What You Should Know Before Buying a Vacation Home

  • By Jeremy Thompson
  • 15 Jul, 2014
It’s summer, and the appeal of warm weather, the sand between your toes, or just the fresh air, makes you want to capture these days permanently. Some people choose to purchase vacation homes as a way to escape from the midwest’s cold weather, or others want vacation homes in more remote locations, or places that […] The post What You Should Know Before Buying a Vacation Home appeared first on J. Thompson Builders.
While vacation homes are no doubt a great way to hold a residence in an area you want to visit often while keeping your main home, it’s a big decision and owning a vacation property does not come without some issues.
One of the best, insightful articles we’ve seen on what to consider when buying a vacation home is from Forbes.com. We’d like to share some of their tips (along with our own thoughts) to help you if you’re pondering a vacation home purchase.
Spend time in the area:Personally, we recommend spending lots of time there. Without a doubt you need to know this is an area you would want to visit often. Once you purchase a home, you’re committed to spending lots of time there.
Know what the costs are:Don’t get in over your head on a vacation home purchase. You’ll want to understand all costs associated with owning the home including utilities, maintenance, association fees, property taxes, insurance, etc.
Plan for someone to watch the home while you’re away:Because you won’t spend much time at the home, it’s best to hire a property manager to keep an eye on the home.
Know that time spent at the home is not always going to feel like vacation:With a vacation home comes the upkeep. You’ll likely spend some of your vacation time working on the home before you can actually enjoy it.
Consider renting the property:While it’s nice to keep the home all to yourself, it’s usually a wise financial decision to rent the home out when you’re not using it. Renting the home provides a source of income which can offset your costs and the extra funds may allow you to pay the home off quicker. Keep in mind that tourists will likely want to rent the home during high seasons, which means you may have to stay flexible on when you use the house.
Take safety into consideration:Research the crime rate for the area. In areas of high crimes you may not want to leave a home unattended for long periods. Regardless of the crime rate, you should always have a security system in operation on a home which is left unattended for days, weeks or months at a time.
Is the vacation spot accessible?:Ideally a vacation home won’t take hours to reach or the likelihood that you’ll use it very often becomes less.
Read the full article at Forbes.com
Next Steps
Photo Credit,  nathanmac87

J. Thompson Builders Blog

By Jeremy Thompson 01 Aug, 2017
Your home should work for you, your family and the way you live. Sometimes a new custom home isn’t the answer yet. When you need to maximize the space in your current home, find clever ways to make your space more usable by maximizing storage in unique ways. Platforms add additional space and a new […] The post Clever Remodeling Ideas to Maximize Storage Space appeared first on J. Thompson Builders.
By Jeremy Thompson 15 Jul, 2017
The internet puts an incredible amount of information at your fingertips. Why would you not take advantage of it to get home remodeling advice? Often it isn’t created by experts in the field. Here are 3 remodeling myths you may have read or heard about and the truth you need to know to understand how […] The post 3 Remodeling Myths and Tips appeared first on J. Thompson Builders.
By Jeremy Thompson 01 Jul, 2017
With more and more people working from home or taking at least the occasional “work from home” day, the home office has become an essential part of a home plan. Even if you don’t work from home ever, the home office is still a great area to work on creative projects, store important files, or […] The post Designing a Home Office: Increasing Productivity, Inspiring Creativity appeared first on J. Thompson Builders.
By Jeremy Thompson 15 Jun, 2017
We’ve offered you lots of advice over the years about building a custom home. Here is a condensed version of some of the most important tips to follow. Get on the fast track to planning your new custom home! 7 Tips for Building a Custom Home Pay attention to your subdivision covenants. Yes, these are […] The post Building a Custom Home: 7 Quick Tips appeared first on J. Thompson Builders.
By Jeremy Thompson 01 Jun, 2017
Whether building a house or undertaking a remodel you have the opportunity to design your house to suit your tastes and needs. There are many flooring options available, each with unique characteristics and design. Since flooring is a long-lasting part of the house it is important to choose the right floor for each room that […] The post 5 High-Quality Flooring Options Available for Your Home appeared first on J. Thompson Builders.
By Jeremy Thompson 15 May, 2017
Building a new home is an exciting time, filled with anticipation and satisfaction as you watch your vision come to life. However, it can also be a little overwhelming when you’re unfamiliar with some of the technical terms. To help remedy this we’ve defined a few of the custom home building terms you may hear […] The post 5 Key Terms to Understand in Custom Home Building appeared first on J. Thompson Builders.
By Jeremy Thompson 01 May, 2017
Whether you’ve just unpacked your first box or you’ve been living in your house for years, chances are there’s something about your home you’ve desired improving. However, before beginning a project there are a few key home remodeling terms you should become familiar with. Understanding these terms will help you navigate conversations with your remodeling […] The post 6 Key Home Remodeling Terms to Understand Before Beginning a Project appeared first on J. Thompson Builders.
By Jeremy Thompson 15 Apr, 2017
When it comes to home improvements, most of us are always looking for new, innovative ways to make changes to our homes. Whether you want to remodel your kitchen or just put shelves in your garage to store your tools, there are a wealth of home remodeling ideas to explore. Thankfully, there is a range […] The post 5 Home Remodeling Blogs That Will Inspire You appeared first on J. Thompson Builders.
By Jeremy Thompson 01 Apr, 2017
Few understand the custom home building process until they’ve experienced it themselves, and even those who have often don’t understand the aspects they haven’t experienced (e.g. if you haven’t built a custom home in a subdivision you may not understand how lot covenants work). Six key facts are important to understand when building a custom […] The post 6 Key Facts to Understand About Building a Custom Home appeared first on J. Thompson Builders.
By Jeremy Thompson 15 Mar, 2017
One of the more frustrating and confusing tasks when financing the building of your custom home or the remodel of an existing home is finding the right lender. Do you go with a broker, or a credit union, or a small hometown bank, or a large banking institution? How do you know they will give […] The post Home Building and Remodeling: Finding the Right Lender appeared first on J. Thompson Builders.
More Posts
Share by: