Often, after owning a first home for some time and finding success in a career, the thought of a country retreat begins to take hold. It’s an exciting milestone, but are you and your family truly ready for this big change?
In my experience, many vacation homebuyers haven't quite done the "homework" necessary to prepare for this leap. To help you navigate the process, here are my top five suggestions for 2018 before you make the plunge.
1. Know Your True Budget
How much can you afford without sacrificing your current lifestyle? Before you start browsing listings, speak to your accountant or a qualified mortgage broker. Get pre-approved in a price range you are comfortable with, keeping in mind that second-home lending requirements can sometimes differ from primary residences.
2. Define Your Lifestyle & Location
Decide in advance how much time you will actually spend at the house. Consider:
-
Travel Time: How far are you truly willing to drive every weekend?
-
Amenities: What attractions (skiing, hiking, dining) do you want nearby?
-
Local Vibe: Visit friends in the area or rent a house for a weekend to get to know the community before committing.
3. Charm vs. Maintenance
Old houses are full of charm and character, but they often require significant maintenance. If you aren't equipped to handle DIY repairs or the cost of contractors, a newer home or a renovated property may be a better choice for your stress levels—and your wallet.
4. Hire a Local Professional
Partner with a local Realtor in your search area. A local expert will work on your behalf, guiding you through the regional nuances, presenting offers, and negotiating the best possible terms for your second-home investment.
5. Don’t Skip the Inspection
Always hire a Licensed Home Inspector and make it a priority to be present during the inspection. This is your best opportunity to learn about the "bones" of the house and avoid any expensive surprises after closing.
The Reward
Once the paperwork is done and the keys are in hand, remember to relax and enjoy the unique benefits and tranquility of owning your second home.
