The Right Time to Buy Vacation Property
If you are fortunate enough to be able to purchase a second or “vacation” home there is much to be excited about. Not only is it a great place to escape to with family and friends to create memories, but it can also be a great investment financially when it is done right. A big part of this can be when you buy the home and that can vary on many things.
Sometimes purchasing during peak season is not always best when you add in the supply and demand factor. So for here in Fort Lauderdale, the winter time is when there are numerous snow birds flocking here to dodge the brutal temperatures in the north. However, this also means that there may be a larger pool of buyers to compete with as something to consider.
Other than the right time of year, there can be the right time for you. With purchasing a second home there are many other things to decide. For one if you plan on renting it out in order to make it financially possible, think about if it is worth it if you have to rent it during the times that you would want to use if yourself.
Next, you will want to figure out if it is the right time financially for you to make the purchase. Other than the obvious second mortgage payment, also make sure that you account for the other incidentals involved. There are utilities, general maintenance either organized by you or paid via a condo fee, cleaning and of course the cost of furnishing it.
Finally, you should also decide if you are ready to make the vacation home the place you always want to go when you have the time. For some, that works where for others they may want to have a variety of plans to visit other areas. So in the end if you have considered all of these things, then it just might be the perfect time for you to seize the day and make that purchase on your second home!
Contact me today to discuss when the perfect time is for you.