You can be anyone- businessman, corporate tycoon or a retiree seeking to escape the hustle and bustle of daily existence, there are vacation homes available to meet a wide range of budgets. Owning a second home, regardless of the location is not for everyone. Buying a vacation home, you need to ask yourself a few questions, the most important being that if you can afford it and if it is a good investment?
Decide whether a second Home makes financial sense-don’t regret later about the ongoing expenses. Also you have to realize that you will not be living there 24/7 that it is not your primary home.
Location- Determine your ideal location, whether you want to live near the sea (coastal) or a hill station, location is very important. Buying a home in a badly chosen location won’t serve anyone’s purpose; an investor can’t resell or rent it. Do a little market research and self-study.
Establish Price Range- Your second home should not be a source of constant financial strain. Initial purchase cost can exceed by 25%-30% of the purchase price. If you are taking a loan it will require a sizeable amount of down payment. Home maintenance is also an added expenditure, so identify a problem and nip it in the bud. You will have to take all to take all this into account.
Consider Fractional Ownership- So you have different time share of using the property and are also part owner. This way you can use a property which was way above your budget. A lot of holiday homes are available under this scheme.
Engage a Local Realtor- He will be the right person to guide you and help you choose your ideal home. He will be aware of all the pros and cons and help you to strike a good bargain. Travel time is another important aspect because some people would not like to travel very far and accessibility is also an important feature.
So whether you consider it as an investment or a place that you cherish because of fond memories, a place you would like to keep revisiting then you are on the right track go ahead and buy a holiday home
Read More About…….Checklist before You Leave for Vacation