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The Do's and Don'ts of Buying a Vacation Home
LOUISIANA REALTORS • June 21, 2017
No matter how popular or private; no matter how secluded or out in the open; when you discover your favorite vacation destination, it becomes “yours”. It’s an escape away from the ordinary to a place where you have your beloved hotel or resort, favorite restaurant, and you know the roads like the back of your hand. While you may know the concierge, chef, and gas station attendants by name, at some point you may want to put down some roots in your home away from home.
Just like any real estate purchase
there is a lot of due diligence to be done, this is especially true when purchasing a vacation home. Here are a few things to do, and a few to not do, when you decide to buy a vacation home.
Do Understand the Total Cost of Ownership
While your long term goal is to have a place of your own at your favorite retreat; a vacation home can also be a smart financial decision when you add up the expense of hotels, restaurants, etc. However, it will only make financial sense if you understand the total cost of homeownership. Just like with your primary residence there will be taxes, insurance, maintenance costs and more. All of these costs along with recurring charges like utilities need to be included in your budget.
Don’t Overestimate Travel
Getting there isn’t always half the fun. If you have a car ride of a few hours that can be very manageable. However if getting to your new home requires a plane ride or difficult terrain, that could be an issue. Remember, you’ll have additional responsibilities that may require unscheduled or inconvenient visits to your new property.
Don’t Forget About Safety
This is especially true when your home is new and you’re getting to know the community, as well as it is when you are away. Having a security system installed is essential and should be added into your budget. Wi-Fi cameras and surveillance are also a great way to stay connected with your property. It’s also a good idea to find someone that you can trust to check on things and keep you up to date while you are away.
Do Hire a REALTOR®
New ParagraphJust as if you were shopping for a primary residence, a REALTOR® is an invaluable resource as you search for your vacation home. REALTORS®
offer local expertise and experience along with access to information and locations. Entrusting your vacation home shopping experience to a skilled REALTOR® is a must.
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As previewed last week, NAR is pleased to share the latest consumer guide focused on preparing for homeownership. This guide covers what prospective buyers should consider as they kick off the home purchase process, including the importance of credit scores, mortgage pre-approval, down payments, budgeting, and educational resources. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Preparing for Homeownership Escrow and Earnest Money Pricing Your Home Preparing to Sell Your Home Fire Damage and Policy Coverage Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with potential clients to ensure they have the information they need to be successful in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover property taxes.
As previewed last week, NAR is pleased to share the latest consumer guide focused on escrow. This guide covers what homebuyers should know about earnest money deposits, including the general terms and use cases in real estate transactions. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Escrow and Earnest Money Pricing Your Home Preparing to Sell Your Home Fire Damage and Policy Coverage Flood Insurance Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover preparing prospective buyers for homeownership.
The Louisiana REALTORS® Board of Directors will conduct several elections this Spring. Interested candidates that meet the qualification who are looking to serve at either the state association level or the national association level are encouraged to view the criteria and submit an application. An application that is not submitted on the appropriate form or not submitted pursuant to the instructions shall not be considered as submitted timely.
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Baton Rouge, LA 70802