It is always “location, location, location”
We choose our vacation homes because we have a strong emotional attachment to an area. Maybe this is where we went on holiday as child with our parents or met our spouse, or just fell in love with area on a visit. Whatever the reasons, we are drawn to a specific location just because it is where we want to spend our time. When choosing a vacation cottage or a retreat home, take into consideration if you are purchasing it solely for your own family’s recreation and enjoyment, if you are planning on renting it out, or if you are retirement planning. This will make a difference in the location where you ultimately choose to purchase.
Before you buy, visit the area more than once and in more than one season. You will want to be familiar with what the area has to offer throughout the year. It doesn’t hurt to take some time and talk with a local or two to really get to know what life here is like.
Year-round or seasonal
Now that you are absolutely sure that this is the right place for a vacation home, there is another item to consider before you begin looking at vacation homes or retreats. Just when are you planning on using the property and is this a home that you may retire to? If your dream is to have a lovely summer getaway, there are many cottages and camps available that are built just for the warmer months. If you think you may want to be here in the winter or that this could be a home to retire to, make sure that you are looking at listings that are for homes designed for all seasons.
Make sure that you have a realistic budget in place before starting your search for your vacation cottage or retreat. Start with the monthly mortgage expense and add to it the estimated costs for utilities, insurance, taxes and maintenance. A good rule of thumb is to add 2% of the home’s value for annual maintenance costs. An option for recouping costs on your vacation home is to consider renting the property when you are not using it. I will be happy to discuss this possibility with you.
The last step is the most fun for both you and I. We can start looking for your perfect vacation cottage. Call me at PEAK® Point Real Estate Brokerage today so that we can get started!