Summer is nearly here and every week more and more people are flocking to the Shore for a relaxing vacation. Some of those who visit love it just as much as we do and want to have their own personal vacation home along the Shore. There are some things to consider before rushing into buying your own personal vacation home.
Having a vacation home for those weekend getaways can be fun and at times it makes sense as a long-term investment. Consider these 4 things before taking the dive into vacation home ownership.
Spend Quality Time
Don’t consider buying a vacation home anywhere until you have visited and spent quality time at the location a few times. While it may sound like common sense, you need to love and adore the area before you choose to purchase a home there.
Research All Costs
There are a lot of costs that come with homeownership and the same applies to owning a vacation home. Research and be certain of all the costs before buying a vacation home. Consider property taxes, insurance, HOA cost if there is one, property management fees, utilities, landscaping, and other home maintenance fees.
Who Will Manage It?
Who will manage the home while you are away? Many homeowners choose to hire a property management company to oversee the home while away if they will not be visiting frequently. You may even choose to have renters in the home while you’re away and you will need a company to help maintain it.
Not Every Day Will Feel Like You’re On Vacation
Just because you have a vacation home it doesn’t mean it will feel like a vacation every time you visit. There are still things to be done around the home which means you won’t always be there vacationing. It’s a house, not a resort and there is maintenance that needs to be done. Hiring someone else to do it all can be costly. Don’t be surprised if you find yourself at the hardware store a lot when visiting.
Owning a second home is not a decision you should make lightly. If you think owning a vacation home is right for you, we would be happy to sit down with you and answer any questions you may have. We are here to assist you with all of your real estate needs. Contact us today.
The Ferzoco Group are experts in real estate from Ocean City to Cape May. Real estate is one of the biggest investments of your life and The Ferzoco Group knows what it takes for you to take that leap of faith in real estate. We provide you with the tools, professional service, and resources it will take for you to live the dream.