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FIVE KEY CONSIDERATIONS TO SELECTING A VACATION HOME
According to the American Resort Development Association (ARDA) www.arda.org, more than 2 million people in the United States own one or more vacation properties. For many of us, owning a second home - whether it is a mountain cabin, golf course residence, lakeside home or a beach house - is the essence of the American dream. However, there are many important factors to consider when searching for your vacation property.
The National Association of Realtors www.realtor.org reported that 359,000 second homes were purchased in the nation last year, equating to approximately 1,000 second home sales per day. With so many options and so much activity in the vacation home market, choosing the best vacation property can be difficult. So we've compiled the following checklist to help guide your purchase decision.
Five key considerations to selecting a vacation home:
- Lifestyle. Most people purchase vacation homes to relax, entertain family and guests, and recreate. Almost any vacation property offers relaxation and entertainment, but recreation varies from place to place. Whether you enjoy skiing, fishing, boating, snorkeling, surfing, golf, tennis, hiking, mountain biking or even sunbathing, you must seek properties at a destination that caters to your recreational preferences.
CNN & Money Magazine rate the Best Places to Vacation
(* Heber Utah is only 15 minutes from Deer Valley)
Recreation, Retirement Key Motivations for 2nd Homes
- Travel Distance. The amount of time and money spent traveling to and from your vacation property is an influential factor in determining how often you'll visit. The ideal travel distance is different for every buyer, but before you purchase you must decide how much time and money you're willing to invest each time you take a trip to your vacation property.
- Location. It is crucial to learn anything and everything about the city, town, and community of your potential second home. What are the prime and low seasons? What is the year round climate? How many of your neighbors are full-time residents? Is the area a prime tourist destination? Is the community safe and kid friendly? Is the local lifestyle - dining, shopping, entertainment, and recreation - affordable? The answers to these questions and others will help you assess whether or not a particular vacation property will support your desired vacation lifestyle.
Census information for any US town
The National League of Cities
Why Are Vacation Homes Still Hot?
- Costs. In addition to the price of your vacation property, many other expenses accompany the rights to ownership. Taxes, insurance, utilities, homeowner association fees, landscaping, repairs, furnishings and property management can add a hefty total to your monthly payments. Be sure to research all the costs associated with your vacation property before signing on the dotted line.
- Responsibilities. What do you need to do to take care of your vacation home each year? Mountain homes are subject to frozen and bursting pipes. Beach homes can encounter damaging tropical storms. How often does your roof need to be replaced or the house need to be painted? Maintaining and managing your dream home can be a second job. Hiring a full-time property management company can ease your mind during time away from your vacation home.
Certified Property Manager Code of Ethics
Searching for and purchasing a vacation home can be a demanding process. Answering the five key considerations in selecting a vacation property will help ensure that your vacation property fits your needs and resources. Real estate specialists and tax professionals can also provide educational guidance and services to simply the process.
Vacation Homes and Taxes
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