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Is a Vacation Home Right for You?
Many of us dream about owning the vacation home in the Mountains, or on the Lake or Ocean. A place where one can retreat periodically from the hustle-bustle of everyday life. However, for those who do achieve the financial resources to make such a purchase, there are several factors that should be considered first prior to taking the plunge.
Owning a Vacation Home can be a wonderful experience, but it is a huge commitment and responsibility. When one first thinks of owning a Vacation Home, we think of only the positives, such as a quiet remote location where we can get away from it all. A place where we can swim, fish, hike, and ski. Unfortunately for many, they forget about the other realities: location and travel time, upkeep and the associated costs, high property taxes, their children's school and other home activities, guests. All of these put stress on the new Vacation Home owner, and how they prepare ahead of time to address these issues determines how enjoyable their new purchase will be.
The first item to consider when purchasing a Vacation Home is location. Is it near enough from your main home such that you can enjoy it regularly enough? If not, consider another investment. The last thing you want to do is make a huge investment in property that you can not regularly enjoy. Though real estate has always been considered a good investment it is not considered liquid, and expensive vacation homes can take a long time to sell.
Cost of upkeep and property taxes should also be heavily considered. Maintaining a vacation home is not cheap and the local town officials love to hit the vacation homes hard with property tax bills.
One also needs to consider his or her own weekend responsibilities and those of their children. Sports team events, clubs and organizations as well as maintaining the main house will eat into the time available to head to the weekend get-away. And if you have teenagers, they have their own dates and plans. Be prepared, more times than not, for having to forgo the weekend retreat for your children and other responsibilities.
One of the other aspects of owning a Vacation Home is having guests. This is a double edge sword. You want to have guests to share in your retreat. However, the upkeep, food and cooking can become overwhelming. Also, when guests visit, they are on vacation, but you may not necessarily be. It is important to let friends and families understand this, otherwise prepare for unexpected meals outs and other activities.
Owning a Vacation Home can be, and is for most, a wonderful experience. Those who truly enjoy them, usually have to go thru an adjustment cycle. First the euphoria phase, followed by a frustration and exhaustion phase, and finally the true enjoyment stage. The enjoyment phase occurs when one has developed a balance between the pros of owning a vacation home and the other responsibilities of their lives.
Mark J. Donovan
Over the past 20+ years I have been involved with Building homes and additions to homes. I have completed many projects that have included: building a Vacation Home, Family Room Additions, and a Garage. I have also finished the upstairs on unfinished homes. My formal education and Profession has been as an Electrical Engineer and Marketing Manager.
Subdividing - But NOT Land!
Many people are familiar with the concept of sub-dividing a large piece of property into smaller lots. The same concept can be very profitable in other areas.
The Bubble Effect
Turn on the TV at almost any time day or night and you will find news and talk shows informing us that there is a Real Estate bubble. What is a "bubble" and how do they know? The simple principle of what goes up must come down is being applied in general thought now and many in the public are starting to buy it.
How To Find Your Dream Home In Belize
Shopping for property in Belize is not as simple an undertaking as you might initially expect!Firstly, estate agents as we know them are non existent! Real estate brokers that do exist are likely to be unlicensed, unregulated and certainly not trained or insured.Secondly, the majority (and I mean the majority) of property for sale is not advertised!But with property prices remaining affordable, the quality of property available attractive, the climate beautiful, the people welcoming, the quality of life incredible and the opportunities in Belize plentiful, more and more people need to know HOW they can go about procuring themselves their dream home in Belize.
Investment Property Part 2 of 2: What You Need to Know Before You Buy
Welcome to the second portion of a two-part series on investment property. In the first installment, "How Not to Become a Slumlord", we discussed a little of what it takes to own and operate a property as well as some of the do's and don'ts of the property management trade.
Finding the Right Buy to Let Mortgage for Your Investment Property
Finding the right buy to let mortgage is crucial to your success as a property investor. Unlike other forms of investment, a lot of the money you put into a buy-to-let property is likely to be borrowed.
Grab Quick Profits As Real Estate Prices Soar
Real estate values rise and fall in cycles. Currently home prices are nearing a top in many areas.
Essential Buyer's Guide for Overseas Real Estate
It's been said many a time that overseas real estate buyers leave their brain on the plane when they step out into the sun in their overseas destination of choice. They've already fallen in love with the country, its people, climate and lifestyle and they've come to snap up that dream home.
First-time Home Buyers - 100% Home Loans
There is an increasing trend in South Africa that is seeing youths entering property market at a much earlier age. These youths are mostly first-time home buyers, applying for their first home loan, who have been renting for a short while and feel the need to invest in a property of their own.
8 Essential Questions to Ask Your Home Inspector
Congratulations! You've decided to purchase a home. We all know that when purchasing a home, every detail is an important one.
Buying Outer Banks (OBX) Investment Property
So, you're thinking of purchasing a rental property at the beach. Historically, real estate investments have proven to be a wise investment strategy.
Personal Branding Techniques for Real Estate Agents and Brokers
Branding can be done to any product, or any person. Before undertaking an exercise in personal branding, however, consider your distinctive strengths and abilities and what they offer the market place.
Before Selling Your Home
Here are some important steps you should take before you put your house on the market:1. Home Loan Approval for your next HomeYou don't want to be signing a contract to sell your house before knowing if you are qualified to buy another.
Avoid The Traps Of Finance
Most consumers are told where to get their mortgage because few people personally know and trust a mortgage or loan officer or correspondent (the same thing). It used to be agents would take their buyers out to find the house they wanted, then to their favorite mortgage company.
Closing Costs When Buying A Home
Closing costs are often the last thing a person thinks of when buying a home. While closing is the joyous moment the home becomes yours, the costs can be surprisingly aggravating.
Location, Location, Location
Location, location, location - known as the 3 most important factors when buying a property, and it is easy to see why. The location of your property dictates how much yield you get, and how much capital growth, which ultimately decides how well you do.
Five Things to Help Sell Your Home Fast, and For More Money
Selling your home requires some thought and a clear plan of action. Here are five things to consider when you're getting ready to sell your home:1) Know Your BuyersAre most of the homes in your neighborhood being bought by first-time or move-up buyers? Depending on which group will be looking at your home, you'll want to do the things that will make your home appealing to those buyers.
Investing in Real Estate Profitably: Financing Options for Purchase of Rental Houses, Part 1.
This is not an article about tricks for 100% (no money down) financing. Even if you do take advantage of various no money down strategies from time to time, these strategies are not generally applicable when you begin investing systematically in multiple rental homes with the goal of making significant rental income.
Boston Real Estate - Interest Rates and Inventory Must be Analyzed when Selling Your Boston Home
When selling your Boston home, it's good practice to be aware of what similar homes in your neighborhood have recently sold for. Recent comparable sales are not only what a good Boston real estate agent should use for guidance when pricing your home, but also what a bank appraiser will use if and when your buyer applies for a mortgage to buy your home.
Death, Taxes, and Foreclosures
So how do you find the best foreclosures. Its not easy as the business is very competitive, especially in this current crazy real estate boom.
European Second Home Prices Wilt in Drought
Spain and Portugal have suffered one of their worst droughts on record this summer, with consequences from empty swimming pools for the tourist to economic disaster for farmers losing their crops and livestock.Roger Munns, Managing Director of Tribune Properties, predicts that property prices in the two European countries could drop as much as fifteen per cent in some areas as more owners decide to put their villas and apartments on the market.
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