What You Need To Know If Your Thinking About Purchasing A Vacation Home

What You Need To Know If Your Thinking About Purchasing A Vacation Home

There are many things to take into consideration when searching for your "Home away from Home". First, it is crucial you use a local Realtor in the area your purchasing in, who specializes in Vacation homes/communities, this will make the process a whole lot easier for you. (Side note, a buyers representative is no cost to you, so why not use the help!)

If you're considering putting your home in a rental program, its important to chose a popular vacation community with proven success. These communities are usually close to attractions, dining and shopping.  Your Realtor can also inform you of the top vacation rental communities in the area.  

When searching for a management team, do some research and ask your realtor for some recommendations. Interview a few companies as they don't all offer the same services, and prices will differ. From marketing your property, bookings, check ins/outs, cleaning, maintenance, pool/lawn care, etc, the management team will essentially be running all aspects of your home for you. It is crucial your Realtor has knowledge of the local management teams and puts you in touch with the best options for you, this can be the difference with having a successful rental home.

And most importantly, be positive this is the right investment for you and your family. Vacation homes are indispensable if you frequently visit an area, having the convenience of your own space every time you arrive and not worrying about booking a crowded, dirty, noisy hotel! Vacation homes provide a private sanctuary for you, friends and family to enjoy while away from home and provide many years of enjoyment.  However, some people purchase a vacation home with a pretense their rental will be income producing, sometimes this is not the case. It is possible to have positive revenue or a break even essentially resulting in a "free vacation home", however, this requires your home to stand out from the crowd. Your Realtor and management team will have recommendations on how to accomplish this.

The purchase process is not that different than a primary home purchase, many of the steps are the same. Of course you can purchase with cash, however, when financing, there are loan options, a second home loan(your personal use), or Investment loan(Rental, income producing, normally requires a higher down payment). Your lender can go in detail the difference with these options. Once you close the home is yours, at that time you would place the home with the management team and they will take care of the rest :) 

If your looking to purchase a Vacation home in the Disney area and need assistance, please reach out to me, I am more than happy to help you!   



Deirdre Lucey-Humphries Headshot
Author:
Phone: 863-557-8851
Dated: March 20th 2016
Views: 407
About Deirdre: Deirdre is a Broker and co-owner, with her husband Steve, of EXIT Realty Champions in Davenport - th...

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