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Buying a vacation home can be very rewarding, both personally and financially,
but it’s certainly a big decision! Before making any sudden moves, take
the time to engage in some thorough research, organize your finances and choose
a trustworthy professional.
Do Your Homework: The very first step to finding the ideal
vacation home isn’t particularly glamorous. You’ve got to do your
research! This means reading the classifieds, searching the internet and looking
at maps. Jot down ideas and information in a notebook or computer file and save
these for future reference.
Go for a Drive: Continue the initial groundwork by going for
an exploratory drive and identifying the towns, counties or regions that feel
right for you. How far are you willing to drive? What kind of amenities do you
want to have close at hand? What locations truly appeal to you? You don’t
need to make any major decisions at this point, but should begin organizing
your search criteria.
Be Realistic: Ask yourself a few tough questions, such as:
 How often you will be
using the property?
Should you buy or lease?
How will you finance your purchase or lease?
Can you afford the mortgage, property taxes and upkeep of a second property?
Do you see this purchase as an investment or simply as a summer home?
Narrow it Down: If you were able to get past number 2, then
you’re well on your way to becoming a vacation property owner! Now it’s
time to think about location, property and structure type. According to Terry
Bryan, a real estate agent in the Rideau Lakes area of Eastern Ontario (thecottageguy.com),
it’s important to look for a place that is fairly close to a few conveniences,
such as a small town and/or grocery store – unless you really like roughing
it! You should also clearly set priorities. “For example, establish whether
you’re looking for privacy, which means trees and weeds on a waterfront
would be okay, or if a clean shoreline, with less privacy is more important,”
says Bryan.
Rent to Own: Once you decide on a location, you may want to
consider renting a cottage in the area  of
your choice to get a true sense of its amenities and ambiance. This is not a
must-do, especially if you’re in a rush to purchase, but can certainly
make coming to an informed decision much easier.
Find an Agent: You’ve established your main guidelines
and requirements. Now it’s time to find someone who can help make this
dream a reality. “You should find a local agent,” says Bryan. “The
best thing to do is visit the place where you are wanting to by a property.
Almost every local office has listings and information posted in their window,
and you can go from there.” Local agents tend to have thorough knowledge
of specific areas, and can easily help you sift through the merits of various
properties. They will also likely be available to you when you want to go view
a property, which means no waiting or rescheduling.
Choose to Invest in the Future: Are you looking at your vacation
home from an investment or purely a recreational perspective? It will benefit
you in the long run to make a concerted effort to understand the profit potential
of this venture. As you search for your second home or property, keep resale
value in mind. Try to get an idea of the future of the area you may be buying
in, and make sure your purchase possesses as many distinctive features as possible.
Establish Price Point and Timelines: Work with your agent
to establish your price point, and the timeline during which you are hoping
to purchase your vacation home. Be honest with yourself about how much you can
afford. If a turn-key cottage with a gorgeous boat house is attracting you,
but the price seems a bit steep, think about a ‘fixer-upper’. If
you’re patient, you can do the work yourself, over time. Also, if the
prospect of waterfront taxes is getting you down, consider purchasing a property
with shared water access, which will cut costs dramatically.
Identify and Clear Up Accessibility Issues: You need to be
fully aware of what you’re buying, says Bryan. “Make sure you can
get access to a survey, so you know that you have complete access to the land,
and don’t have to cross someone else’s property to get to it. Ask
a local lawyer to check out the survey for you. ” You should also find
out if the main road leading to the property is maintained year round. If it
isn’t, you likely won’t have access to your property for a great
deal of the winter and early spring. Island properties can also pose barriers
in terms of access, so take all variables into account.
Go For It! The time has come to make your move. Work closely
with your agent to draw up an offer that protects you and your investment. Secure
financing, get a lawyer to review the documents and prepare to become the proud
owner of a second property!
5 Tips for Vacation Home Rental Choices
1. Take the time to browse yours selections. When you shop for your vacation
home rental on the web, you are able to see what it looks like right from the
beginning. This allows you to compare all types of homes within just a matter
of seconds. You can see so many details this way too.
2. Price shop too. There is no reason to compare prices of one vacation rental
to the next. If you would do this to find the best hotel in the area, then do
the same thing for the vacation home you are considering. With so many options
available, there is bound to be competition to drive the rates down.
3. Talk to the owner. One of the largest problems facing those that book vacation
rental homes online is that they can not talk to the owner to get the answers
to their questions. Find a website that allows the owner to tell you about the
home and answer any questions you have.
4. For a cost savings option, consider moving your choices in vacation home
rentals back just a bit. By allowing a bit of distance between you and the main
attractions, you can often save quite a bit of money. This can allow you to
save a good deal in the long run.
5. Get what you want. If there are special amenities and necessities that you
need and want, then look for it. Many of the condos and homes that are vacation
home rentals allow you to have most of what hotels offer if not more so.
Taking advantage of these things to have a wonderful time when you are on vacation.
Your own home to go back to after a night of toss in the sand or enjoying the
local cluster is just the way to go. Use these tips to help you to get the most
out of you vacation home rental.
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