Buying a vacation home is exciting. But in the rush of emotions that come with such a purchase, it is easy to overlook some of the important considerations that go into making a smart buy. In this two-part series, we will share a few tips for you to help you purchase the right vacation home with a flexible mortgage.
Things You Should Know Before Buying a Vacation Home
- Think about how you will use the home now. Before you choose a vacation home to buy or attempt to budget for that home, you will need to consider your immediate plans.
- Do you plan to live in the house seasonally?
- Do you just plan to visit on weekends?
- How many days of the year will you be occupying the house?
- Will you rent out the home when you are not in it?
- Consider how you will use the home in the future. Also keep in mind that your plans might change years down the road. Perhaps, for example, you plan to rent out the home now and spend limited time in it during certain seasons. But maybe in a decade, you might decide to instead move into the home full-time and turn it into your primary residence. Make sure you are choosing a home that will fit your purposes now and in the future. Consider how your plans for the short- and long-term will impact your budget.
- Spend at least a few months in the area before you buy. One of the most important and overlooked things about buying a vacation home is making sure that you really are happy with not just the home, but the location. A lot of people who are purchasing vacation homes have only been in the area where they are buying a home during a certain time of year. For instance, they might have visited during multiple summers, but never winter. They also might only have spent a few days or a couple of weeks in the area, and not really know what it is like to live there in terms of access to amenities and services. For both reasons, you should rent a place for several months before buying a vacation home in the area you are thinking about. If you can, try and do it during a season you have not normally spent time in the area.
- Make sure you are familiar with rules and regulations for property use. Finally, if you are planning on renting out your vacation home sometimes, you should check to make sure that is allowed. For example, you would not want to buy a home with this intention only to realize later that the homeowners association is going to stand in the way of your plans.
Buy a Vacation Home in Michigan or Beyond
Now you know a little more about what you should think about when you are buying a vacation home. If you have found your ideal vacation home and are ready to buy, please give us a call at (248) 788-0800 to schedule your consultation. We can help you purchase a vacation home in Michigan or 15 other states. Also, be sure to read on to Tips for Buying a Vacation Home, Part 2 for more recommendations.