Buying a vacation home is exciting but as with any other major purchase, it’s important to think things through carefully. Here are some suggestions to help you make the best buy.
- Decide whether this is a place where you’d like to spend every vacation. Base your decision on your lifestyle and recreational interests.
- Select the type of vacation home that best suits your needs. Do you have family to consider?
- Hire on a reliable Real Estate agent and he will set up desired locations and properties for you to tour.
- Determine whether the vacation property you are considering buying is priced fairly. Your Real Estate agent will provide comparable vacation properties in the area.
- Hire professional inspectors to uncover potential problems.
- Consider how you will maintain the vacation property throughout the year. You may want to consider a property management firm to take care of the maintenance and maybe rentals when you are not there.
- Your broker will review your contract and agreements to assure you received the deal.
- Make an offer based on comparable prices in the area.
Something to consider is that you may get a better deal if you buy during the off-season. And, If you plan to rent out your vacation property ask your tax professional about the IRS rules; if you only plan to occupy the property for two weeks out of the year how would that affect my investment property status?