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Questions to Ask Before Buying a Vacation Home

,02/15/2022

If you're thinking about buying a second vacation home for vacation or rental purposes, then you'll need to do some homework before you get serious about shopping. Homeownership is a big deal, and buying two homes can either be a path toward long-term income or a mistake that will sink you financially.

Here are the questions you should ask (and answer) before you make any offers.

 

Why do you want a vacation home?

  • I want a rental property for short-term tenants (Airbnb)
  • I’ve always dreamed of owning a home in ________.
  • I visit all the time and want a place to stay.
  • I want to retire here; buying a home seems like a good first step.

 

What can you afford?

  • Second homes usually require at least 20% down
  • Mortgage rates are usually higher
  • Taxes and insurance
  • Utilities
  • Maintenance and upkeep
    • Cleaners
    • Landscaping
    • Property managers

 

Where will you buy?

  • I’ve always known my ideal spot
  • I’m really not sure
    • Spend a week or two in different areas
    • Make a list of pros and cons; compare
    • Ask locals what it’s like
    • Ask other vacation homeowners what it’s like

 

Is this the right home for you?

  • Is the home conveniently located?
    • How far to big attractions and public transportation?
    • What are crime rates like?
  • Does it have a yard? A deck? A garage?
  • How does it stack up against other homes in the area?
  • Will you have to make changes or upgrades? 
    • Can you afford to do that?
  • Will it be rentable?

 

Are there natural hazards or events you need to understand?

  • Earthquakes
  • Mudslides
  • Hurricanes
  • Tornadoes
  • Hail
  • Snow
  • Floods

 

How much time will you spend there?

  • Consider tax laws
  • Factor in to-and-fro travel expenses

 

What's your exit strategy?

 

  • I want to retire in the home
  • I need to figure that out
    • After its value has increased by $_______
    • After I’ve owned it ___ years
    • After I’ve paid off ____% of the mortgage

 

Considering a second home? Talk to one of our expert agents to help navigate the process.

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