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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: Top real-estate CEO sees decades of housing pain ahead: 'What the Fed did will have a 30-year tail on it' Yahoo Finance Chicago Voters Face Choice on Tax to Fund Homeless Programs The New York Times Bring Chicago Home: What voters need to know referendum Chicago Tribune Commercial Real Estate's Systemic Threat: Separating Fact From Fiction Commercial Observer Kairoi Residential envisions major mixed-use hub on 115 acres in East Austin - Austin Business Journal Austin Business Journal Inside Mark Wahlberg's $100m Sydney mansion - realestate.com.au realestate.com.au Five Ways Buying and Selling a House Could Change The New York Times Landmark Settlement Breaks Up the Real Estate Cartel The American Prospect Va. real estate industry weighs in on $418M Realtors settlement Virginia Business Magazine Real estate commission change shakes industry's foundation University of Miami: News@theU Local real estate agents face uncertain future with new negotiation rules WJHL-TV News Channel 11 Investigation underway after 44-year-old real estate investor seen on video firing shots off boat docked at Lakeview ... WSVN 7News | Miami News, Weather, Sports | Fort Lauderdale The Realtors' Big Defeat The New York Times Once+a+male-dominated+industry%2C+more+women+are+entering+the+commercial+real+estate+field Idaho Business Review CrewBaltimore’s mission to accelerate women’s success in real estate Afro American Newspaper The Best Places to Retire in Florida Real Estate New rules on real estate commissions could change the housing market game LehighValleyNews.com A luxury agent on how the NAR settlement will change his business The Washington Post Commercial Real Estate Roundup for March 15, 2024 Idaho Business Review Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star Once America's Hottest Housing Market, Austin Is Running in Reverse The Wall Street Journal Settlement will affect Iowa homebuyers KCCI Des Moines Cities Face Cutbacks as Commercial Real Estate Prices Tumble The New York Times Real Estate Roundup: 240-acre farm near Orlean sells for $1.9M and more Fauquier transactions Fauquier Now H2 2023 Global Real Estate Report PitchBook News & Analysis REAL ESTATE | Kewaskum Police station moves to temporary location | By Chief Tom Bishop washingtoncountyinsider.com Austin real estate: Holt Lunsford plans first area project The Business Journals National Association of Realtors Agrees to Slash Commissions to Settle Lawsuits - The New York Times Is real estate the best investment in 2024? Racine County Eye Changes could be coming to fees related to home buying process Fox 46 Charlotte Realtor group will pay $418M to settle commission lawsuits The Associated Press Bay Area Real Estate Executive Charged with Wire Fraud, Identity Theft in Investment Scam - Hoodline Checking In on Dallas Real Estate The Dallas Express Realtors settlement to lower home sale costs, alter commission structure - The Washington Post The Washington Post Real Estate Settlement Could Affect Housing Market erienewsnow.com Real estate lawsuit settlement will affect Orlando agents - Orlando Business Journal Orlando Business Journal Major Changes to Real Estate Business erienewsnow.com Real estate lawsuit settlement upends decades-long policies that helped set agent commissions WQAD Moline What the death of the 6% real estate commission means in D-FW The Dallas Morning News Real estate commissions, unassailable for decades, could crumble after landmark settlement The Denver Post Is the Era of the Celebrity Real Estate Agent Over? Industry Reacts to Settlement That Could Slash Commissions Hollywood Reporter China's Real-Estate Market Just Set a Record—but Not a Good One The Wall Street Journal A commission settlement may affect housing market 9News.com KUSA Antitrust ruling rocks real estate: Buyers brace for shift in commission structures Straight Arrow News Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes The Wall Street Journal The week's top commercial real estate transactions in Charlotte, Collier, Hillsborough, Lee, Manatee, Pasco, Pinellas ... Business Observer End of 6% real estate commissions could mean lower home prices The Atlanta Journal Constitution |
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