Owning a vacation home on a picturesque mountaintop or by a clear blue lake is a real estate goal most people aspire to. Even when the opportunity presents itself, it pays to consider the following:
- How much will it cost to maintain a vacation home?
Vacation homes cost a lot more than normal single-family homes. This is due to their prized locations. In fact, waterfront vacation homes are more than double the cost of normal homes in the US.
Before you buy into the dream, it is important to factor in other expenses involved in maintaining a second home – that includes property taxes, insurance premiums, repair costs, and more.
To determine if you can afford the vacation home you’re eyeing, get a mortgage pre-approval from a bank or lender. They will give you an estimate of how much you can afford to spend on a home based on how much you make, your credit score, and how much you owe in relation to your income. Getting a mortgage pre-approval is also useful because it sends a message to sellers that you are a serious and financially capable buyer.
If you make an offer on a property and the seller accepts it, order a home inspection to determine the true state of the house. You can opt to back out of a deal or renegotiate your offer should the inspection uncover issues with the home.
- How accessible is the property?
The use and enjoyment of your future vacation home is largely dependent on where it is. Whether you want to buy a vacation home up in the mountains or by the water, accessibility should be one of your top concerns.
Think about how long it will take to get there and if roads provide easy access to and from the home. You should also consider its proximity to places like grocery stores, banks, and hospitals.
If you decide to buy a vacation home in WA, check out the real estate in Winthrop – there are many home styles to choose from. From cozy cabins by the riverside to stylish contemporary homes on a hilly terrain, the vacation homes in Winthrop are located in areas you’ll find ideal for your needs and wants.
- Can you rent it out?
Renting out your vacation home is a great way to earn back your investment when you’re not using it. The best times to rent out your property are usually during the peak vacation seasons like summer for lakeside properties and winter for homes in the snowy mountainous areas.
Give it a thought because renting out your home during the busiest months means losing access to it at the most ideal time.
You should also consider the expenses involved in being a landlord such as cleaning costs, maintenance and repairs, and property management. To get a better grasp of the finances involved in renting, you might want to consult with your Winthrop realtor or accountant.
If you are looking for a vacation home in Winthrop, WA our expert Realtors at Coldwell Banker Winthrop Realty can help you. Get in touch with us today by calling 509-996-2121 or by sending an email to info(at)cbwinthrop(dotted)com.