There may come a time in your life when you suddenly feel inspired and get the urge to want to purchase a vacation home. While this is an exciting thought to have and an idea worth considering, make sure you do your due diligence and homework before jumping in.
Know there’s a lot to think about before you go ahead with this large transaction. It’s important to do your homework and not let any details slip through the cracks. What you don’t want to have are any regrets in the long-term, therefore, understanding what to think about before purchasing a vacation home will help you avoid this situation.
Where your vacation home is located matters a great deal, and you should take the time to scope out all possibilities before making a final decision. Consider if you want to be somewhere gorgeous and interesting like having property on the Costa del Sol or prefer to be more secluded in a quaint home in the woods. Also, take into account the distance from your main home to where your vacation house will be located. Travel time to get there could have a major impact on where you ultimately choose to settle down.
Having A Budget
You may want this new property, but ask yourself if you can afford it. Start by creating a budget and documenting all of your current costs and new bills that will be associated with your vacation house. Without a budget, you won’t have a good idea of your current financial situation. You could end up overspending initially and not having enough money in the bank to cover additional expenses that arise. It’s worth sitting down and mapping out a plan and budget before you move forward and hand over your hard-earned money to the sellers.
Maintenance & Upgrades
Contemplate if you want to purchase a brand new home, or if you don’t mind buying a fairly older property and putting in some upgrades. It all depends on your money situation and how much time and energy you want to invest in enhancing your vacation home. Not only do you want to think about improvements, but you’ll also need to take care of regular maintenance and other issues that might randomly pop up. If you’re a handy person and like DIY projects then getting an old home that needs some work may not be as stressful for you as it would be for someone without your skills.
Be honest with yourself about how much time you truly think you’ll be spending at your vacation home on a regular basis. Take a look at your schedule and all the activities and commitments your family has where you’re currently living. You may not be able to pick up and leave whenever you want, and this could deter you from spending your money on a new property at this time. On the other hand, if you’re feeling restless and don’t have much going on in your life currently then a vacation home may be exactly what you need to feel happy and joyful again.
Leisure Time, Activities & Nearby Attractions
This topic relates back to where you want to be located, so also think about nearby attractions and activities before purchasing a vacation home. Reflect on what you’re going to be doing while at your vacation home and in your free time. Consider if you’re someone who likes water sports, shopping, laying out by the water or sitting inside reading a book. If you’re someone who likes to hike in your leisure time, then you should make sure your new vacation home is by trails and places you can go to escape and get in your exercise. Pay attention to the weather patterns before finalizing a location, and if there are any nearby restaurants and shops, you can indulge yourself in whenever you choose.
If you’re Committed to it
Buying a vacation home shouldn’t be a decision you make on a whim because you may regret this later when you realize how much work it truly is to maintain. Think of this property as a new commitment in your life and one that requires a lot of responsibility on your part. You need to truly be invested in going through with this big purchase and not have any major reservations before you sign on the dotted line. See if you can picture yourself waking up each morning knowing you have another home to take care of and being okay with that situation. Know if you’re the type of person to make rash decisions and later be unhappy with yourself, or if you’re someone who knows exactly what they want and makes it happen and doesn’t end up feeling bad about your choice later.
Vacancies & Emergencies
You need to think about what you’re going to do when the home is vacant, or you have an emergency before purchasing a vacation property. Vacancies give you the opportunity to rent it out and make some money when you’re not there. However, not everyone is comfortable doing this in their personal space. Also, you should have a plan for what to do in case of an emergency, especially if you’re in a secluded area or live far away from your vacation home and can’t easily access it if anything were to go wrong. Take the time to put a plan in place for dealing with your periods of vacancy and any emergencies. Remember to also have funds set aside that you can use in a time of need.
While the idea of having a vacation home is appealing, you also need to understand how much work it is to own one. Use these tips to get you thinking about what this project will entail and to help you determine if you’re up for the adventure. If you go through with it, then remember to have fun and look forward to all the wonderful memories you’ll soon be creating in your new home.