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Finding the perfect vacation home Sometimes the perfect vacation leads to the perfect vacation home. But what's the reality of buying a home in a place where the family likes to vacation? There are definitely some key factors to take into consideration before taking the plunge into the purchase of a second home. According to EscapeHomes, the changing world has made an impact on the kinds of homes people are interested in buying. Since Sept. 11, people are seeking vacation homes in more secure, small, secluded communities away from the troubles of the world. Family planning, diligence and travel considerations have become important when faced with a different world climate. EscapeHomes, considered one of the online authorities for vacation homes and properties, offers these 10 tips for finding a great vacation home. 1. Define the kind of lifestyle desired - whether it's recreational, educational, cultural - and if the house will be used in retirement. 2. When researching locations, keep in mind the climate, cost of living and how close it is to family members. 3. Determine whether the location has desired amenities such as a beach, golf courses, skiing areas or cultural activities. 4. Determine the ideal travel distance by car or plane. 5. Contact a real estate professional to help with the search. 6. Inquire at the area Chamber of Commerce or with local groups for information about the community. 7. Visit desired destinations. 8. Review financing options. 9. Purchase through a knowledgeable real estate agent specialist. 10. Enjoy the process of exploring vacation home options. As buyers approach the age when they are most likely to make a lifestyle change and buy a vacation home, a series of important considerations or compelling conditions often compel people make the move. An increase in home equity, favorable tax laws, record-low mortgage rates and a change in lifestyle priorities can all come together to make buying a vacation home a dream come true. Residential real estate transaction fundamentals still apply, but why, where and how one approaches the vacation home purchase requires additional considerations. While the location decision is almost always a personal one, there are some common vacation home areas. No matter what state or country is chosen, most second home buyers tend to choose lakeside, beachfront, mountain and other resort communities. "The best vacation homes are those within easy traveling distance of your primary residence," said Clark Thompson, CEO of EscapeHomes. "If it's too far or too expensive to reach within a few hours, you likely won't use it enough to substantiate the cost as an owner-occupied vacation home." Finding a second home could be as easy as deciding whether this year's summer vacation destination is one that warrants a return on a permanent basis. Then there's always the decision as to whether it's wise to settle in one spot vacation after vacation or to continue the quest for the perfect vacation or second home destination. That's why it's a good idea to consult a real estate professional who can help sort through all the options. — Information provided in this column is presented by the Realtor members of the Silicon Valley Association of Realtors at www.silvar.org. Send questions on any topic to jnewton@jnpr.com. |
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