While it’s been a rough winter for most of the country, spring is right around the corner and those out there looking for a vacation home are starting to shop for their perfect get away spot. When looking for that dream location to retreat to, there are a few things you want to keep in mind.
1. Find the right location for you. There are many great locations around the country to invest in a vacation home, so you need to decide what your perfect get away is. Are you looking for that warm, sunny spot right on a Florida beach? Do you prefer to retreat to the lakes in Michigan and get away from it all? You also need to think about what amenities you want to be close to. Do you want to be close to golf courses, restaurants and shopping? Perhaps you want to be out in the wine country of California and close to nothing.
2. Determine your budget. If you are going to need financing for the vacation home, get qualified before you start looking for places you can’t afford. You need to determine how much discretionary income you’ll need to make the monthly mortgage payments, real estate taxes, regular maintenance, home furnishings, home owners insurance, property manager, travels expenses and an emergency fund.
3. Upkeep of the property is very important. Understanding what is involved with maintaining your vacation home is something some investors overlook. If you choose a property with a pool, it is going to require maintenance. If you have a second home with a big yard and lots of landscaping it will have to be mowed and manicured. For this reason, condos are becoming very attractive for those looking for a vacation home they aren’t going to use very much.
4. Decide how often you are going to use your vacation home. Are you only going to your vacation home in the winter or in the summer? Do you want it close enough you can make weekend trips and close enough to have family gatherings? If you get a property an hour or two away from your permanent residence it will be an easy weekend getaway, but if you get 3 to 4 hours away or longer it is less likely you will make the trip as often.
5. Consider the possibility of rental income. If your main objective is to create a rental income and not spend much if any time in your vacation home, then your search is very different. When searching for a property, you need to keep in mind what people are looking for in a rental, is it close to amenities, how many bedrooms and bathrooms. You don’t need to worry so much about what you like or dislike, it is about appealing to your target market, renters.
Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties. Employees of Title Junction can also act as a witness in courtesy closings as well as an escrow agent or a notary public. Please contact Jennifer Ferri of Title Junction, LLC for further information @ 239-415-6574 or www.title-junction.com
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