you can afford a new payment.
You will, also, need to determine if you can afford maintenance, utilities, and property taxes on your new property with your current household budget.
The Security
While you’re away mayhem will play.
Things can and will happen to your vacation home while you are away, therefore it is important to have someone take care of the property while you’re gone or to hire either a property manager.
Someone, who can keep an eye on the place, maintain the lawn, and inform you of any new developments, will save you the trouble and stress of coming back to a disaster.
The Rental
You might consider renting your vacation home out during month’s you aren’t there. This is a great option! It’ll help you with the finances and the upkeep.
However, if you are going to rent it out, then you will need to make the necessary arrangements with your property manager and insurance provider. You will need to purchase an insurance policy that will protect those incidents and injuries that happen on your land, so that you are less likely to face legal battles, should someone injure themselves.
The Vacation
Lastly, you’ll need to think about the vacation itself, the first few days of vacation will consist of making repairs, inspecting everything, and maintaining the yard. It is almost like spring cleaning every time you visit, things tend to still get dirty, broken, and unorganized with or without you being there.
I’m not going to lie, it won’t be a piece of cake. However, it will all be worth it.
Until next time, keep loving our city!
