If you have found a favorite vacation spot and are spending a lot of time there, buying a home can be a smart move. Here are five things you need to consider before you purchase a house out of state. Your dream home .
1. Living costs vary
The cost of everyday items can vary greatly from one area to the next. It’s important that you factor these differences into your second-home budget. It doesn’t matter if it’s consumables such as groceries or gas for your visits, but it does add up. It is important to investigate the property tax rates for your second home, as well as home insurance rates, HOA requirements, and other out-of-pocket costs.
2. Climate-related issues
Popular vacation spots are those where the climate is very different from one season to another — think ski towns Park City , Lake Tahoe And Aspen. Due to extreme climates, homes that are subject to high temperatures and severe winters may require additional maintenance. You should consider the cost of heating your mountain home in winter and having your driveway plowed. Consider the cost of air conditioning in warm-weather locations. Palm Springs desert!) Salty sea air can take a toll on your health. Beachfront Home.
3. Seasonal subtleties
Plan to visit the destination at different times throughout the year before you buy a second home. You can observe how crowded the restaurants and parks are, and how bad the traffic is during peak season. To see if there is enough entertainment and amenities for your family, you might also want to visit the area in low season. You should love your destination before you settle down. You can also connect with locals all year to get an idea of seasonal shifts.
4. Maintenance and management
Property management and maintenance can be a challenge when you own a second residence. It is crucial to find a trustworthy local property manager. This is true for maintenance people, landscapers and other home service providers. While they are not cheap, having reliable people to inspect your home after a storm, or fix a leak, will save you money, time, and unnecessary trips between your homes.
5. Accessibility and localization
If you don’t make use of your beautiful second home, it is not worth the investment. You should choose a location that is easily accessible to you given your current location, work schedule, and travel budget. Many second-home owners find they are able to get more out of their second homes if it is within driving distance or a short flight. It can be difficult to spend time in a second house due to the hassle and cost of multiple flights, as well as the long travel days.
This post was written by Josh Dotoli! Josh is the owner of Josh Dotoli Group which is a laser-focused real estate team at Compass comprised of industry experts selling Fort Lauderdale’s best neighborhoods. This dynamic group is one of the top-selling real estate teams in South Florida with over $94 million in sales in the past 12 months alone. Looking for Fractional ownership vacation homes? The Dotoli group has got you covered.