- What can you afford? According to the 2014 National Association of REALTORS® Investment and Vacation Home Buyers Survey, the median home price for vacation homes in 2013 was $168,700. That number doesn’t take into account other costs of owning a vacation property, including property tax, insurance, furniture, utilities, water, trash, winterization/de-winterization, security systems, exterior maintenance, caretaking services, homeowners associations, etc. Make sure your budget allows for these extra costs.
- Proximity to attractions. A home away from local attractions might sound attractive to you, but that doesn’t mean everybody else wants it. When you’re looking for a vacation home, always keep resale value and rental potential in the back of your mind.
- View your vacation home as an investment. Even if you have other plans for it, view a potential vacation home as an investment property. Important factors to look into include schools, safety, access to highways/public transport etc.
- Check local rents. Even if you don’t plan on renting your vacation home out, it’s important to still check nearby rental prices. If you’re considering renting out your vacation home, you might have to sacrifice some prime vacation time to do so.
- Consider the drive. According to the National Association of REALTORS®, 180 miles is the median driving distance for a vacation home. That’s equivalent to approximately three hours of highway driving without traffic.
- Invest your time. Whatever place you pick for a vacation home, spend more than a few weekends there. Be aware of day-to-day hassles, spend time in local neighborhoods — invest wisely.
Many Wisconsin cities are perfect for vacation homes. To find yours, contact a Shorewest Agent today.
Tags: buying a home, homes for sale, Housing Market, living in milwaukee, Milwaukee, milwaukee lifestyle, real estate advice, shorewest, Shorewest Realtors, things to do, tips and advice, wisconsin real estate
Categories: Home Buying