Jon & Suzan Busch ®Realtor/e-Pro/Certified Marco Island Specialist's Blog
Owning a second home or vacation home is the dream of many Americans hoping to retire in style. However, owning a second home can also be a huge financial asset and even an added form of income if you’re savvy with the rental process.
What stops most of us from buying a vacation home in our ideal getaway? The funding, of course. But, there are ways to plan ahead to ensure you’ll be ready to take the plunge and purchase a second home when the time comes.
In today’s blog post, we’re going to be talking about the steps to buying a home away from home and give you some tip on how to accomplish this goal in the most financially-sensible way possible.
1. Location is Key
When you buy a second home, you take on all the responsibilities of homeownership a second time. Since you won’t be around every day to tend to maintenance tasks and troubleshoot problems, you risk discovering costly repairs that could otherwise be avoided.
The most common issues to be concerned with are frozen pipes in northern climates, flooding in coastal areas, and problems like pests that can be found just about anywhere.
Depending on your budget, you might want a home you can drive out to on the weekends, meaning somewhere close by to your primary home. This option also makes it easier to stay up-to-date on home maintenance tasks before they become an issue.
2. Try before you buy
If your ideal vacation home is in an area you’re not totally familiar with, it’s a good idea to visit the neighborhood, talk to the locals, and gain their perspective on the area before buying.
This trip will also give you a sense of what you can expect to spend each time you visit the home. And, if you plan on renting out the property when you aren’t using it, you’ll be able to gauge what a reasonable rent price is for the location.
3. Earning income from your vacation home
Making extra cash from a home that you get to use pretty much whenever you want. Sounds like a dream, right? It can be if done properly, but you’ll need to ensure a few things before you can start earning income from your vacation property.
First, be aware that investment properties often require a larger down payment (typically 30%). Lenders also charge extra interest on homes that will be rented out.
Finally, there are local and state-level laws you’ll need to adhere to. These laws are designed to protect your interests as well as the people who rent out your property, so make sure you use a standard rental agreement for your area.
4. Making an offer
You’ve been here before. Once you’ve decided on a home, it’s time to start crafting your offer and negotiating with the seller’s agent.
However, before you pick a number, do some research on all of the expenses you’ll be paying on the house in question. Property taxes, homeowners association dues, utilities, and any other costs should be on your radar before determining if it’s the right home for your budget.
You’ll also want to be aware of the stipulations of renting out a property you own. This includes reporting income from renting your home to the IRS.
Now that you know the steps you’ll need to take to move toward your goal of buying a vacation home, you’ll be better equipped to make decisions that are best for you and your family’s future.
Selling a luxury home in Orlando, Tampa Bay or any other Florida city or town may prove to be difficult, particularly if you ignore your house's curb appeal. Ultimately, there are many reasons to upgrade your Sunshine State luxury home's curb appeal before you list your residence, and these include:
1. You can differentiate your Florida luxury home from the competition.
There may be many luxury houses similar to your own, regardless of whether you own a deluxe residence in Fort Lauderdale, Jacksonville or elsewhere in Florida. But if you upgrade your house's curb appeal, you may be able to differentiate your home from comparable residences in your city or town.
Consider the buyer's perspective – you'll be glad you did. If you analyze how a buyer may perceive your Florida luxury residence when he or she sees it for the first time, you may be able to discover innovative ways to enhance your house's curb appeal. Therefore, you can distinguish your luxury home in Gainesville, Lake Worth or another Florida city or town from the competition.
2. You can boost the likelihood of a quick home sale.
The Florida luxury home selling journey sometimes can be long and complicated. Fortunately, a seller who bolsters the curb appeal of his or her Sunshine State luxury home may be better equipped than others to enjoy a seamless property selling experience.
Upgrading a Florida luxury house's curb appeal often can be simple. Mowing the front lawn, trimming the hedges and performing various home exterior repairs may be ideal. Also, if you need help with any home exterior projects, you can always hire a professional contractor who can provide expert assistance.
3. You can stir up lots of interest in your home.
Enjoying a fast Florida luxury home selling journey is a dream come true for property sellers. And if you improve your Sunshine State luxury house's curb appeal, you may be able to stir up plenty of interest in your residence as soon as it becomes available. As a result, you could receive multiple offers to purchase your home at or above your initial asking price.
Of course, it generally is a good idea to hire a real estate agent before you list your Florida luxury home as well. Because if you have a real estate agent at your side, you can promote your Sunshine State luxury residence to the right groups of buyers.
A real estate agent is a luxury home selling expert who can help you maximize your earnings and streamline the property selling cycle. Thus, if you want to get the best price for your St. Augustine luxury house, a real estate agent can help you do just that. On the other hand, if you want to sell your South Beach luxury home as quickly as possible, a real estate agent is happy to help.
Ready to add your Florida luxury home to the local real estate market? Hire a real estate agent today, and you can get the help you need to enjoy a stress-free and profitable luxury home selling experience.