If you are planning to purchase a vacation property many miles away from your home, you will probably need to rely on a real estate agent from that area to help you locate the right property for your needs. Still, you will need to communicate what you are looking for. Here are a few things you should be prepared to discuss with the real estate agent:
Will the home be used to generate income?
If you are planning to purchase a second family home and will not be renting out the property, you will need to let the realtor know. Vacation homes that are also used to generate residual income may have different considerations. Even if your family is relatively small, your realtor may direct you toward homes that have a large number of bedrooms and bathrooms if you are planning to rent or lease the property to guests. The more guests that can be accommodated by your property, the higher the rent that you can set for the home.
In addition, your realtor will likely show you some of the most desirable rental areas to ensure that your home generates large amounts of interest during the times when you and your family are not using your property.
How much can you afford to pay?
Before your realtor can assemble a list of homes for you to view, he or she will need to know how much you are prepared to spend on the new home. If homes are outside of your budget, they can be quickly eliminated from you list, regardless of the amenities that they do or don't have.
Nevertheless, if the vacation home can generate enough income to offset a large portion of its monthly mortgage payment, you may be able to afford a more expensive property than you couldn't otherwise.
Are you looking for specific amenities?
Does the home need to be located directly on the beach, or is beach access acceptable? Do you prefer a pool on the property? As you consider the type of vacation home that you would like to own, discuss the amenities and access that you desire for the home. Your realtor can match your preferences with the available listings within your price range to determine the most suitable property candidates for you.
To learn more about finding a great vacation property that meets your needs, schedule an appointment with a real estate agent.Share