It happens all the time here in paradise. The dream vacation on the beach suddenly morphs into a dream of buying a piece of this paradise.
If you’re considering buying a property in your dream getaway area, here are some preparatory steps you can take as you embark on your search:
- Decide whether you want the place to be primarily for your use or also serve as a rental property.
If you will try to recoup some of the purchase and maintenance costs through renting, the property you purchase should have a broad appeal, include popular amenities and may even be professionally managed.
- Speak to your accountant about potential tax advantages or obligations involved with your vacation property.
Second homes and rental properties are subject to specific tax rules, so be sure you know what’s expected and what you can deduct.
- Think about location, location, location.
Yes, it’s a cliché, but no less true for vacation properties than for other real estate. Homes near beaches or mountains tend to attract the greatest number of interested buyers or renters. Check out all four seasons in your targeted area because the atmosphere can change dramatically based on busy or slower seasons. Finally, consider something within a few-hours drive or flight. Anything much farther tends to discourage frequent visits.
- Contact US! No one knows this area and the second-home market better than we do.
Working with an expert who lives and works in or near your targeted community is your best bet. In addition to advising you on each location’s pluses and minuses, we can also discuss the property’s rental and resale potential and year-round character – key factors to consider in your property search.