8 Things To Know Before Buying A Vacation Home on the Treasure Coast

Having a second home for getaways sounds glamorous – and it can be – and many times, it’s even a really good long-term investment. But don’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

Don’t even think of buying a vacation home on the Treasure Coast until you’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 you’ll be spending a great deal of your free time here in the future. Unlike hotels and timeshares, owning a vacation home doesn’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 you’re not there, you’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 ‘perfect vacation home’ like being in over your head financially.

Who Is Going To Watch When You’re Away?

Speaking of costs, there’s one more expense specific to a vacation homes: management fees. If you plan to visit infrequently – and are even considering renters while you’re away – 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 ‘high’ 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 you’re planning on maximizing your home’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 ‘vacation’ days may spent at the local home improvement store.  It’s a house, not a hotel, so it needs just as much year-round upkeep as your primary home.

You’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 you’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 what’s renting (and for how much).  And don’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 you’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 you’re not around.  And don’t forget to add the cost of a security and alarm monitoring systems to your budget.

Getting Here 

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 it’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

I’d love to hear from you.  What do you think about this topic?

Richard L. McKinney P.A.

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

email: richardmckinney.re@gmail.com

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