Vacation homes always seem like a good idea. Who doesn’t want a second property, a little bolt hole to escape to when you need a break now and then?
But before you buy there are some things that you need to be aware of. Read on to find out what they are.
Check the laws of the land
Number one on the list of things you need to know about when buying a vacation home, either in the US, or overseas are how the property laws that will affect you.
If you choose to purchase a place in the US, you will need to know how the law of the state that you are buying it will affect it. This could be in the present as you may need to get planning permission for renovation or extensions. Or it could be regarding the things that may happen in the future. Like who would get ownership if you and your partner decided to separate.
Regarding overseas laws, they can be quite different to the US when buying property. You will need to get some advice like the info available from Competa Property to know if there are any loopholes and or additional fees to look out for, that may make buying the property that you have chosen more complicated.
You also need to check how the process works. As you need to know how to go about engaging with estate agents correctly. For example, in Spain, you just go with one, and they will track down info on properties that you are interested in, even if they are not on their books.
You will also want to ensure that your ownership is legal. You don’t end up investing a lot of money, only to realize that you don’t have full rights or ability to renovate that you had thought that you bought later on.
Explore the local area
It’s also essential before you buy any vacation property to research the local area. You need to look for two main things, first that the local area is pleasant and in keeping with the type of property that you are purchasing. So if you are buying an expensive city apartment look for one that is in an area with similar properties, worth a similar amount of money. Sometimes finding a higher end property in a run down area can seem like a major bargain, but you can lose money this way because when you come to resell, you will have a less potential buyers that are willing to live in the area.
Also, there are fairly specific things that folks want out of vacation homes regarding the facilities in the surrounding areas. Summer homes are most favored in a location close to the beach, a swimming lake, or even a shared swimming pool.
It’s also important to have easy access to shops that enable you to stock up on supplies. As well as consider the other activities in the area for entertainment such as a cinema, clubs, and bars.
Investigate renovation costs before purchase
For many people, the dream is to buy a fixer upper, and then gradually make it into the vacation home of your dreams. But it’s wise to cost this up before you make any purchase or sign anything. Remember the location that you choose to buy in will affect how much and how quickly any renovations can get done.
So getting costs and time quotes beforehand will help you assess whether this is a viable option. Or whether it would be best to find something that is finished to your standards somewhere else.
Work out how long it will take door to door, plus the cost
Something else that it’s vital to look at before putting your money into a vacation home is the time and cost of the travel that it will take you to get there.
In the US, you probably have fuel, and a cross country drive to consider. But if you are looking at properties that are overseas it can get a lot more complicated. You have the leg from you home to your airport to consider. As well as the time it takes to get through customs, the flights, and the travel time when you get off the flight.
To help cut down on this pick a location that your nearest airport flies to regularly. Also, consider buying a property that is close to the airport in the country you are staying in. As a long drive after a flight can become tiresome and really take the shine off the beginning of a vacation, as you are just exhausted when you arrive.
This is a collaborated post.