Welcome back to The Velvet Runway and this lifestyle feature about What to Consider When Buying a Vacation Home.
Vacation homes are one of the biggest luxuries in the world. Just think about it, not only do you have one home, but instead you get to have the luxury of having two homes. You get to have that little home away from home. You’re able to decorate it how you like, and you don’t have to share with others like you do when it comes to timeshares.
Overall, it’s something amazing, and whether it’s a winter holiday or a fun beach vacation, it’s something that can be memorable. But when it comes to purchasing a vacation home, what do you need to take into consideration? Keep reading on to find out more!
What to Consider When Buying a Vacation Home
Start with the Location
Location, location, location, something that everyone has heard and knows about. While it’s important for businesses, it’s also very important for your home away from home too. If you’ve ever returned from a vacation and wished you could have that piece of paradise for yourself, a home in your favorite destination can be just what the doctor ordered.
But before you jump in with both feet, there are a few things you should consider to make sure you’re ready for the commitment that comes with vacation home ownership. For instance, in what neighborhood will this home even be located? You’ll also want to consider the proximity of your vacation home to local amenities like restaurants, shops, and attractions. It can pay off to buy in areas that are popular with tourists as they can attract renters and help you pay off your mortgage faster. So this could be something to think about.
Are You Wanting Something Custom?
Do you want to buy something straight up that’s already built, or are you wanting to hire an architect and have your dream home molded the exact way you want?
Honestly, these are some very important things that you should definitely take into consideration first. It’s usually cheaper to just go ahead and buy a house that’s already built, but a custom home will feel more tailored to you. However, there is a price difference between the two, which is connected to the next point.
What’s Your Budget?
A vacation home can be a great addition to your financial portfolio. Whether you rent it out or use it yourself, it can provide tax benefits and build equity. However, purchasing a vacation property requires careful consideration. First, you must determine if you want to rent out the property or use it as your own getaway. You should also consider how often you plan on visiting the property.
If you don’t visit often, it might be difficult to maintain the property and earn money from renting it. Additionally, if you don’t like the location, buying a vacation home might not be a good idea.
A good real estate agent can help you find a property that suits your needs. Moreover, they can help you find a property in an area that’s affordable. In the end, you need to consider if it is worth getting a vacation home for holidays, or if this is more of a financial investment?
Final words on What to Consider When Buying a Vacation Home
In conclusion, buying a vacation home can be a great financial investment, and also a wonderful “home from home”, but there are a number of important factors to take into consideration.
I hope you enjoyed this feature about What to Consider When Buying a Vacation Home and you can also have a look more of our lifestyle features.
I will be back soon with more style, lifestyle and travel inspiration and don’t forget to subscribe to the blog below to make sure you never miss a post,
With love,
I would love to buy a holiday home but we still have a lot of our current home to pay off yet! Maybe one day 🙂
Corinne x
Yes, we only bought a holiday home once we had finished paying off our primary home. Two mortgages would be too stressful xo
These are such good things to consider. We’ve talked about it but always come to the conclusion that it would be too much work, haha.
XOOX
Jodie
http://www.jtouchofstyle.com
I’m so glad you liked the tips, Jodie. There are a lot of things to take into consideration, notably the location, the size of the property, services available and how often you would use it before you can make a decision about a vacation home.
Thanks and keep sharing great idea.
Diana
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Thank you for stopping by, Diana x
These are great tips to consider! Thanks for sharing! We’d love to have a vacation home one day!
I’m glad you found the tips helpful! A vacation home is wonderful but it does require some serious consideration of the pros and cons x
Good tips
so glad you like them x
A vacation home sounds so amazing! It’s not in our budget right now but I do go my sister’s cottage. Great tips here Julia!
https://www.kathrineeldridge.com
Thanks Kathrine. We just bought a vacation home in the South of Spain and I love escaping there x
This is such a great list of considerations, Julia! I’ve always thought it would be great to have a vacation home someday, somewhere nice and warm.
Make Life Marvelous
Thanks Ashely. We bought a vacation home in Southern Spain last year and I love escaping there for some sunshine😎