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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: The Insult Comic Who Sells Million-Dollar Homes The New York Times The 36 Top L.A. Real Estate Agents of 2025 The Hollywood Reporter Cleveland Clinic sells $350 million worth of real estate in sale-leaseback deal Crain's Cleveland Business Where Does Carrie Underwood Live? Exploring the Country Singer’s Real Estate Portfolio Architectural Digest 'I’m not rich, but I bought 8 properties': How a Jerusalem teacher became a real estate shark Ynetnews Dodgers star Shohei Ohtani seeks dismissal of lawsuit, claims he is victim of NIL misuse - USA Today Shelter Island Reporter Real Estate Transfers: Sept. 14, 2025 Shelter Island Reporter China's economy slowdown deepens in August with retail sales, industrial output missing expectations CNBC Best Real Estate Projects 2025: Sugar Pine Village Phase I The Business Journals Club One owners sell iconic nightclub to new real estate group for upgrades, expansion Savannah Morning News Redefining Real Estate Decisions With AI, Trust, and Community: The Story of BT-AI: Broker Terminal Entrepreneur Luxury market slows in August; experts predict uptick in fall Las Vegas Review-Journal Real estate sales in Peoria, Tazewell and Woodford counties for September 13, 2025 Peoria Journal Star 5 Simple Ways to Invest in Real Estate Investopedia Added Transfer Fee on Real Estate Weighed as Affordability Boost Franklin Observer Morguard Real Estate Inv. (TSE:MRT.UN) Stock Passes Above 200 Day Moving Average - Time to Sell? MarketBeat Commercial real estate isn't just for billionaire developers. A&E explores this hidden world with a new reality show. Business Insider Central Mass. real estate transfers, Sunday, Sept. 14 Worcester Telegram Is Real Estate a Good Investment? NerdWallet Real Estate Troutman Pepper Locke Serafin Real Estate Announces Historic Wheatland Farm in Loudoun County Va Going to Auction October 14 FinancialContent Tim Tebow-Backed Sports Real Estate Fund Seeks $100M Sportico.com Sirius Real Estate taps bond market for €105m Green Street News Mass. median home sale price is $665,000. What you can get in Framingham for that MetroWest Daily News AI in real estate: a co-pilot, not a replacement Elite Agent First Capital Real Estate Investment Trust (TSE:FCR.UN) Sets New 1-Year High - Time to Buy? MarketBeat Real Estate: Prime Location Near Park & Swim & Racquet Club sanangelolive.com Who's Who in Residential Real Estate: Meet Central Florida's top producers The Business Journals Ethan Conrad expands Antelope Crossing holdings with $6.85M retail property acquisition The Business Journals Housing nonprofit buys Birmingham hotel for $11M to aid homeless vets The Business Journals What sold last week? Real estate transactions, Sept. 8 to Sept. 12 Community Advocate Alexandria Real Estate: Why This REIT Remains A Top Pick Seeking Alpha Cracks in Chicago’s luxury real estate market Chicago Star Media Million Dollar Monday: Redmont Park Villas home listed for $1.75M The Business Journals Ohtani's lawyers claim he was victim of likeness misuse in real estate deal, move to dismiss lawsuit Leader-Telegram Ohtani's lawyers claim he was victim of likeness misuse in real estate deal, move to dismiss lawsuit MSN Berks County real estate transactions for Sept. 14 Reading Eagle No more layoffs planned for federal real estate workforce, GSA tells staff ahead of reorganization Federal News Network Opendoor’s Resurgence: A Vision for Real Estate Transformation Driven by Efficiency and AI StartupHub.ai A Tuscan villa once owned by Napoleon Bonaparte’s sister has listed for sale — featuring silk walls and olive groves New York Post Erie County real estate transactions Buffalo News Real estate transactions sungazette.com Ohtani's lawyers say he was victim of likeness misuse in real estate deal, move to dismiss lawsuit Weatherford Democrat SAUDI ARABIA’S 19TH REAL ESTATE DEVELOPMENT SUMMIT: A GATEWAY TO VISION 2030’S URBAN TRANSFORMATION Hotel & Catering Ohtani's lawyers say he was victim of likeness misuse in real estate deal, move to dismiss lawsuit Waco Tribune-Herald Berkshire region real estate sales – August 29, 2025 The Berkshire Edge |
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