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Buying a Vacation Home
You'd like to buy a vacation home, but you're not sure where to begin. Perhaps the single most important point to determine up front is why you are buying a vacation home. Are you trying to generate income by renting the property? Would you like to have a place to take your family every year that will likely appreciate in value? Would you prefer some flexibility in location and like to vacation at a different spot each year? Once you determine your needs in a vacation home, it is wise to understand some of the options available to you in buying a second home. Probably the most straight-forward is to consider purchasing a home outright. If you can't afford the full price of homes in the area you desire, there are still a couple of options available for you. One is to consider purchasing a home with friends or family, while another is to look into timesharing. All these options have nuances to consider in relation to your needs and means. By purchasing the home yourself, you have the most control over the property and can capture all of the gains and benefits associated with owning real property. You may also be able to offset some of your expenses by renting out the home in peak seasons. Be sure to investigate federal income tax laws so you can make the most of any potential tax breaks. Also ask about zoning, covenants, land use in areas surrounding your property, and property management fees. In some areas these restrictions may prevent you to use your property as you wish. Additionally, be prepared to pay as much as 25% of your rental income in property management fees for weekly rentals. If you decide to purchase a home with friends or family, make sure to put the agreement and all terms in writing. You may want to do most of this in advance as many homes go quickly and it will help target your search to the right kinds of homes. You may also want to consider homes with features that allow all the owners to be at the home at once (multiple masters, separate living spaces, etc). Again, the questions and concerns above should be considered. If all this is too complicated, inflexible or expensive and you've come to the conclusion that timesharing is right for you, be aware that a timeshare purchase is not an investment. Most units depreciate over time and the resale market is tricky to navigate. If you are buying with a resort developer, make sure they are financially stable. Also be sure to find out what they offer for buying through them as opposed to the resale market. At times, the resale market will offer the same unit and season at a fraction of the price the developer is offering. You'd also be wise to arrange for your financing in advance, as developer financing is usually offered at above market rates. Lastly, don't buy on a whim. You didn't buy your primary residence that way, and you shouldn't buy a second home without due diligence. Research the location. Make sure the area has the amenities and recreation you desire, allows you to use the property as you wish, and is within your budget. Reid Colson is a Principal in Bridlewood, a custom home builder serving the Central Virginia market. Bridlewood builds custom homes and vacation getaways for discriminating buyers. They are committed to providing the highest levels of professional service and consistent communication throughout the design and building process. Visit http://www.bridlewoodproperties.com for more information.
MORE RESOURCES: A Potential Mamdani Mayorship Strikes Fear in the Real Estate Industry The New York Times Senate Passes Tax Bill With Major Wins for Real Estate National Association of REALTORS® Home Prices May Be Down in Some Areas, but Don’t Expect Your Property Taxes To Do the Same Realtor.com Triangle homes sitting on the market longer, why a real estate agent says it’s about perspective WRAL.com Wellness Real Estate Set to Top $1 Trillion | Florida Realtors 4 real estate investors shared with us an overlooked advantage to buying property - Business Insider There’s one elite group propping up the Manhattan real estate market right now — everyone else is sitting on their hands New York Post Detroit sues blockchain real estate firm that owns rentals with hundreds of violations Detroit Free Press Inked: Long Island commercial real estate deals roundup Long Island Business News Detroit Evening Report: Detroit suing blockchain-based real estate firm for neglecting hundreds of properties WDET 101.9 FM 7 Morning Digest: Detroit sues crypto real estate company, community ice cream truck & more WXYZ Channel 7 Shlichus Isn’t Real Estate Anash.org Opinion: Anticipated tax changes impacting real estate industry Springfield Business Journal LOCAL REAL ESTATE TODAY 7.3.25 KQEN News Radio George Pierson, Realtor, Home 1st Real Estate JTV Jackson Real estate market still good for sellers Addison Independent CEO Roundtable: Residential Real Estate Springfield Business Journal Would lower interest rates help NH’s real estate market? NH Business Review ‘Unfiltered’: Social media that pays — and the channels to skip Real Estate News by RealEstateNews.com Real estate secondaries has plenty of room to grow, but pricing can be a challenge Secondaries Investor Real estate firm acquires Cecil residential properties for $14.6M Maryland Daily Record Dawson County weekly real estate transactions, July 3 Central Nebraska Today Chicago Teachers seeking MWDBE private real estate managers Pensions & Investments 'Keep it moving': HGTV cancels TV show hosted by Georgia couple after 4 seasons Savannah Morning News Real Estate Transactions: July 4, 2025 Greenfield Recorder Three reasons why there’s value in owning real estate as part of your collision business Repairer Driven News REAL ESTATE | Harley-Davidson in West Bend, WI sold Washington County Insider News of public record: Muskingum County real estate transfers Zanesville Times Recorder Texas Senate Bill 17 Restricts Foreign Ownership of Real Property in the State The National Law Review Real Estate Minute – 07-03-2025 Texomashomepage.com Texas Teachers assigns $950 million to real estate, private equity Pensions & Investments Real Estate Transfers: July 3, 2025 The Suffolk Times Compass ‘has not and will not adhere’ to Clear Cooperation Real Estate News by RealEstateNews.com It turns out some real estate people like Zohran Mamdani The Real Deal Is Your Money Safe in the Bank in 2025? Norada Real Estate Investments Homes for Sale in New York and Connecticut The New York Times Top residential real estate sales for June 16-20 in Sarasota, Siesta Key, Palmer Ranch, Osprey, Nokomis Your Observer Homes for Sale in Manhattan and the Bronx The New York Times Zillow ban lawsuit shakes real estate: What sellers need to know Fingerlakes1.com Hyatt Announces Agreement to Sell Playa’s Owned Real Estate Portfolio to Tortuga for $2.0 Billion Hyatt Newsroom Mortgage Rates Today: The States Offering Lowest Rates – July 3, 2025 Norada Real Estate Investments The dreaded Zillow ban is finally here. Here's what you can do Business Insider More than 350 Quintana Roo real estate agents certified to provide buyers with verified ownership in real time Riviera Maya News Egypt Sherrod Shares Heartbreaking News About HGTV's 'Married to Real Estate' Country Living Magazine ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES TIMING OF RELEASE OF Q2-25 RESULTS AND CONFERENCE CALL Yahoo Was operator of San Antonio apartment complexes running a Ponzi scheme? San Antonio Express-News Zohran Mamdani’s Ideas on Commercial Real Estate Come Into Focus Commercial Observer Where Does Bruno Mars Live? Examining the Singer’s Real Estate Portfolio Architectural Digest Mounting lawsuits over cannabis real estate may force regulatory changes - Crain's New York Business Mounting lawsuits over cannabis real estate may force regulatory changes Crain's New York Business |
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