Do you dream of lazy summer afternoons spent admiring ocean views from your balcony? Or maybe you love the idea of snuggling by your own fireplace after hitting the slopes all afternoon. It may finally be time for you to buy that vacation home you’ve been dreaming about for so long. However, as with any home purchase, you should carefully consider the decision. Here are the questions you should ask yourself when you’re thinking about buying a second home.
The most obvious question to ask yourself is where you should buy your vacation home. Ideally, it should be in a place that you will frequently visit and that is fairly easy to get to. While a second home in the South Pacific sounds amazing, it’s unlikely you’ll get there more than once or twice a year. Ease of travel is important. Buying a pet-friendly home for sale in Boca Raton FL gives you access to three airports – West Palm Beach International Airport, Fort Lauderdale International Airport and Miami International Airport, as well as our own Boca Raton Airport for small planes.
This is one of the most important questions you should ask yourself. Can you reasonably afford that vacation home? Not only should you consider the purchase price of the property, but you should also think about hidden costs. Will you be paying any HOA fees? What maintenance costs can you expect? Will you be paying more for insurance? The first step before you embark on finding a vacation home, is to get preapproved for a mortgage unless you will be paying cash.
Some buyers decide to rent out their vacation home when they’re not using it, to help cut down on the costs. But you need to be realistic about how much income you’ll make from it. Keep in mind the added expenses that come with a vacation rental property, such as management fees, cleaning service fees and important incidentals like surfing or other gear. You should also know whether or not rentals are permitted in your development or municipality before you buy, and what those rental restrictions are.
Do You Have Pets?
Pets are part of our family, so it’s natural to think they would accompany you when you visit your vacation home. Will they? If so, you need to consider how many and the type of pets you have and check the pet restrictions for the building or community you are considering buying in.
Even if you plan to visit regularly and rent it out while you’re not using it, there will still be times when your home is vacant. Have a plan for how you will handle those down times. There’s nothing worse than visiting your vacation home, only to discover that a leak has gone unnoticed for a long period of time or that your air conditioner has broken while you were away. Get recommendations for a local management company that will make regular visits and maintain your property when it’s empty.
Compliments of Elyse Berman PA