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Tips for Purchasing a Vacation Home

Posted By: Annalisa Jordan In: Charleston Real Estate
Date: Tue, Apr 15th 2014 7:39 pm

Everyone likes to get away and what better place to escape to than a coastal town like Charleston?! Vacation homes in Charleston have become increasingly popular but there are a few things you should do before you purchase your piece of paradise. Here a list of tips to help you make an informed decision.

  • Keep your costs within your budget! Make sure that you are qualified for a mortgage BEFORE you begin your search. This will help you avoid any potential roadblocks along the way.
  • Determine how much you will use it. There are many different ways that people use their vacation homes. Some come in every weekend, while others only use their homes a few times a year. Vacation homes are also commonly passed down from generation to generation. How much time you spend there will depend on the reason you are purchasing in the first place.
  • Choose the right location for you! Charleston is a gorgeous city with lots of history and beauty, who wouldn't love it?! There are also plenty of other surrounding areas that have so much to offer and may different lifestyles. Choosing the right location is key to finding the perfect vacation home. You want to look forward to every visit!
  • Be prepared for upkeep. A vacation home will still need maintenance just like your primary home. Be prepared to maintain your home find the appropriate people to take care of it while you are away.
  • Research rental possibilities. An added benefit of having a vacation home is that others may want to vacation there as well. If it helps offset some of the expense, it may be beneficial to see how much you could rent your second home for.
  • Always think about resale and changing needs. Whenever you purchase a home, whether it be primary or secondary, you should always consider resale. Your needs or situation may change throughout the years. If you would ever need to sell your vacation home, you want to be sure that you will get what you need out of it.

Thanks to the National Association of Realtors for providing this helpful information. To read the entire article, click here.