Vacation Homes: Three (3) Basic Tips In Buying A Vacation Home

Buying vacation homes is similar to buying houses, condos or apartments and basically anything real estate. There are a lot of considerations to think about. There is financial capability for one. How much can you afford? What steps do you need to undertake in order to come up with the amount so as you can purchase the property? Do you need a realtor or broker during the entire process? Where can you find one?

How To Buy A Good Vacation Home

Learn the factors that comprise a good vacation house. Here are three (3) tips to guide you through.

1.       Choose a location that suits your preference best. Do remember that the location is the key to an excellent buy. No matter what your reasons are, whether your intent is for recreational or retirement home purposes, always consider the place where you want your second residence to be. More often than not, many people will opt to have it within 60 to 120 kilometers from their primary residence. For instance, if you live in Manila, finding homes in Tagaytay or in Batangas City may be a perfect choice for you. Before you seal the deal, ensure that you visit the vicinity during both dry and wet seasons. In this way, you’ll experience first-hand if it’s an ideal getaway during summer or rainy days. For all you know, the roads are impassable in the months of November or December or the stores are open only on the peak season. Get to know the area and explore the neighborhood. Is it near a frequented spot?

2.       Weigh its rentability potential. Do you think that in the future, you can make a profit from renting it out to vacationistas? It is understandable if you’ll have no immediate plans to make a Philippine investment out of it and instead use it for future generations. Keep in mind though that as more people get interested to rent the place for themselves during the holidays, its value increases along with your money’s worth. Therefore, when shopping for a property, treat it as if it is a venue for recreation. How convenient is it for prospective visitors? Is it just an hour or two hours away from the city? The closer it is to the metro, the easier to check it out at any time and do proper repairs and maintenance. Does it have hot tubs or swimming pool? What amenities are currently being offered? Always develop an investor mindset.

3.       Do not overlook other expenses. Include the following in your budget – tax, insurance, utilities and caretaker, repair and other carrying costs.