After another long day of work, you come home exhausted—if there’s one thing you need, it’s a vacation! Many people dream of owning a holiday home where they can go to relax and unwind, but it doesn’t need to just be a pipe dream—it’s possible to own your own vacation home, if you know what you’re doing.
Whether you want a beachfront mansion or a small condo by the lake, a holiday home is tons of fun for your family and can also be a solid long-term investment strategy.
Ready to learn more? If so, keep reading for our top tips for finding the perfect holiday home.
Where Do You Love to Spend Your Time?
If you’re thinking about holiday homes, it can be overwhelming to figure out where you want to buy. With so many gorgeous vacation destinations in the country, many potential buyers aren’t sure what area would best suit their needs.
However, it doesn’t need to be that complicated! Start out by thinking about where you like to spend your time—do you and your family enjoy beach breaks, mountain getaways, camping, or visiting big cities?
This can help you work out what sort of area might be best for you. Location is also a big factor, as it’s most convenient to purchase a holiday home within a few hours’ drive from your home.
If your home is too far away, you’re not likely to visit very often and you also might be in trouble if you need to get there quickly, such as in the case of a plumbing emergency or storm damage.
Decide If You Want a Home for Personal Use or an Investment
Holiday homes to rent can be a huge money-maker, but do you want to purchase a home solely for your own use or to rent out as an investment? Or, would you ideally want to do a combination of both?
It’s worth thinking about in advance, as the factors you want to look for in a home for personal use might be different than one for investing. For example, many holidaymakers want to bring their pets on vacation, so check if pets are allowed within the apartment complex.
Or, look at things like the number of bedrooms, parking, convenience to popular beaches or sightseeing destinations, or access to airports.
If you want to rent out your home, you’ll also need to cover quite a few legal and logistical points. Renting out your home means you’ll need a license to rent your property (required by most states).
Plus, you’ll need comprehensive insurance and you might need permission from your homeowner’s association (HOA). If you’re not able to visit your home after each rental to clean, you’ll also need to pay for a vacation rental management company.
Investigate Taxes and HOA Fees
Sometimes, you think you’ve found your dream property–but don’t make an offer until you’ve investigated taxes and fees. If a home seems too good to be true, there’s usually a reason why!
Property and local taxes can be incredibly high in areas that are popular vacation destinations, so check the fine print to see how much you’ll need to pay each year.
If you’re buying into a condo or home with a homeowner’s association, owners might need to pay membership fees. Generally, the more amenities a complex has, such as a pool or a gym, the higher the fees will be.
They’re also subject to change, so be prepared to increase the amount you pay as time goes on.
Do Plenty of Research
Purchasing a holiday home is a huge investment, so do plenty of research before purchasing.
Check out everything you need to know about the town and local area, helping you understand what you’re getting yourself into!
If you’re planning to rent out your home, look online to see what other similar properties in the area are renting for, as this can help you work out your earning potential.
Consider Your Budget
Budget is always going to be one of the biggest considerations when buying a holiday home. Keep in mind that if you’re counting on rental income to help cover the mortgage, what happens if your home stays vacant for several weeks or months?
Think about not only the purchase price, but also taxes, fees, and any repairs that might need to be done. Only invest in a holiday home if you’re sure you can afford it.
One tip for buyers on a budget is to consider purchasing vacant land and then looking into modular homes. They’re often more affordable than a custom home design and they’re faster to install than building from scratch.
Be Ready to Act Fast When You Find Your Dream Home
It can be tough to find a holiday home that ticks all your boxes, so when you find the right home, be prepared to act fast! Otherwise, you might miss out to another buyer.
For this reason, it can help to have your finances in order before starting your home search. That way, you can swoop in and make an offer on your new home as soon as you find it!
Find Your Perfect Holiday Home With These Tips
If you’re ready for a holiday home to bring joy and relaxation to your life, use these tips to get started! Many families love having a second home where they can spend holidays and take a break from the hustle and bustle of life—plus, they can be a great investment!
While it might take you a while to find your dream home, with a bit of patience and research, you’re sure to be picking up the keys to your new home before you know it!
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