Tips for Locating a Vacation Home

Are you at the point in your life when you feel you can afford a vacation home in addition to your primary residence? Congratulations! Not everyone finds himself in such a situation, so it may be a little tricky to go about searching for the perfect vacation property for yourself or your family. Here are a few pointers that will get you headed in the right direction as you embark on your search for the perfect vacation property:

Consider your budget. Before you get started, you’ll want to speak with your loan officer to determine how much you can afford to spend on a vacation property. As with buying a primary residence, it’s a good idea to obtain a mortgage pre-approval letter from your lender before you begin your home search in case you find something you love immediately and wish to make an offer.

Narrow your search. As with any home search, make a “wish list” of amenities you hope to have in your vacation home. Then prioritize them. If it comes down to spaciousness versus beach access or an updated kitchen versus proximity to local attractions, this checklist will help you make a decision when the time comes to do so.

Do some online research up front. You can peruse home listings online much more easily than you can accomplish multiple visits to the area to walk through properties; doing a little work from home before you head to your destination will help you target your search once you visit the area. And if you are hoping to rent out the home when you are not occupying it, a simple rental search in the zip code where you are buying your vacation property can tell you a lot about rental rates, availability of other rentals in the area, and feasibility of renting during each season.

Partner with a local agent. It’s crucial to find a real estate agent who understands the market in which you plan to buy. Rely on references and don’t be afraid to vet more than one agent to ensure that you are partnering with an expert in the community or area. He or she will understand the ins and outs of the market and can help guide you in making an informed choice about the property you choose.

To build or to buy. While building a brand new vacation home to suit your personal taste can seem like an appealing idea, you’ll need to thoroughly research building restrictions in the area in which you wish to buy. And building a home in a place where you don’t live – and can’t check in frequently with contractors about progress – can be fraught with difficulties. Buying an existing home can eliminate some of these headaches.

Although buying a property remotely can be a bit more challenging than searching for a new home in the area where you already live, the reward of having a go-to vacation destination of your very own can be tremendous. By doing a bit of work up front and relying on the counsel of trusted loan officers and real estate agents, you can rest assured that you are on the right path to owning a vacation home of your very own.

Would you like to find out more? Visit www.polimortgage.com for more information.