Buying a vacation home is often a good way to reduce your travel expenses. You can rent the home out when you are not using it, bringing in enough income to cover the cost of owning the property. Then, a couple of times per year, you can enjoy the property yourself and avoid the cost of renting a hotel room. However, as smart a decision as buying a vacation home may be, there are still some things you should check for first.
How in-demand is the area?
You might love visiting a certain area on vacation, but how many other people visit that area? If the area is not a prime destination spot, then you might have trouble finding people willing to rent your home. This could make owning the vacation home more expensive than you assumed. Check to see what other vacation rentals are available in the area and how often they are booked. If numerous other rental properties are sitting empty month after month, you may want to reconsider and buy in a different location.
Does the home require a lot of maintenance?
When you live in a home year-round, you can tackle a few maintenance tasks at a time, keeping the roof, siding, HVAC system, and other elements in good shape over the years. When you only visit a vacation home a few times per year, you do not want to spend all of those visits doing maintenance. You also don't want your renters frequently calling you because something broke at 2 am. So while you don't have to buy the fanciest vacation home, you do want to buy one in relatively good condition so you aren't stuck doing too much maintenance.
How close is it to the activities you love?
Assuming you have visited this specific vacation spot before, make a list of the activities you most enjoyed in the area. Then, make sure the homes you're thinking of buying are within easy reach of those areas. If you buy a home 30 minutes from the things you love doing, you'll spend a lot of time sitting at the vacation house instead of venturing out.
Before you buy a vacation home, make sure you consider its viability as a rental, the maintenance it requires, and its location. There are so many vacation homes out there; you're sure to find one that works for you if you look at the right options. Contact a company, like Summit Real Estate, for more help.