Summertime is the season for getting away with family and traveling to otherwise far-flung parts of your state or the country. Whether you’re looking for relief from the heat or just a getaway destination, purchasing a vacation home during the summer may very well be the best time to do so.
Not only do the summer months afford you an opportunity to travel and see destinations that you otherwise wouldn’t during other parts of the year, but summer will ensure that there are plenty of properties to choose from as sellers look to take advantage of the busy sales season. Here are some reasons why summertime is the best time to buy.
Get Started Early
Summertime often is the time of year when families can kick their feet up and enjoy some of the luxuries of being away from home. Many Americans choose the summer months as their go-to vacation times since kids are away from school and time off of work is a little easier to come by.
That said, don’t start your vacation home search without having done some legwork. First of all, make sure that all of your finances are in order and you’re ready to purchase at a moment’s notice. Vacation homes are frequently bought and sold, so finding the right one means you’ll need to pounce when the opportunity is right.
If you’re taking out a second mortgage, for example, be sure that you’re already pre-qualified with your lender and know what you can afford to buy before you start your search. Similar to purchasing your primary home, you’ll want to be as prepared as possible financially when the time is right.
Consider Some Options
Buying a vacation home sounds like a great idea especially when you’re on vacation enjoying the area, but the reality is that unless you plan on spending a significant amount of time at your vacation home, it likely will remain vacant when you’re not there. There’s nothing wrong with a vacant vacation property, but there are some things you should probably consider as options for purchasing a property you won’t be in full-time.
If you won’t be living in your vacation property full-time, then it may be a good idea to enlist the help of a property management company to oversee and take care of the property in your absence. Property managers can also prepare the home in the event that you or other guests are arriving. Bear in mind, though, that property management companies can be costly.
Additionally, you may want to consider monetizing your vacation property as a vacation rental during the times you aren’t there. Websites such as Airbnb and Vrbo give you the ability to list your property as a destination; however, there may be costs associated with that as well, and a property manager may still be required to make sure everything is taken care of for guests.
Use a Local Agent
When it comes to purchasing a vacation home, it may be best to enlist the help of a local professional to help you navigate the buying process. In all likelihood, you won’t be physically there to do the things that you may otherwise do as a buyer, so you’ll be depending on your agent to act on your behalf.
Local agents can better navigate their locations and help you take care of the things that you may not be able to access as quickly. Additionally, a local agent can negotiate on your behalf to get the best price on your vacation home purchase!