- Consider how you will use the home. Will it just be for family and friends or do you plan to rent it as well?
- Evaluate Locations. Are there enough amenities and attractions to keep you and your renters coming back year after year?
- Talk to locals. What do they love about the area? What is changing? Are you hearing anything negative?
- Study local laws. If you plan to rent the home, local rules may restrict rental periods or cap the number of days you can rent each week, month, or year.
- Calculate costs. Along with mortgage, insurance, property taxes, and association fees, plan for wear and tear. A good rule of thumb is 1 to 2 % per year to plan for maintenance and repairs. Also, don’t forget the property management fee.
- Talk to an Accountant. This person can advise you on such issues as the tax implications of rental income and changes in federal tax laws that could impact deductions.
- Test before you buy. Once you have settled on an area, you should rent in every season so you can gauge busy and slow periods for rentals.
- Work with an experienced local sales agent. Pick someone who knos the community and who can recommend the other experts you will want to consult. Consider agents with Certified Residential Specialities (CRS) and Resort and Second Home Property Specialists certifications (RSPS).
- Take your time. Don’t let the excitement of one great vacation push you into an impulse buy. Educate yourself and listen to your agent.
I hold a lot of certifications including the CRS and RSPS certifications. I have the local knowledge to go the distance for you. I hope to hear from you soon.