Shelley Koster
Bartlesville and Grand Lake Realtor
Vacation homes are great, they are an amazing investment, and give you and your family a place to relax without the hassle of making living arrangements while on vacation. You might be considering purchasing a vacation home, and you might find yourself wondering how…
Here are five simple steps to get you started.
1. Find out what you want.
When shopping for any home it is important to find out what it is you want, this makes the process a lot easier on you and your real estate agent. Determining what you want out of your vacation home will also ensure that you are happy with your purchase in the years to come. I’ve seen clients deal with the regrets years, even months after their purchase because they failed to be decisive on their wants.
2. Save
The second step to making any major purchase is to save. You’ll want to save up money to make your down payment and to pay your closing fees. However, if you are unsure how much you will need to save up there two ways to figure out.
The first is by being pre-qualified. Pre-qualification, is conducted by your lender, it is a quick look at your financial history, credit score, and financial standing. However, pre-qualification will not guarantee you a certain amount of money, it is merely a roundabout assumption.
For a more concrete number you will want to be pre-approved. Pre-approval is also conducted by your lender, but instead of a quick look, they take their time and examine your financial history, credit score, and standings to give a guaranteed amount that you can borrow.
Both ways will cost you, pre-approved costs more, but is guaranteed, while pre-qualified is less and can only get you a rough idea of what you can borrow. Whichever route you intend to take, you will need to save up money to make your purchase.
3. Search
Third, is to search. You will want to take your time and not rush this process, because you do not want to regret your decision later on down the road. It is important that you get a close to perfect location for your home.
While searching by yourself is good, it is even better to search with a REALTOR. A REALTOR will be able to take your wants, needs, and ideals to match you with the perfect home, which can be huge if you are unfamiliar with the area or are unable to spend time viewing different homes that could be duds.
4. Sleep on it
Once you have narrowed down your search to one or two homes, then take at least one day before making an offer. This acts as a buffer, that will keep you getting wrapped up in emotions, and keep you from having regrets later on down the road.
Sleeping on it, give you time to think and process the home you are about to buy and gives you clarity on your decision.
5. Make an offer
Last, but not least, you will want to make an offer. An offer will trigger the negotiation process with the seller, which will soon lead to a purchase. During the negotiation process, your REALTOR will be at your side providing you with helpful instruction, and guidance, so that everyone walks away with a great deal.
Until next time, keep loving our city!
