Question: What are the pros and cons of owning a vacation home?
Answer: One of the main considerations in owning a vacation home is how
you intend to use it. Will it be for pleasure or investment? If you
plan to use the home as a recreational property for your personal use,
then consider it a vacation home. If, on the other hand, you are
purchasing the home with the aim of renting it out, it's an investment property.
Another important factor is how much will you use the home? If you
already visit the location several times a year, the answer to this one
is easy. If the location is inconvenient, on the other hand, you may
find that you will rarely use it. A related question is how you'll
handle maintenance, especially emergencies, if the home isn't located
within a few hours' drive.
Something else to consider is can
you afford it? Aside from what it costs to purchase, you'll need to
factor in maintenance costs, management fees, property taxes and many
other costs that accompany homeownership. Maintenance chores may eat up a
big portion of your vacation time, especially if the home sits vacant
for a significant amount of time.
If you rent the house out,
it still may sit vacant during off-peak seasons. That's money lost if
you hope to use the home as an investment.
Because loans for
second homes are considered somewhat risky, they tend to be more
expensive. You may be required to place 30 to 40 percent down on the
home when you purchase it, and if you'll be using the home for income
purposes, you may be paying up to two percentage points higher than on
your primary residence.
There's a lot more to it and I'd be
more than happy to discuss this further with you and answer any
questions you may have. Just give us a call.
Author:Lesley Vitel Phone: 904-534-8052 Dated: December 16th 2014 Views: 398 About Lesley: Lesley's career in real estate officially began in 2005 when she partnered with her mother Lynn (A v...
Lesley Vitel has been serving the needs of both home buyers and sellers in Florida for well over a decade. During this time, she has acquired the crucial skills necessary to guide anyone through the process of finding the home of their dreams or getting out of one that is no longer meeting their needs.
This tech "savvyness" is just a sample of the knowledge and assistance they are capable of providing you as a client.
Lesley is very familiar with the area. She is able to take into consideration the neighborhoods, schools, crime rates and local market conditions during the process of finding the right home for you. All too often, people move into a beautiful home that is in the wrong location, and Lesley will use her skills and experience to make sure that does not happen to you.
This professional understands the value of consistent communication. Many real estate agencies fail to return important phone calls or give valuable that clients need to know. Lesley understands that you have expectations and are embarking on a life changing journey, and she strives to make herself and her staff readily available to answer questions and keep you properly updated throughout the entire process.
Online marketing is crucial in the age we live in, and most home buyers search online first for the home of their dreams. Buyers and sellers alike will be pleased with the capabilities Lesley Vitel makes available online.
If you are in the market for anything from traditional condos and single family home sales to short-sales, foreclosures and auctions, then you have found the right place to take care of your needs. Lesley and the rest of her staff are continually sharpening their real estate skills and would be pleased to share their knowledge with you.
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"Lynn and Lesley are the team you want. Their professionalism and expertise are second to none. Ok so now that I have said what every testimonial says, here is the more heartfelt version. They are amazing. This is a difficult market that changes from month to month if not more often. In the last year, the rules and complexities of buying and selling have changed repeatedly. This is not the market of your mother and father. Fannie Mae/Freddie Mack REO’s and short sales now dominate the market. It is no easy task to keep up. Who own the house in the case of a short sale? Do you know how long a short sale takes? Do you know if you need a refrigerator to close an FHA loan? You would be foolish to attempt to buy a short sale or foreclosure property without Lynn and Lesley’s knowledge of the market. And by the way, buying new construction is no less complicated. As with so many things in life, being a good agent is an art form. Some people ‘get it’ and others don’t. Buyer’s remorse is the last thing you want. They will listen to you even when you don’t know what you are saying. Their ability to get the job is unparalleled. So what are you waiting for, your new home isn’t. Call them!"