Are you sick of day dreaming about a relaxing summer home that could offer you that much needed reprieve from the grind of daily life? Follow this vacation home buying advice to turn that dream into a reality, and get ready to hang up the “Gone Fishing” sign on your office door when the weekend rolls around. 
1.) Mortgage pre-approval – As with purchasing any home, get preapproved for a mortgage. This is important especially if you have a home loan on your primary residence. Depending on what you owe on your current home, you may be limited by what a lender is willing to give you for a vacation home mortgage.
2.) Research – Look into areas where you have previously vacationed to determine if this is an area in which you want to make a permanent investment. If it is a new area, rent a home for the season prior to making a purchase to learn about the local activities, residents, and weather.
3.) Shop around – Visit different vacation home spots to get a sense of what accounts for the price difference in various areas. Is it the average home size, a popular vacation destination, or the area’s proximity to water? Determine what factor you feel is the most important.
4.) Inconvenient destinations – Either buying too far away or buying in a spot that is too oversaturated can be a deterrent. If the house is too far away, you are less likely to visit regularly; gas prices, plane fare and overall travel time and costs can all add up. If the area is a popular destination, you will have to deal with the heavy traffic to and from, generally on Fridays and Sundays.
5.) Home type – What type of vacation home do you want: a cabin, a house or a condo? Make a pros and cons list for each type of home. For example, condos come with the fees and rules of the Home Owners Association (HOA) or a stand-alone house comes with additional cost and commitment to upkeep.
6.) Maintenance cost – Don’t forget to factor in the additional maintenance costs associated with owning a second home. The larger the yard, the more money you will need to spend on landscaping and maintenance. If you are not going to be making weekly trips to the house, there is a good chance you will have to invest in a lawn care service.
7.) Weather – Research historical and season weather trends. Are you looking into an area that is prone to hurricanes or severe storms? These areas will come with additional insurance costs and potential damage repair costs.
8.) Impulse buying – A summer home is not a pair of shoes. Don’t romanticize the idea of a summer vacation home and only focus on the fun side of a summer escape. The home buying process, home maintenance, and associated costs are still the same that come with your primary residence, so make sure you’re ready for the commitment.
9.) Think it through – You may have found your dream home and are certain that this is the home for you. Have you thought about playing host to all your friends and family who will want to join you? Will there be enough enough space for visitors?
10.) Meet the neighbors - Seek out current residents to learn more about the daily happenings in the area that you might not be privy to without living there, such as what are the real implications brought on by local inclement weather? Does the area turn into a ghost town during the off-season? Are most of the residents locals or vacationers?
After weighing your options to determine if buying a vacation home is the best decision for you, it’s time to enjoy the fruits of your labor and hit the road to enjoy that first weekend away at the lake!
[...] the summer, how to attract buyers during the summer months, and advice on buying a summer vacation home. Visit our Summer Lovin’ Pinterest board to view more tips on selling and buying during the [...]