Buying a Vacation Home: 5 Big Questions to Keep in Mind
If you’re thinking about buying a vacation home, there are dozens of factors to consider. From ensuring the home will meet your family’s needs to evaluating it closely for any hidden surprises that might become issues down the road, doing your due diligence before you sign the closing papers is a wise move.
5 Things to Look for While Buying a Vacation Home
- Will the home suit your family, now and in the future?
During the process of purchasing a vacation home, many buyers get caught up in excitement and forget to consider how the same house will function ten years in the future.
With this in mind, consider whether the home has additional bedrooms for children and grandchildren, if it has stairs that will be difficult for older family members to get up and down, and if it will accommodate large gatherings like weddings or reunions if this is important to you.
Taking the time to consider these things now prevents you from being disappointed down the road.
- Does the home work year-round?
Unless you’re searching for a seasonally-specific vacation home, it’s wise to purchase one that will be comfortable and enjoyable all year around. For example, if you’re looking for a vacation home that allows for winter skiing, consider expanding your search to include towns that also feature summertime hiking, biking, and music. This lets you get more bang for your buck from your vacation home.
- Does the home need major repairs?
Most people look at a vacation home as just that – a vacation! Because of this, you might not want to put a new roof on your getaway as soon as you close. With this in mind, evaluate the vacation home for any significant flaws that could turn into expensive fixes down the road.
- Do you love the home?
Again – a vacation home should be a slice of paradise, not a headache. Because of this, it’s critical to ensure that you’re head-over-heels in love with the property before you complete the sales. If you could just as easily move on, you may be wise to do that, instead.
- Is there room for expansion?
Many people want to retire at their vacation homes when the time comes. With this in mind, evaluate the property for its development potential. Could you put in a larger kitchen or add a porch down the road? When a vacation home offers room for upgrades, it’s often a better long-term fit.
Buying a Vacation Home: Slow and Steady Wins the Race
Buying a vacation home is an exciting process. It can be fraught with difficulties, though. Luckily, by keeping these five things in mind as you begin your search for a vacation home, you can ensure that you wind up with a property you’ll love both now and in the years to come.