Life in the city is exciting! You can meet so many cool people, find a restaurant on every corner. Let alone a bunch of events going on every weekend! However, it’s quite tiring to live in a hurry all the time.
Sometimes you need to give yourself a break and escape the city, at least for a couple of days. It will help you to relax, restore your energy and save your nervous system!
That’s why investing in vacation real estate is actually a great idea! It is an excellent investment that can make your life a little bit better. So, if you decide to buy a summer house, here is what you need to know in the first place:
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Explore the area
Before you buy a vacation home, make sure to spend at least a week exploring the area. You should get to know your future neighbours, go around the city, and check the house. Buying a house is a huge investment, so it’s better to make informed choices!
Consider getting a vacation house not so far from the city where you live. It will be easier to get there every Friday! Of course, you can always buy property by the sea in an exotic country. But let’s be realistic – how often will you be able to travel there?
Another important thing is to check crime in the area. You don’t need to buy property in dangerous areas and add unnecessary stress to your life.
Calculate all the costs
You can spend just a few days a month in your summer house, but you will still need to pay a lot for it. That’s why you need to know the total price of ownership of the house.
According to experts at The Pattisall Group – Hilton Head Real Estate, it’s crucial to calculate the costs of insurance, property taxes and bills for trash removal, water, electricity, and gas, and landscaping. Also, take into consideration other maintenance services before buying a house.
Find a house-sitter
Your budget for the house should also include a house-sitter, especially if you don’t plan on going to the summer house every week. It doesn’t mean you need to hire a person who will be living in your house for free and getting paid for it. All you need is to hire a local property manager who will check and maintain your house while you are gone.
It’s essential to get a house sitter in case you have plants or pets in the house. Also, a home sitter can help to prevent theft and prepare the house for your coming.
If you want to visit your vacation home every week, you still should have a plan for emergencies. The best thing is to make friends with your neighbours and ask them to keep an eye on your house.
Consider becoming a landlord
In order to make some money and pay the property off, consider renting your vacation house and becoming a landlord. You are not the only one who wants to escape the city for a weekend. So, why not use this demand to your advantage?
If you don’t have enough time to take care of the house and guests yourself, consider talking to vacation rental companies or local agents.
The idea of having an extra cash flow can be pretty appealing right now. These days, it’s easy to make extra money with a rise of sites such as VRBO, Airbnb, and HomeAway.
However, it would be best if you also took into account tax laws. In case you rent your vacation place to someone for longer than two weeks, Internal Revenue Service will deem it as your business and require you to pay taxes. That’s why you should be realistic about rental income.
Also, you should understand that pleasure and business don’t go well together. If you want to get maximum rental income, you will have to rent your property during the peak season (summer or winter, depending on the location), and you will not have a chance to relax there on your own.
The bottom line
Owning a vacation property is a great investment for the future. You will be able to use it the way you want. You can either rent it to others during peak season, spend your weekends there or rebuild it and sell it for a better price.
When buying a summer home, you should explore the area, calculate expenses and possibly find a house-sitter who will take care of your property while you are gone.
