It takes place quite a bit. The dream vacation on the beach, at the lake or at the ski slopes suddenly morphs right into a dream of purchasing a slice of paradise. For anyone who is thinking about buying a home in your dream getaway area, here are a couple preparatory steps you can take as you start on your pursuit
Vacation Home: Dream Sensibly
Decide whether you want the house to be primarily for your use or also function as a rental property.
If you will try to recoup a portion of the purchase and maintenance costs through renting, the home you get needs to have a wide appeal, include popular amenities and may also be professionally managed.
Speak to your accountant about potential tax advantages or obligations associated with your vacation property.
Second homes and rental properties are subject to specific tax rules, so ensure that you know what’s expected and what you are able to deduct.
Think about location, location, location.
Yes, it’s really a cliché, but no less true for vacation properties than for other real estate. Homes near beaches or mountains have a tendency to attract the largest number of interested buyers or renters. Take a look at all four seasons within your targeted area since the atmosphere can change dramatically based on busy or slower seasons. Finally, consider something within a few-hours drive or flight. Anything much farther has a tendency to discourage frequent visits.
Consider renting first, then buying.
This will provide you with time to become familiar with the development, the area as well as the turnover rate among your future neighbors. Each one of these factors are essential to your enjoyment of the place – and its resale potential.
Contact Nick, Cindy or Nicholas Davis with RE/MAX Premier Group who is familiar with the area as well as the second-home market. Working with us who live and work in the Tampa Bay & Surrounding areas is your best bet. In addition to advising you on each location’s benefits and drawbacks, we can also discuss the property’s rental and resale potential and year-round character – important aspects to take into consideration as part of your property search.
Ready to get started finding your vacation home here in the Tampa Bay Area? Nick & Cindy Davis with RE/MAX Premier Group are here to assist you. We are always a just a click here away or call 813-300-7116
