Chances are you have dreamt about your ideal vacation home. Whether you want to escape the heat or the cold, are looking for adventure, or just want a quiet adventure, finding the perfect summer vacation home doesn’t have to be difficult. More so than simply a place to get away, a vacation home can be a realistic and optimal investment. Want to know how to find that perfect summer home? Coldwell Banker can help!
Finding the Perfect Summer Vacation Home
As with purchasing any home, location is key. We can’t stress this enough. Location, location, location, isn’t something we say lightly. However, when you’re looking for a home in Summit County, almost any location is a prime place to be. In that case, what other factors are important to consider when looking for a summer vacation home?
Work with an Agent
To help you avoid feeling overwhelmed with all the ins and outs of owning a vacation home, work with an agent you can trust. When selecting an agent, be sure he or she is familiar with the specifics of owning a second home. It’s not only important to choose an agent and agency that has experience with homes in the luxury market, but ones that are highly familiar with the area that you’re searching in. Living in a town or neighborhood is different from spending a weekend in it. If you’ve only vacationed in an area, it’s best to ask a realtor to tell you what life is like during every season.
Best Vacation Home Locations
It’s impossible to determine the perfect vacation home location to fit every individual. But it is possible to determine the best vacation home location for you. Often, it’s best to rent a home in the location you’re considering so you can get a genuine feel for the area. Also, when considering a summer home location, take a look at the surrounding area; if you choose to rent the home when you’re not there, does the location offer “off-season” perks? If possible, try renting in the desired location during different times of year to get a feel for the community. This can help you better market the home to future renters.
Set a Vacation Home Budget
To calculate a budget for purchasing the perfect summer vacation home, take into consideration how much time you will actually spend at the property. Will you need to travel frequently for maintenance? Is it a place you can visit monthly in warm weather, or will you spend the entire summer there? Knowing how much return you’ll get can help guide you to set an appropriate summer home budget.
Summer Home Costs
Costs to consider when looking for a summer home include property taxes, insurance, homeowner’s association fees, utility fees, amenities, lawn care, and general maintenance. Be sure you understand the costs and do your best to stay under budget. If you know you’re only planning to summer in your vacation home, consider the costs of a property manager that may need to look after the property when you’re away.
Consider Renting It Out
To help offset the cost of a second home, consider renting it out during the time you’re not there. If you plan to summer in your vacation home, look into renting it for the rest of the year with the help of a property management company. Before you consider renting, ensure the property you have purchased doesn't have any restrictions such as limited-time rentals, or a cap on how many homes in the community can be rented vs used as a primary residence. The number one tip for having a rental property is to avoid relying on renters to cover 100% of the home’s expenses.
Now you’re ready to head into the world and purchase the perfect vacation home and enjoy making memories!
By Coldwell Banker