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The High-Low Dining Table from FFDM’s Summer Collection.
“Summertime is always the best of what might be,” so said American non-fiction author, Charles Bowden. With summer just around the corner, you might be one of the handful of hopefuls who are thinking of buying a vacation home for you and your family. With this huge investment about to take place, don’t just focus on the idea of having a summer getaway.
Remember that buying a summer home is also a long-term investment so, don’t jump without any preparations. Remember that there are summer home rental properties and there are awesome summer home rental properties. You want to be assured that you would get the latter.
Visit and Stay
Do not even think of paying for a vacation home that you haven’t visited, inspected and spent a few good hours in. This is a basic guideline but a lot of home buyers are often blinded by the ski village or the beach town that they are about to join. What they fail to see are architectural mismatches and damages that could be concealed at the moment.
Keep in mind that owning a summer vacation home is not like owning hotels or timeshares. With the former, you do not get the option to alter the scenery.
Know How Much
Just like you would in buying your primary residence, you have to ask the costs. Understand the overall price of owning the property. There are fees such as insurance, property taxes and other carrying costs. Remember also that even when you’re not in there, you would still be paying for gas, water, trash removal, electric bills and landscaping. Other maintenance services also have their individual costs.
Make sure that you include these overhead costs to your planned budget. After all, what could ruin the perfect vacation home? Having to pay more than you’re capable of.
Another part of your budget for this summer home is the year-round upkeep. Summer vacation is not spent entirely in this home – you will get out and seek out recreation. In this case, your summer home is not a hotel so you will need a year-round budget for its maintenance.
Who Will Stand Guard?
Speak of more costs, another expense that you have to seriously consider is the management fee. If you would only visit during the summer, then someone would definitely take care of your summer home. Consider renters so you won’t have to worry about the home’s maintenance while you are away.
A local property manager should be able to properly maintain your summer home. He or she will definitely cost extra but this is much less than paying for a leaky roof or a frozen pipe.
Still from the Summer Home Collection, here’s the Poster King Bed.
The Rental Income Opportunity
A smart purchase for a summer home is one that will incorporate earning an income. The rental potential of a home, especially when managed correctly, could help offset the costs that were mentioned above.
Allowing renters to take care of your home means you won’t have to worry about your home while you are away. Looking at it as a long-term investment of softs will also bring about income that will help pay the property off and even build equity.
So when you’re out to shop for your dream summer home, be sure to check the nearby towns as well as speak with local agents. Find out also, online, whether what you’re thinking of buying is actually worth buying or even renting. Never forget to do your research on the occupancy rates, too. Knowing how often families and businessmen rent properties is also crucial. Repeat customers are crucial if you’re serious about your rental property business.
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