If you are contemplating buying a vacation home along the Jersey Shore you may be wondering when the right time is financially and with the housing market. Owning your own vacation home along the Jersey Shore has its benefits and memories will be made that will last a lifetime, but when it comes to buying you want to stay in your sweet spot.
The market for second homes is on the rise. In 2014, the sale of second homes jumped by 57% according to the National Association of Realtors (NAR) report. Before taking the jump to buy your dream vacation home, know the answer to these important questions.
- What will you do when you are not there? When you are not vacationing, have a plan as to who will watch your second home while you are away. Many second home owners choose to hire a property management company to take care of their home while absent.
- Who will do the maintenance? You’re no stranger to homeownership, so you know the maintenance that comes with owning a home. While visiting your vacation home, do you want to spend your time making repairs? Will this hinder you from being able to relax and enjoy your vacation home?
- How far away is it? According to the NAR, the average second home buyer purchased their getaway home on average 200 miles from their current residence. The further your vacation home is from your current home the less likely you may be to visit. Consider how much time you are willing to spend getting to your vacation home before buying.
After asking yourself these questions decide what price point you are comfortable with. It is in your best interest to first meet with a mortgage lender prior to searching for your second home. Purchasing a second home is not the same as purchasing your primary residence. Mortgage rates on a secondary residence are often times higher and require a larger down payment.
There is nothing more relaxing than getting away to the Jersey Shore. Prior to your escape, consider both the financial and logistical issues, and know what your sweet spot is. To learn more about buying a vacation home along the Jersey Shore call us today for a FREE consultation.
The Ferzoco Group is experienced in working with buyers and sellers from Ocean City to Cape May. If you are looking to sell or buy a home let us know how we can help. Our job is to make your tomorrow better than today. Contact us today via email or give us a call at 609-264-6762.