Buyers who have been on the fence as to whether or not to go ahead and purchase a vacation home, may not find a better time to buy than now. Great prices and low mortgage rates on waterfront homes are making purchasing a vacation- or second home attractive to buyers. If you are ready to make your home on Smith Mountain Lake, here are some things to consider as you search for your dream vacation home.
One of the first thing you need to ask yourself when buying a vacation home is, will this home ever need to serve as my primary residence? Many homeowners purchase a vacation property as a second home, but plan on retiring there eventually. A recent study found that 34% of vacation home buyers want to live in the home as their primary residence at some time in the future.
Sometimes a vacation home is bought with extended family in mind. Twenty-one percent of investors and 14 percent of home buyers who bought a vacation home, were also thinking of family and friends being able use the property. That doesn’t even take into consideration the possibility of renting out the property to other vacationers.
If you are considering renting out your vacation home, don’t forget the Golden Rule of Real Estate: Location, Location, Location! A waterfront home will lease for more than one further away from the lake. Other amenities, like a private boat dock, will not only increase the value of your home, but also make it more attractive to potential vacationers.
If you are ready to start looking for your waterfront vacation home, call Vicki Millehan! She is your Smith Mountain Lake real estate expert! Whether you are looking for a luxury waterfront property to use as your primary residence, or wanting a place to spend the weekends with family or friends, there is a home in Smith Mountain Lake that is just right for you!
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