Budgeting for buying a home can be difficult enough when you're just weighing mortgage options and a purchase price. But there are many other factors that go into the cost of home ownership. Some of
8 Things To Know Before Buying A Vacation Home On The Treasure Coast
8 Things To Know Before Buying A Vacation Home on the Treasure Coast
Having a second home for getaways sounds glamorous â€“ and it can be â€“ and many times, itâ€™s even a really good long-term investment. But donâ€™t jump in blindly. Here are eight considerations to make before plunking down on a vacation home here on the Treasure Coast of Florida:
Spend Some Time Here First
Donâ€™t even think of buying a vacation home on the Treasure Coast until youâ€™ve visited the area a few times. It sounds basic, but you really need to be sure you love our beautiful area before you commit to buying. Especially since youâ€™ll be spending a great deal of your free time here in the future. Unlike hotels and timeshares, owning a vacation home doesnâ€™t allow you the option to change destinations if get tired of the scenery or need to cash out quickly.
Know All Your Costs
Just like your primary residence, you have to understand the total price of ownership including property taxes, insurance, maintenance, and any other carrying costs. Remember, even when youâ€™re not there, youâ€™re still being charged for water, gas, electrical, trash removal, landscaping, and other maintenance services. Be sure to include all these overhead costs into your budget, because nothing ruins a â€˜perfect vacation homeâ€™ like being in over your head financially.
Who Is Going To Watch When Youâ€™re Away?
Speaking of costs, thereâ€™s one more expense specific to a vacation homes: management fees. If you plan to visit infrequently â€“ and are even considering renters while youâ€™re away â€“ make sure you find a local property manager that will maintain your home. It will cost extra, but so will the damage from those frozen pipes or leaky roof, especially if it goes unnoticed for a long period of time. Having a solid property manager is especially important when have a vacation property that is more than a few hundred miles away.
Holidays Could Be A Battle
Many popular vacation spots are areas that have a â€˜highâ€™ season. For instance, here in Florida, high season is winter, and thus visits spike from December to March. This type of seasonality becomes a battle when the rental demand for your vacation home collides with the time frame you want to use it. So if youâ€™re planning on maximizing your homeâ€™s rental income, be prepared to give up some of that peak-season vacay yourself.
Not Every Day Is A Vacation
For most owners, the entire first weekend of the season becomes an spree of vacation home maintenance and repairs. In fact, a good number of your â€˜vacationâ€™ days may spent at the local home improvement store. Itâ€™s a house, not a hotel, so it needs just as much year-round upkeep as your primary home.
Youâ€™ll Want A Rental Income Option
A smart vacation home purchase is one that incorporates rental potential into the equation. managed correctly, some of your costs can be offset by allowing renters while youâ€™re away. And from a long-term investment standpoint, rental income may allow you to build equity and eventually pay the property off. Analyze nearby vacation homes, talk to local agents and vacation rental companies, and look online to see whatâ€™s renting (and for how much). And donâ€™t forget to research occupancy rates; how often people are renting is important, too! Here at Atlantic Shores Realty Executives we take great pride in making sure your property gets maximum exposure and leased in a timely manner.
Safety Never Takes A Vacation
The Treasure Coast is generally known for its low crime. However, always check the crime rate in the particular area before you decide to buy. Especially if youâ€™re going to leave the home unoccupied for long stretches of time. A break in or other crime at your vacation home can be particularly frustrating when youâ€™re not around. And donâ€™t forget to add the cost of a security and alarm monitoring systems to your budget.
How easy will it be for you to get to your new vacation property on the Treasure Coast? Your best options are accessible ones. For some itâ€™s a two-hour drive door to door. But for most owners in our area it's a three hour plane ride from New York, New Jersey or New England. While it may sound nice having a condo on the beach of Hutchinson Island, please consider the time, cost and hassle of getting here before you spend a lot hard earned money.
If you would like to buy or sell a vacation home on the Treasure Coast, give me a call at 772-370-8631.
I'm always glad to discuss your real estate needs.
About the author: Richard L McKinney - Realtor, Local Real Estate Expert & Nice Guy
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Atlantic Shores Realty Executives
Selling the Treasure Coast - Port St Lucie, Fort Pierce, Stuart, Jensen Beach, Palm City and Hutchinson Island --- Homes, Condos, Townhomes & Land.
Sell Phone: (772) 370-8631
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I have been selling real estate in South Florida since 1998 with a specialization in homes, town homes and condos in St Lucie and Martin Counties. My service areas include the cities of Port Saint Luc....
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