What To Look For When Buying Vacation Property

By Author: Adam Bush
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If you've decided to look for vacation property for sale and are interested in purchasing property for your own use or as a rental, there are several things to consider. Granted, the process of purchasing a vacation home isn't all that different from purchasing a primary residence but your criteria for the property will be slightly different.

In most cases, people purchasing vacation property are looking for a repeat getaway. This means you have enough time to visit your vacation home multiple times each year or for extended periods of time during the summer months. People from the city often prefer vacation homes located in more secluded areas, replete with natural resources like lakes, rivers, state parks, and other changes of scenery. These types of locations offer plenty of opportunity for favorite activities like fishing, boating, water sports, hunting, hiking and rock climbing. A vacation home that provides a change in scenery and lifestyle as well as reprieve from the hustle and bustle of the city is exactly what many vacation property owners seek.

Many people choose to purchase vacation property for personal ...
... use and as a way to generate income by renting the property when not in use. A vacation rental home can generate significant amounts of money, especially during peak seasons but there are additional responsibilities you sign on for as a landlord. Even if you don't plan to rent the property out and instead purchase it only for personal use, consider the purchase carefully.

When it comes to vacation property, location is of the utmost importance. If you want a vacation rental home to provide a significant source of income, you will want to look for property close to vacation attractions, such as beaches, lakes, amusement parks, museums, or larger cities deemed tourist destinations. The states further south, such as Florida, Georgia and South Carolina, are popular choices because of their extended warmer weather seasons. Ideally, a vacation property will be centrally located to areas, providing both relaxation and convenience.

In addition to location, consider the property itself. Be cautious of purchasing a vacation home that needs extensive work and maintenance; otherwise you will be spending every holiday working on your vacation property instead of enjoying it. Avoid properties that can become "money pits," especially if you don't plan to generate income with the property. If you can afford to purchase new or at least newly renovated properties, you may be better off than purchasing a run-down property at a lower price.

Since many people do use their vacation property as a rental, make sure you provide the amenities necessary to warrant visitors. Remember that you will need to attract visitors and have the property prepared for each guest. If you live too far away to make frequent trips, you may have to hire a property management firm or individual to take care of the property for you. You may even choose to have someone periodically provide maintenance services even if you don't rent the property. Consider these added expenses when comparing properties.

While it's possible to find vacation properties off the beaten path so to speak, there are also many options within resort areas, villages and complexes. You might consider purchasing a second home in an area that is well developed, simply because there will be added conveniences and the location has already been determined as an ideal vacation spot. There are other advantages to purchasing vacation homes within a community, including amenities and the security benefit of having neighbors. In some cases, a community or complex may even have a property owners association that will take care of outside maintenance year-round. This can be an extremely valuable benefit to vacation property owners.

Before you purchase any property, decide on multiple desired locations and compare several properties within each area. Familiarize yourself with local attractions and amenities. Compare newly built homes to existing homes and weigh your options based on the amount of time you plan to spend there, whether you plan to rent the property at any point, and if the property could eventually become your retirement home. Just like when purchasing a primary residence, comparing several different properties will provide the best help with making a final purchasing decision.
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The Village at Waterside is a gated, architecturally controlled lake side community of custom luxury homes adjoining Lake Allatoona and Red Top Mountain State Park. Less than 30 minutes from metro Atlanta, the Village offers a unique and tranquil lake and mountain lifestyle close to the big city. You really can have it all! Contact us today if you are interested in atlanta homes for sale!