Longboat Key, Florida | June 7th, 2018 – One of the joys of retirement is getting to decide how you’ll spend all that extra time. You can pick up some hobbies, do some traveling or even buy a little vacation spot of your own. If you’re thinking about investing in a vacation home, keep these helpful hints in mind:
Picking Your Dream Location
This is one of the most exciting parts of securing a vacation home. Think about what your perfect vacation location would include. Maybe you’d enjoy a little sand between your toes, or perhaps a little mountain air would do you some good. Spend a little time dreaming about the perfect location, and then start some real research. Look into cost of living, access to resources and quality of life in different areas. If you have kids or grandkids, think about a location that is close or convenient to them if you’d like to have a few family vacations.
Getting The Right Property
Once you’ve narrowed your search to a specific area, it’s time to look for the right spot. You may want to reach out to a financial advisor to help you make the right choice. Should you buy outright or share the property with others? Your advisor can help you answer this question and more. Next, work with a real estate agent to find a property that suits your needs. You may want a condo or a larger home of your own. A real estate agent can quickly find homes that match your dreams and help you negotiate your offer and purchase of your new vacation property.
Handling Upkeep From Afar
If you’re only spending a portion of the year in your vacation home, you’ll need someone to help you out with maintenance. Many second home owners will consult a property management service to help them keep an eye on their home while they’re away; these companies can even help you rent your place out, if you’d like. They can also take care of any maintenance issues that may arise so you don’t have to deal with them from afar. If you’d rather not use a property management service, seek out a few people you can check in with about your house from time to time. Have a list of contractors ready so you know who to call for issues and repairs.
Planning For Routine Costs
Aside from maintenance, there are typically other monthly costs to consider when committing to a second home. You’ll need to have insurance on your property, so take steps to keep these costs low. Know what environmental hazards are common in your vacation destination. Keep features up to code for issues like hurricanes, flooding and fires. It’s also smart to think about taxes, and keep this annual cost in mind when figuring out your budget.
Securing Your Home Away From Home
Vacant homes can be a magnet for break-ins and theft. That’s why it’s important to take measures to secure your vacation home and belongings while you’re away. Install deadbolts on doors and secure locks on windows. Fence in your yard and use locks on gates. If your home is not already equipped with a security system, consider installing one. According to Improvenet, “Most homeowners spend between $650 and $2,077 nationally” on a home security system, and it can alert emergency services if there is a break-in or fire. Security systems can also lower your insurance bill and keep you safe while you’re in your home.
Enjoying Your New Getaway
If dreaming about locations is the second most thrilling part of this process, actually enjoying your new home is definitely the first! Take the time to make your vacation property a respite from the stress and strain of everyday life. Think about setting up a meditation space to bring true peace to your new home, and be sure to get out into your new area. Above all, try to make your time in your vacation home about rest and revitalization of your mind, body and soul.
Buying a vacation home can be tricky, but it’s such an exciting move. Through years of hard work, you’ve earned this moment, so try not to stress, and enjoy all of your new adventures in the years to come!
Photo Credit: Pixabay