Pros and cons of buying a vacation house
Everyone adores that special time when they get to simply relax and have fun with their family. Whether you love going to the mountains or down to the lake, it’s always great to simply get away for a while. And all that relaxation might get you thinking about getting a piece of that heaven. You might start thinking about buying a vacation house. However, there are many things to consider before actually making that investment. That is, it is quite a big move that you have to consider carefully. Here are some pros and cons of buying a vacation house.
Of course, as with any type of investment, the best thing you can do is truly consider every facet. You need to look at your dreams from a realistic perspective. You might be dead-set on, for instance, even moving to Florida after a great week at the famous beaches of Miami. But you need a basis, a carefully thought-out plan. Here are some of the pros of buying a vacation house.
It is consistently perfect, and consistently yours
There is a certain allure to consistency, knowing that you get to go to your little piece of paradise every summer. And, why not, even winter. After buying a vacation house, you can get that feel of perfection every year. You can ensure that your kids have a great, stable, vacation every time. Also, if you’re set on visiting a certain place several times a year, it will certainly pay off more to buy it than to rent it every time you come.
You basically have a second home
Having a second home is quite the appealing image. But imagine this: you’re retiring and you decide to retire and go on permanent vacation. Let’s say you’re from Texas and you want to escape from the sweltering heat. Your beach house awaits you, ready when you are, only with the added benefit of memories built there for decades. You simply pick up the phone and choose the best moving assistance in Texas and you’re there – living in paradise for the rest of your life. When you think about it, buying a vacation house actually means buying a second home for you and your family.
You can rent it out
Now, the amount you can earn from renting mainly depends on where you plan on buying a vacation house. If you buy a house near the beach, you can earn quite a lot of money. Nowadays, with various different sites involved in renting out someone’s vacation house, it is certainly easy to find people who are interested.
However, when considering renting out, you need to learn about the rules regarding tax. Also, you need to be able to handle the situation regarding maintenance efficiently.
Cons of buying a vacation house
There are also some drawbacks to buying a vacation house that you need to consider. Of course, while they all may be surmountable, you have to weigh the options yourself. Discuss them with your family and with an expert if you’re really set on taking this step. Sometimes, it’s okay to postpone our ideas for later and wait for the right time.
Regardless of whether or not you can take out a mortgage, there are many other expenses to consider. First of all, you will have to pay for the maintenance, because you will not be there constantly. Maintenance includes repairs after storms, fixing any leaks, mowing the lawn etc. So, you need to map out your budget in the long run. If you’re not sure you can manage this step financially, it might be more prudent to postpone buying a vacation house.
Buying a vacation house is a hefty investment;
Another thing you should think about are the costs of furnishing the house. This can cost a pretty penny, especially when you’re thinking about buying new furniture. However, it might be a more affordable idea to simply move some of your furniture pieces from your house to your vacation home. After all, you don’t need that much while you’re on vacation. If you need moving services, find an affordable and efficient company, like Evolution Moving Company NB. Hiring professionals is much easier than going there and delivering it yourself.
You don’t actually go on vacation that often
It might be possible that you’re seeing your possible vacation paradise through rose-colored glasses. After all, you’ve returned rejuvenated, relaxed and refreshed. However, you should ask yourself a simple enough question – how often do you actually go on vacation? If you’re vacationing only one week a year, then it might be better to rent. That way, you will save yourself the money and the hassle. And nothing stops you from buying your home later on, when the opportunity arises.
Before you do that, consider another thing. If you’re moving abroad, it can be difficult to find the perfect home. That is why you should do extensive online research. If you’re considering Mexico as your destination, it’s best if you learn everything you can about Mexico real estate trends. There’s nothing better than good preparation. So make sure all your bases are covered when considering a purchase abroad.
What to consider before buying a vacation house?
As we’ve already mentioned, you have to approach buying a vacation house from a practical side. Here are some of the things you should consider before buying.
- Location. Choose the location carefully. Some locations, no matter how alluring they may seem, are simply a waste of time and money.
- Consider laws and regulations. This is particularly important if you’re buying a vacation house in a foreign country. For instance, if you’re considering moving to Rocky Point, Mexico, it would be best to learn all about the laws there. Otherwise, you may encounter obstacles along the way.
- How much would maintenance cost? Draw up a plan to see how much maintenance will cost you in the long run. This will help you decide whether it is worth it.
- Will you rent it? If you decide to rent it out, you have to consider the taxes and other costs.
- Insurance. Insurance is pivotal with any type of property, especially when buying a vacation house. Because you’re not going to be there all the time, it’s best to take out insurance. However, if you’re renting it out, your vacation home will most likely not be liable for property insurance. But, you can always try other options.
- “Mexican Beach Bum” (Robin Miller) Realtor® is the Designated Broker for Mexico Real Estate and Document Services in the beautiful resort city of Puerto Peñasco-Rocky Point, Mexico, where the desert meets the ocean. Just 210 miles from Phoenix or Tucson and where income producing properties start at $75,000 and homes in town start at $30,000.
Being in the Mexico Real Estate Industry for over 13 years, I have been assisting clients with their Mexico vacation home buying and selling decisions in Puerto Peñasco-Rocky Point, and Puerto Vallarta.
**License #442 (licensing required by the State of Sonora)
**Accredited Professional Broker in Puerto Peñasco-Rocky Point
**AMPI member (Mexico’s Real Estate Association)
**Executive AMPI Board member of the local chapter 51
**NAR member (U.S. National Association of Realtors®)
**Member of the local MLS, Multiple Listing Service
**Have a full legal team, in house, to assist buyers with obtaining titles.
With my credentials and the support of my in house legal team, I am qualified to represent, and PROTECT BUYERS as they search for and purchase the perfect vacation home or income producing investment property.
It is important that a foreign buyer connects with a properly qualified licensed agent for their real estate search and purchase transaction. Licensed agents, AMPI and NAR members are held to high ethical standards; attend continuing education classes, and keeping up to date on current issues so they can help guide their clients through the buying and selling process in Mexico.
Ask me for my FREE guide to safely purchase Mexico real estate.
US Line in Mexico: (602) 539-3124
Mexico Cell: 011-521-638-109-0443
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