By Noah Brocious – President/RI/Mortgage Loan Originator – Everyone needs to get away every once in a while, and with a vacation home, you always have the perfect place to relax. If you have a favorite vacation spot, why not get a house you can visit whenever you have a free weekend?
Of course, purchasing any home is a big decision with a lot to consider. How can you be sure you’re going to love your vacation property five years from now? Here are four steps to help you find the perfect house.
1. Figure Out Your Budget
The first thing to do is to figure out how much you can spend. This includes the actual purchase, taxes, and upkeep. If you’re looking for property in a climate you’re unfamiliar with, make sure you research additional maintenance you may have to do and take those costs into account.
This is also the time to decide whether you want a move-in ready place or are open to remodeling. If you opt to remodel, figure out how much you’re willing to spend over what length of time.
One good thing about vacation property is that it has the potential to be a rental when you’re not using it, which can offset some of your expenses. Look into how much rentals in the area cost so you can incorporate that income into your budget.
2. Know Your Needs
Before you even start your search, make sure you know exactly what you want. In fact, you should make a list to keep these priorities at the forefront. If you and a partner are purchasing a house together, you’ll need to create a list that incorporates both of your needs. If your needs are contradictory or require a high price tag, you should work together to compromise.
Knowing precisely what you want will help you avoid falling for a property you won’t be happy with. When you combine your priority list with your budget, you have great guidelines to help you immediately determine if a house will work or not.
3. Think About the Long-Term
If you’ve ever thought about retiring to your favorite vacation spot, this is the perfect time to look for a place to spend your golden years. While that may still be a ways off, it never hurts to start planning early, especially if you already know where you want to live after retirement.
On the other hand, if you don’t plan on keeping the property for that long, make sure you can sell it when the time comes. You don’t want to get stuck with a house that no one wants to buy because of the location or high maintenance costs.
4. Look for a Prime Location
While it’s essential that you have a city or region in mind for your ideal vacation home, it’s important to remain flexible on the location. This is especially true if your previous visits have been short and based in hotels, as the vacation home experience is very different from a tourist one.
Your priorities list will be essential during this step as it can help you narrow down your search. For example, if you’re looking for a place with great outdoor activities but also want a busy center bursting with culture, Sedona is a wonderful city to check out. There are lots of options if you want to be close to downtown or if you’d rather have seclusion with a fabulous view.
Get Financing with Capital Fund 1 Today!
Now that you’ve decided where to buy your ideal vacation home, it’s time to get financing. Capital Fund 1 offers real estate & investment loans in Sedona and other cities across Arizona. When you need a direct lender, we’re there to deliver. For more information on the types of loans we offer or to start your application, give us a call at (480) 889-6100 or go online.
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