- Know The Area
You should never buy a vacation home anywhere without first visiting the area. This sounds basic, but before purchasing a second home that you will be spending a great deal of your free time at, you need to know it’s the right area for you.
- Know The Costs
Similar to your primary residence, you need to know the total overall price of ownership of your future vacation home on the Jersey Shore. Take into consideration yearly property taxes, insurance, and other costs. Even though you will not be occupying the home all the time, you still may be charged for other things such as utilities, landscaping, or other maintenance services. Include all of these overhead costs that occur into your budget when purchasing a vacation home. If the price of your vacation home costs extend your budget, it tends to cause stress, and most people go to a vacation home to avoid just that. Don’t let this happen to you.
- Who Will Oversee It While You’re Away
Speaking of budgets, does yours include management fees? Many vacation home owners only plan to visit their home infrequently, and hire a local property manager to maintain the home while they are away. This will cost you a little extra, but in the long run it protects you from frozen pipes or a leaky roof that may have gone unnoticed for an extended period of time while you were away.
- Vacation Every Day? Not Likely
Once you own a vacation home, not every day there will feel like a vacation. A home needs year-round upkeep similar to your primary home. There may be days you are busy with home maintenance repairs and cleaning. Things you do not have to do in a hotel, which may leave you not feeling like you’re on vacation.
- Rental Income
Many vacation home owners choose to rent out their home to renters while away. This helps offset the costs of your second home if managed correctly. Many buyers tend to overestimate how often they will rent out their home. Be realistic in rental fees and anticipate and budget for any repairs that may need to be done.
If you are looking to buy a vacation home on the Jersey Shore where the beach is never out of reach, now is the time. The Ferzoco Group are experts in real estate from Ocean City to Cape May.
If you are looking to buy a new home or sell your existing home, we’d love to hear how we can help you reach your real estate goals. Our job is to make your tomorrow better than today. Contact us today via email or give us a call at 609-264-6762.