Tips on Buying Your Perfect Vacation Home
We see it often… a family hears about Sunriver and decides to plan a trip. They come, they experience, they explore, and they fall in love. And this is the moment that many decide to look into buying a second home here. Whatever your reason for wanting a vacation home, here are our tips on what to look for before you take the big plunge.
We see it often… a family hears about Sunriver and decides to plan a trip. They come, they experience, they explore, and they fall in love. This is the place where families come together and memories are made. Not long after their first, second, third trip, they start to realize that Sunriver never gets tiresome but actually gets serendipitously better with each exhilarating visit. And this is the moment that many decide to look into buying a second home here.
Reasons for buying a second home vary, from recreation and vacation enjoyment to investment and development to retirement planning. Owning a vacation home can be a highly rewarding experience both personally and financially. Whatever your reason for wanting a vacation home, here are our tips on what to look for before you take the plunge.
1.Location, location, location
You’ve heard it before, but there is nothing more important than location to consider when choosing a vacation home. Though far off exotic locals may look tempting in magazines, consider the longevity of your choice. Choose an area that you already know you like and have visited often—a place that is convenient to access and offers easy travel to and from. Whether it’s located in Sunriver, Caldera Springs, or somewhere completely different, make sure you choose a place that you know you’ll make good use of. Even if you’ve been vacationing in the same area for years, getting to know the place from a local perspective is important before buying a home there. Talk to residents and ask them what they like about the area, how it’s changing, what types of people are moving there.
2.Give it a test drive
If your home is in a popular area like Sunriver or Caldera Springs, you may be able to rent it and earn additional income when you’re not using it. In fact, the house may already be in use for that purpose. If possible, rent the home that you are considering purchasing, or at least one in the same neighborhood. It will give you a feel for the accessibility of the area and what the nearby homes are like. While visiting, scope out neighborhood specific amenities such as bike trails or exclusive pool access, neighborhood association information, resident events, and access to other conveniences and comforts. Because a home and tis surroundings can be so different depending on the time of year, you should try to visit during each season to get a feel for what it’s like year round.
3. Look at the rental history
If the home was managed as a vacation home in the past, ask the property management company to provide information about the rental potential of the home. Though specific information is usually confidential, they should be able to provide a snapshot on the average rental potential for that specific neighborhood or home type.
4.Crunch the numbers
Before jumping into a second home purchase, be sure to thoroughly review all the associated costs beyond just the real estate sale price. Be sure to consider the cost to furnish the house, regular homeowners association fees, outside maintenance fees, property management costs, and so on. It helps to know what your costs are ahead of time to make sure your best laid plans do indeed pencil out.