Do you wish you had a place you can go to relax and have a good time? A place all your own, by a beautiful beach, where you can get away for a few weeks or months each year and swim, sail, surf, and bask in the Florida sunshine.
Our real estate agents have helped turn that dream into a reality for many families.
But before you buy that vacation home you've been dreaming about, there are a few things you need to keep in mind.
Know What You're Looking For
You know you're looking to buy a vacation home, but what, specifically, does that mean to you? How much of the year do you plan on using it? During what seasons will you be there? Is there a possibility of eventually using it as your primary home? All of these things have an impact on what kind of home you get and how much you should spend.
You should also take a look at the surrounding area. Where are the good restaurants and entertainment nearby? Will they be enough to hold your interest over multiple stays, or will they get old quickly? What about more practical needs, like grocery stores? Talk to the locals and get their perspective on what it's like living there and what you need to know about the neighborhood.
Look at Expenses
When budgeting for a second home, did you consider all the costs? It's more than just a down payment and mortgage. There are also property taxes, which are 0.98% in Florida, or an average of $1,750 per year.
You need to pay for maintenance as well, to keep the property in good shape while you're away and ensure it's ready for when you arrive. Consider hiring a caretaker or property manager. They can clean the place periodically, make sure the yard looks presentable, and make any necessary repairs throughout the year.
On average, you can expect to spend around 2% of your home's value per year on maintenance. However, certain vacation homes can be a bit more than that. If your house is right by the beach, it may also need regular repainting every couple of years, as salt, sand, and wind are corrosive.
Finally, look at travel expenses. How will you get to your vacation home, and how much will it cost? Will you drive? Take a plane? Make a couple of trips back and forth before you buy the house and note the costs. Then, multiply it by the number of times you plan on going there per year.
Research Rental Options
One way to offset your vacation home's costs is to rent it out to other people when you're not using it. This takes a bit of research and preparation too. Check Watson Property Management and other rental sites to see what similar properties in the area go for. Then see if the community has any rules about rentals. Some homeowners' associations frown on vacation rentals by the week and only allow them by the month.
You should also know what the area is like throughout the rest of the year. The weather may be great in winter when you stay there, but what about in summer? How appealing will this house be in the off-season, and will it be able to draw enough renters to make it worthwhile?
These are just a few of the things to consider before buying a vacation home. Ultimately, having an experienced real estate team by your side helps make the vacation home buying process as smooth as possible.