Buying a vacation home is a dream for many people, but with the right planning and a little knowledge, it can be a lot easier to achieve than you think. So, if you have ever harboured a desire for a relaxing retreat on the coast or in the countryside, read on. We’ll give you everything you need to know.
Hire An Advisor
First thing’s first, you will need to work out how much you can afford to spend. You could speak to your bank manager to find out your options, or get a financial advisor on board to help point you in the right direction. Some banks will offer you a better deal than others, so an independent advisor could unearth some great deals you were previously unaware of. Make sure to check their ratings at consumer services like Better Business Bureau and are registered with the relevant financial authority.
Decide On Location
Once you know your budget and how much you can borrow, it’s time to decide on the location. If there is a particular area you want to have a vacation home in, then have a look online for available properties. Bear in mind that unless you are incredibly lucky, there may not be a property available. Also, you may have to pay a premium for that beach-front property you have lusted after. Attractive areas mean expensive prices, unfortunately.
Research Other Options
Because vacation homes in certain areas can be expensive, you might want to reconsider your options. There are a few things you can do. Firstly, you could buy your vacation home for the purposes of renting it out to other holidaymakers. You may get a higher home loan if you intend to use it for business purposes. Secondly, you could think about finding more affordable homes for sale and then renovating them. Finally, you could look at buying a house away from the premium market. You might not get the same views, but you will still get the opportunity of a dream home in the perfect place.
Negotiating a better price is part of buying any home, so don’t be afraid of doing the same with a vacation property. The more you save on the purchase price, the more you will have for renovation. Your best bet is to hire a good surveyor who will go over the home with a fine toothcomb. You can use their report to drive down the price. Any repair work that needs doing can be a tool for your negotiations whether it is internal fittings or external work. Another way to approach this could be to pay the asking price, but only n the condition that everything is fixed beforehand. You could also negotiate with the seller to leave their fixtures and fittings in there. This will save you the cost of designing a new kitchen and installing a new bathroom.
Are you ready to go looking for your new vacation home? We have plenty more ideas on our blog for homebuyers of all descriptions, so make sure you give them a read before you get going. Best of luck and happy house hunting!