Owning a vacation home is a dream for a lot of people out there. After all, having an idyllic home to retreat to when on vacation is a wonderful thing to have. However, there are some things most people either don’t realize or don’t consider about vacation homes. And, in the long run, this can cost them a lot more that the vacation home itself. As such, there are factors you should never neglect when considering buying yourself a vacation home. And, in order to help you avoid possible mistakes, we have put together a list of things to know when buying a vacation house on the East Coast, and we hope you find it useful.
Work out a budget and be realistic
The most important part of buying a vacation house on the East Coast is knowing what exactly you can afford. Take a look through your finances and determine what your budget is for the property. Remember, the cost of owning a vacation home isn’t only what you pay to buy it. You also need to consider HOA fees, taxes, insurance, utilities, and seasonal items (for example, if you’re buying a vacation home on the Northern Virginia Beach, you’ll want to have everything you need to enjoy it in the home). Keep in mind, also, there’s no point in touring properties you have no chance of buying. If you’re planning on making the purchase with a family member, decide who will officially make the purchase. Additionally, keep in mind some tips to save money for a house, in case there is a home you want but can’t purchase yet.
Knowing what kind of budget you’re working with is important when buying a vacation house.
Alt-tag: money, calculator, pen and notepad on table
Think carefully about the location
Next up is something much more personal: you need to know what you want out of your vacation home. Meaning, do you want a spot where loud noises and neighbors won’t be a problem? Or, do you want a spot where you’ll be close to a bustling downtown, with restaurants and nightlife? Do you want a home with boat access or a boat-slip? Location is incredibly important when buying a vacation home. As such, choosing a home which you can visit often and still enjoy is very important. Thankfully, you are spoiled for choice: Northern Virginia, for example, offers choices between both beach homes and mountain homes. And if you’re worried about moving some belongings into your new vacation home, keep in mind that residential movers in the local area are your best choice. All you have to do is simply ask experts to help you out with moving in.
Think about accessibility
This one is simple: how easy or difficult will it be to get to the vacation home? Would it be a quick ride down the highway, or would you have to fly to another state? Are you willing to suffer through traffic to get there and still consider it worth it? Will you have to drive up a mountain, or does it need boat access? These are questions you should ask yourself before buying a vacation house on the East Coast. Additionally, think ahead to the purchase process itself, and familiarize yourself with rules you should follow while working with a realtor. This can save you some pain during the buying process itself.
A vacation home by the lake in the mountains is idyllic, but you need to think about getting to it.
Alt-tag: vacation home by mountain lake
Make sure the type of vacation house suits you
Ask yourself if you’re more at home in a quaint cottage, or would you prefer a luxury, multi-unit condo. It might seem obvious, but this can narrow down the search for your vacation home quite a bit. Heading into the search without knowing what type of vacation home you want is an incredibly bad idea. Without touching on the actual search, you could end up buying a vacation home and then not enjoying your time there because it doesn’t suit you. This is an incredibly expensive mistake to make, so do your best to avoid it.
Don’t assume you can rent out your property
Buying a vacation home with the intent of investing into it and renting it out while you’re away has special implications when it comes to financing. Be sure to discuss this with your mortgage specialist if you’re not paying cash for the property. This is because, rather than getting a conventional mortgage, you’d have to get an investors loan. Additionally, check with the state, community, town and neighborhood for restrictions on using it as rental property. A real estate professional should be able to help you figure this out, but keep in mind that restrictions vary from state to state. Additionally, experts from Helix Transfer & Storage note that you should think ahead about moving some furniture into the property.
Buying a vacation home with the intent of renting it out comes with implications for financing, think about that beforehand.
Alt-tag: vacation house on the beach
Be realistic about rental income
If you do plan on using the vacation home as a rental, research the rental market in the area you plan to buy it. There are a lot of factors which can influence rental prices, and the rent might come up short if you plan to off-set the cost of the property. Also, consider the extra costs of renting out your property, mainly advertising and property management. Sometimes you won’t be available to fix something which breaks while someone is renting the property for a vacation, but it still needs to be fixed. Think ahead about requirements for property management services, as they are quite important.
Prepare for taxes
Property taxes are a given when buying a vacation home, so you should be prepared for them. Talk to your mortgage specialist or real estate agent about what you can expect in regards to property tax. Also, consider consulting an account for any other tax issues which might come up. For example, if you plan to sell it while in another state, certain states charge buyers and sellers a conveyance tax when the sold by, or to an out-out-state resident.
Things to know when buying a vacation house on the East Coast – conclusion
Buying a vacation home can be an excellent idea, if you’re prepared for it. As such, doing your research ahead of time and deciding on some vital factors is incredibly important for making it work. We hope this list of things to know when buying a vacation house on the East Coast helps you avoid some expensive mistakes, and we wish you a good day.
KW: vacation house on the East Coast
Meta: Planning to buy a vacation home? Read this list of things to know when buying a vacation house on the East Coast now and prepare!