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