01 Jun Interested in Buying a Vacation Home? Ask Yourself These Questions
Buying a vacation home is undoubtedly a major decision, but it comes with just as many exciting benefits that can provide a lifetime’s worth of memories, adventures, and enjoyment. In fact, about 42% of vacation home buyers plan to use their property for vacations or as a family retreat. But before you invest in any oceanside resorts, it’s important to understand all that comes with such a major property purchase. Here are just a few essential questions to ask yourself before buying a vacation home.
Where’s the best location to purchase a vacation home?
Real estate prices are consistently fluctuating. Not only that, but the area you’re interested could heavily depend on where you live as well as where you’re capable of traveling to. Since many people prefer to rent out their oceanside resorts for some extra income while they’re not in use, you’ll have to consider whether or not you want to be able to get there easily, or if you’re willing to make a bit of a longer commute.
“According to the National Association of Realtors (NAR), more than 80% of vacation-home buyers choose locations within driving distance of where they live, with about half of all owners opting for properties within 50 miles of their primary residence. Proximity to your home is especially important if you plan to visit the property frequently,” writes Morris Dye on HGTV.
Does your chosen location reflect your ideal lifestyle, both now and in the future?
Many people make their final decisions based on property values, income potential, and other financial advantages. But in the end, your vacation home should suit your present and future lifestyle for whenever you do decide you want to take a visit. Don’t settle — take the time you need to find a vacation home that you can enjoy carefree for years to come.
Millennials are predicted to spend $1.4 trillion on travel each year by 2020. While there are many other questions that must be asked before you make any final decisions, thinking about these questions right off the bat is the best way to start a decision making process that will lead to years of satisfaction and enjoyment. For more information about how to choose between oceanside resorts, contact Sunrise Ridge.