16 Nov Four Signs You’re Ready to Buy a Vacation Home
Buying your first home can be a stressful and exhausting affair. Buying your second home, however, doesn’t have to be. While your main residence should provide you with convenience, security, and a practical place to house your family, a vacation home or resort should focus on personal enjoyment.
Buying a vacation home is an exciting achievement, but also a big investment. If you’re hesitating about getting that second house, here are four signs that you’re totally ready to take the plunge and purchase the vacation real estate of your dreams:
Sign #1: You Have Enough Time to Enjoy It
While buying a vacation property in a resort community is a great financial investment, you want to be able to have time to enjoy it! Among vacation home buyers, 18% plan to own their home for retirement, but the median length of time you are expected to own this property is nine years. Of course, you want to know that you and your loved ones will be able to use the property regularly so it’s essential to know how often you will be able to visit. If you’re retired, have extensive vacation time thanks to your company seniority, or work flexible hours, then you may very well be ready to purchase a vacation home.
Sign #2: You’re Already Certain You Have Enough Money
Of course, even if you have enough time to enjoy your second home, you may not yet have enough money. Check property listings in the area that interest you and start crunching some numbers. After calculating monthly expenses, down payments, taxes, and other fees, you should have an idea of what you can afford. If the process of researching expenses doesn’t deter your excitement, your financial stars might be aligned to send you on a second-home adventure.
Sign #3: You Have Financial Backup Plans
Another key indicator that you’re ready for a vacation home is that you have extensive backup plans to keep expenses sustainable and affordable. For example, some vacation home shoppers construct realistic rental plans that allow others to stay in the property while they’re away. Some vacation home owners plan to share costs with family and friends to help lower personal risk. If you know you have an “out” should you encounter financial complications, then purchasing a vacation home is within your grasp!
Sign #4: You’ve Done Your Research
If you know every property for sale by heart, have memorized a map of the area, and know the phone numbers of local realtors without checking your contacts, you might be ready to purchase a vacation home in a resort community. Thorough knowledge of the market shows you’ve done your research and can make an informed decision that won’t damage your financial security or current lifestyle.
If you notice yourself behaving in any of the ways mentioned above, then congratulations! You’re ready to start an exciting new chapter in second-home ownership. Whether you choose a bungalow on the beach or a mountain lodge in a resort community, you’re ready to invest in your future and your happiness.