If you're on the market for a vacation home, here are some pointers for evaluating your purchase options.
Do your research.
Whether you are buying a single-family home, town house, or a condominium, do your due diligence. Ask questions. Take time to digest all the ramifications that come with purchasing this resort property. Being long time locals, we can answer many questions about different areas and resorts. Ask us!
Pick the right location.
What suits your lifestyle? Do you like more remote, quiet, and laid back? Consider the 30A area. Or do you like to be amongst the hustle & bustle? Consider closer to the Destin area. How private does it need to be? What kind of view do you prefer? Know the draws to the community where the property is located, but recognize the drawbacks as well. It's a balance. Location will always be king!
Consider renting it out.
If purchasing in a resort area like the Destin or 30A area, you could subsidize your nut with rental income. But, don’t forget to figure in the wear and tear on the property when you do rent to short-term vacationers. We love vacationers, but they're just that, on vacation. So they're not too worried about that accidentally dinging the wall, or breaking that patio chair. Easy fixes, but they do happen!
Exercise caution with joint ventures with friends or family.
If you're like us, you love your friends and family! But make sure you have a blueprint for the partnership. An attorney could draft a partnership agreement addressing all contingencies. We have seen many successful partnerships in real estate. Pooling money provides the opportunity to purchase higher end properties. In fact, I have a partnership with one of my real estate holdings.
Make it an easy trip.
Traveling to your very own vacation spot shouldn’t be stressful. Decide the distance you don’t mind traveling, by land or by air. You don't want to need a vacation from your vacation.
We're here to assist you in sorting out your alternatives and ascertaining your best options. Got questions? We've got answers.