your vacation home be?
The weather of late may be making you think about a vacation
home sometime soon both in a warm climate or within New England
where we have some of the best skiing and mountain resorts that can
be found throughout the nation. In fact, on our website we even
highlight on our vacationing
page some of the lovely areas within States that are all a
short distance from our city of Boston. This only furthers the
notion that the Hub is a fantastic place to live. With the energy,
history, charm and overall superior quality of life that people can
have here, coupled with the fact that one can venture only an hour
away to enjoy superb beaches, mountain terrain and more, it is as
apparent as ever that Boston is the epicenter for all of the
action.
So if one happens to be lucky enough to be able to afford a
vacation home, regardless of where it may be, what are some of the
more crucial things they should consider? First, it is the
expectation that as a prospective buyer, you are looking at this
possible location to purchase as a place you truly adore and that
staying in a hotel or with a friend truly is no longer acceptable;
you must make it your own. Well, our friends at Sothebys
International Realty | Canada have come forward with the following
very helpful tips:
- Research the Location in all Four Seasons Before you
Buy
A vacation home is also a wonderful opportunity to have extra
income from renting the property for the short-term to tenants when
you, your family, and friends will not be in residence. Knowing all
of the positive and negative factors about this location during all
twelve months of the year is then something to be wary of in this
case. Understanding the propensity for flooding, storms,odorsduring
certain tides, road conditions, festivities and events,
conferences, crime rates, affordability, and how crowded these
areas are during the different seasons is vital for both your
awareness and for informing prospective tenants.
- Make Sure the House and Location Would Make a Good
Rental
Think about the rental potential of your vacation property as if
you were the one renting it. Of course, the more benefits of its
location the better, however yet the more expensive. Finding the
perfect balance between wallet and a propertys address is what you
should always strive for. Factors to be mindful of are distances to
the beach or the ski mountain, proximity to public transportation
to such attractions as well as to a town, grocery store,
restaurants and shopping. Amenities such as a hot tub in cooler
climates, a pool in warmer temperatures, parking spots, as well as
outdoor spaces in the form of balconies or decks in all forms of
weather are always an attractive plus for hopeful vacation renters.
On the interior of the residence, it is vital that if you wish to
also rent out your vacation home that there be the modern
necessities such as a television, Internet, proper kitchen,
cleaning and laundry appliances, and even more to ensure that an
individuals stay is as carefree and comfortable as possible.
- Work With an Agent Who Knows the Area
Regardless of how many times you have been to an area or how
truly breathtaking it may seem to you during the times of the year
in which you have visited, it is always essential that you consult
an experienced real estate professional on this decision. These
individuals will be able to provide you with further insight as to
where the market stands, what seasons are the best for rents and
what you can expect to command in rent. They can inform you on
other regulations, laws, conditions, risks and rewards of buying in
this specific area during the given time of the year including any
local secrets or foreshadowing about where the industry is
headed.
- Buy What you Can Afford
Obviously this goes without saying for any sort of purchase one
may ever make in their lives, but it is even more important when
talking real estate. As one of the most expensive purchases an
individual will ever make in their life, when considering buying a
vacation property that will not be used for large portions of the
year, knowing your spending limits is even more vital. An easy way
to go about this process is to be comfortable with putting down 20%
of the initial asking price, that way you are okay with this
investment and hopefully can even drive the price down some. Next,
also ensure that your monthly expenses, such as mortgage payments,
will not surpass 36% of your after-tax income.
- Factor in Extra Costs
Fees for utilities, mortgage payments, down payment, possible
home improvements, property taxes, home insurance and more must all
be taken into account seriously. Furthermore, if this is a place
that you will not be visiting as much as you would like and are
perhaps going to rent it out, costs for a property manager must
also be endured.
What this all boils down to is just that we must be smart about
such a unique investment and to not let the beauty, charm and your
past experiences in the location overrule a responsible and
well-thought out budget that you should always stick to. A vacation
home is one of the best luxuries in life that one can ever have and
it is something to truly cherish. We at Gibson Sothebys
International Realty know all about vacation homes and are well versed in the regionand also benefit
from having the connectivity of a Sothebys network comprising of
600 offices, 12,000 agents, all within 45 countries. Let the white
glove service of the Sothebys brand do all of the work for you to
help you settle into the vacation retreat of your dreams whether in
The Greater Boston Area or around the World.
More Information: Sotheby’s International
Realty | Canada