How To Buy A Vacation Home – http://bit.ly/1Pw7rWo
Originally posted by imforeverjustyours
One thing is for sure, buying a vacation home is a luxury and an opportunity that many people will not have in their lifetime. If you’re considering the purchase of a vacation home, you need to realize that it is not a decision that should be made without much consideration.
Many vacation home buyers don’t realize they should be thinking about different things than if they were purchasing their primary residence. Below are 5 excellent tips on how to buy a vacation home. By following the tips below, you will greatly increase the chances that you make a decision that you will not regret.
1.) Can you afford to buy a vacation home?
Whether buying a primary residence or a vacation home, it’s extremely important to understand whether or not you can afford it. The best way to know whether you can afford a vacation home is to get pre-approved before you look at homes. There are tons of reasons why getting a pre-approval is a smart decision when shopping for a vacation home. The primary reason is so that you understand how much you can afford and also what type of additional expenses you will be adding to your existing expenses.
2.) Will You Utilize The Vacation Home?
The next consideration that should be made when buying a vacation home is whether you will actually use the home. It makes zero sense to purchase a vacation home if you’re only going to visit it for 5-10 days out of the year.
3.) What Are The Tax Implications Of Owning A Vacation Home?
Owning a vacation home (or second home) has can come with tax implications. The taxes on a second home are able to be used as a deduction, however, if you plan on renting out the vacation home for more than 14 days per year, you will likely have to claim the rental income on your taxes. It’s important to discuss the tax PROS and CONS of owning a vacation home with your accountant or tax professional before buying it!
4.) Determine The Location Of Your Vacation Home
Before you purchase a vacation home, it’s very important that you are 99.9% sure that is where you want to spend your vacations. Location is huge when purchasing a primary residence and no different when buying a vacation home! Before you purchase a vacation home it is recommended that you visit the destination at least a handful of times. Make sure there are enough things to do in the area you’re thinking of purchasing the home and also ensure you feel the area is one you will feel safe and comfortable in!
5.) Hire A Real Estate Agent Who Has Experience In Selling Vacation Homes
Would you want a dentist performing open heart surgery on you? I think the answer is ABSOLUTELY NOT! The same can be said about buying a vacation home. It’s important you hire a real estate agent who has experience in selling vacation homes when buying one. Hiring a top real estate agent is important when buying a vacation home because they will be able to point out all of the things a vacation home buyer should be thinking about.
The above 5 tips on how to buy a vacation home are just a few of the most important. There are certainly more considerations that should be made. If you’re considering the purchase of a vacation home, it’s recommended you get in contact with a top LOCAL real estate agent so they can walk you through the process.
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