I have seen variations on this subject on different blogs or e-books posted on other sites. This is a blend of those ideas, rank ordered in my way of thinking.
Vacation Homes can definitely be on the "Bucket Lists" of many families who have enjoyed vacation spots over the year and want to make a part of that dream permanent. If you enjoy a family vacation in a certain area, buying a property makes sense on a variety of levels.
One of the first things you need to come to grips with are the total cost of the investment. It is an investment of money and time. The initial cost, taxes, insurance, as well as maintenance costs need to be evaluated. Single family homes near the beach are a different animal when compared to a condo in that same area.
The cost of the time away from your primary residence needs to be factored into the equation. Distance from the area, availability of family time to use the vacation home are considerations. Having kids active in school activities tends to drag on the fun factor of the home.
Having a game plan when considering these options is a big first step. the initial purchase of the property, selection of an area, different types of financing, property management if you decide to go that route and more importantly an exit strategy. Will this ultimately be your retirement home or just a starter to get you feet wet. In every incidence, it make sense to contact an expert in vacation sales to discuss the options and pitfalls.
Call me and I can share over twenty years of experience in this one small sector of the real estate industry.
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