Buying A Vacation Home
The factors for buying a second home or a vacation home are relatively different from those that come into play during a first home purchase. A few points must be taken into consideration to ensure that a vacation home has excellent resale value besides serving its recreational purpose.
Studies have shown that unobstructed ocean views can add as much as 60 percent to the value of a home. Likewise, proximity to open spaces like a golf course or a park can increase the price of a house by nearly 20 percent. Buyers should find out the nature of healthcare services in the area.
As mentioned earlier that the factors for buying a second home are different. Therefore, a buyer should check the neighborhood of the house. One vital factor is a hospital. Ensure that there is a health care center or a hospital close to the proposed vacation home. Check out the hospital to see whether it is properly staffed and has emergency services.
The increase in home prices in vacation areas like Aspen, Colorado, has been higher than rise in average income. This has meant the migration of many locals to suburbs and the resulting traffic jams. It is a god idea to check the amount of road traffic.
A prospective vacation buyer should also compute and compare the overhead costs of living in different areas even if the home prices remain roughly the same.
Homes with at least five bedrooms tend to fetch higher rents than small places in vacation areas. The buyer should take the general structure and strength of the property into consideration since many resort area homes are subject to more environmental stress than homes in cities. Homes that attract more rent are more appealing to buyers.
In many gated communities, a home owner is charged a maintenance fee for upkeep of the property which may be hiked. It is advisable to talk to the association officers to see if there are enough cash reserves to tide over major maintenance problems.
Lastly, compare how homes in associations with strict rules rent when compared to areas or communities where the rules are a little lax. This can affect the price of the home.
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