What You Should Consider When Buying a Vacation Home

Vacation homes are more common than ever. Almost 10 million American households maintain a second home for vacation or summer use. But who is thinking about vacation homes in winter? Smart buyers, real estate agents, and savvy sellers know that winter anywhere in the U.S. is a great time to deal with buying and selling vacation homes. Prices are at a premium in the summertime, fewer properties are on the market, and the excitement of owning a summer or vacation residence is tempered by the likelihood that the process of buying, perfecting, and moving into a summer home won’t be completed before the end of the summer.

But in winter, those prices dip, homes go on the market, and a buyer can easily anticipate spending the next summer right there in their new spot in Florida, Cape Cod, the Pacific coast, or whichever summer paradise catches their eye.

If you’ve already got your heart set on buying a second home, here are a few reasons why Florida could be the perfect location for your vacation home. Learn some tips on planning, finding, buying, and living in a fantastic vacation home.

Consider Locations

For summer homes and waterfront properties, there are dozens and dozens of options across the U.S., from the Cape Cod to the coast of California. Almost 40% of people who bought vacation homes bought them near water and beaches. Whether or not you decide to purchase a waterfront property for sale, buying a home in Florida means that you can have easy access to the beach of your choosing. Choosing a home that is within walking distance of a beach can help you save some money versus a waterfront property but with similar benefits. With so many beaches in Florida, finding a home that is near or on a beach will not be as difficult as it would be in other parts of the country.

But there are just as many options for winter retreats, from Vermont to Washington State. Research areas that catch your eye. Find out about the cost of living, local attractions, ease of transit, property values, and taxes. Reach out on social media: you likely have connections who live in or near an area you’re considering.

Strong Tourism Culture

In Florida, there will always be something fun and exciting to do. No matter what your interests are, there is most likely an opportunity for you to find others to partake in your hobby with you. In tourist towns, there are often new and trendy spots as well as classic spots that make the town feel distinct, so there is always something new to do. This means that your vacations will never be boring, no matter how many times you visit your vacation home during the year.

Warm Weather

If you’re looking for a vacation home that you can visit year-round, Florida is a great location. In the winter, Florida is still warm, sunny, and beautiful. In the summer, it can be quite hot, but the beautiful beaches and pools as well as various indoor activities can help you cool off. Buying a home in Florida means that you have the option for outdoor activities year-round.

What the Property Will Be Used For

It’s not as obvious as it seems. Many buyers will only occupy their vacation home during the summer, leaving it unoccupied for the rest of the year; others will rent it out during off-seasons. With the popularity of Air BnB, you can easily list your second home for rent for short periods of time when you are not using it. You will most likely need to have a local contact to help with any troubleshooting that you may have to do with your renters, but it is overall very possible to remotely manage a rental property. If you are in a tourist-centered area then it will most likely be easy to rent out your property.

Most will seek out waterfront homes in warm or temperate areas; others will be looking for a vacation home for ski trips. How will you use your vacation home? And who will occupy it: exclusively you and your immediate family, or also occasionally other family and friends? Will it be a place to invite traveling guests? Do you anticipate that you may someday choose to live there year-round, or retire there? And how often will you use it? You will find the answers to all these questions very helpful as you plan your vacation home purchase.

Figure Out Your Budget

Owning and maintaining a vacation home is very manageable with smart planning and diligence. But be sure you’re prepared for every expense and have no surprises in store for you. In addition to the mortgage and taxes, many waterfront properties require extra insurance. Also, there are fees for municipal or neighborhood services when it comes to condos for sale on the waterfront. And remember that, for the most part, each time you move into your seasonal home it is likely to have been sitting unoccupied for six months or so: prepare for maintenance costs.

Real estate agents with experience in the location you choose for your waterfront home will be able to keep you well-informed about the variable expenses but to be sure you’re making a sound and sustainable investment, you should talk with your accountant, money manager, or investment manager.

Work With Real Estate Agents

Once you know your budget and where you wish to buy a vacation home, find qualified and experienced real estate agents and track down your dream vacation home. Real estate agents with experience in the location you choose for your waterfront home will be able to keep you well-informed about the variable expenses but to be sure you’re making a sound and sustainable investment, you should talk with your accountant, money manager, or investment manager.

If you decide that you want to go about buying a home in Florida for your vacation home, contact one of the realtors at the Henri Frank Group to begin your process. We are excited to help you find your perfect second home!