When shopping for a vacation home, it is important to think carefully about a number of factors before moving forward with your purchase. While that is obvious when buying any home, people sometimes get very excited at the prospect of buying a vacation home, and lose sight of some of the practical considerations that go into such a purchase. In Part 1, we offered these tips:
8 Important Tips When Buying a Vacation Home
- Think about how you will use the home now.
- Consider how you will use the home in the future.
- Spend at least a few months in the area before you buy.
- Make sure you are familiar with rules and regulations for property use. Let’s go over a few more tips that can help you buy the right vacation home.
- Be realistic about how much time you will spend at your vacation home. Think carefully about how many days a year you are truly likely to spend in the second home you are buying. In some cases, you might tell yourself that it will be several months of the year, when it might realistically be closer to several weeks. If you will not be in the home that much of the year, you might want to prioritize considerations related to your real estate investment portfolio and rental income over features you would like in the home.
- Think realistically about maintenance and upkeep. It is common for people purchasing a vacation home to underestimate the amount of maintenance their home will need, and how little time and energy they may have to do it. Even if you fancy the idea of a large, elaborate vacation home, you might ultimately be happier with a smaller one that is less demanding.
- Do not rush into making your final decision. When a gorgeous house goes on the market in your favorite vacation area, you might feel a pressing sense of urgency to make an offer. But if you rush forward, you are more likely to make a mistake and end up with buyer’s remorse later. Try and take your time making your final decision if you can.
- Choose a mortgage company with extensive experience. Finally, to maximize the return on your investment in a vacation home, you need a flexible mortgage. Plus, even if you are not rushing your decision to buy a vacation home, you still are going to want to move the process forward as quickly as you can once you are ready to buy so you do not miss out on your chance to own your dream home. For those reasons, it is essential to work with a mortgage company with ample experience helping borrowers purchase vacation homes.
Buy Your Dream Vacation Home Now
MMS Mortgage Services has helped many homebuyers to purchase beautiful vacation homes in Michigan and 15 other states. If you are ready to buy a vacation home now, please call us at (248) 788-0800 to schedule your consultation.