7 Tips for Buying a Vacation Home

1. Consider how you’ll use the home. 
Will it just be for family and friends, or do you plan to rent it as well? And realistically, how many times will you use it per year? 

2. Evaluate locations. 
Are there enough amenities and attractions to keep you — and renters — coming back here after year? 

3. Talk to the locals. 
What do they love about the area? What’s changing? And what’s it like during the off-season? 

4. Study local laws. 
If you plan to rent the home, local rules may restrict rental periods or cap the number of days you can rent each year. 

5. Calculate costs. 
Along with mortgage, insurance, property taxes, and association or amenity fees, plan for wear and tear. 

6. Talk to an accountant. 
This person can advise you on such issues as the tax implications of rental income and changes in federal tax laws that could impact deductions. 

7. Work with an experienced realtor. 
Pick someone who knows the community and who can recommend the other experts you want to consult. Consider agents with Resort & Second-Home Property Specialist (RSPS) certification as they have completed additional instruction to help homeowners like you. Our very own Debbie Agnew is one of those agents as she is RSPS certified! 

If you're looking to invest in a vacation home, let us know – we're here and happy to help.