What are some tips on buying a luxury vacation home?
- Look for a great location
- Know how frequently you’ll be visiting your vacation home
- Take charge and understand the maintenance cost
- Do you want to buy an existing home or build a new one?
Investing in a luxury property for sale in the Philippines for the purpose of a vacation home can be the next big step in your life. This makes knowing how to properly do just that invaluable, especially when so much of your resources are involved. To help you out, here are some tips on buying a luxury vacation home.
Look for a great location
Location, location, location. It simply cannot be stressed enough that location is everything when it comes to real estate. This means the location should be the first thing you are thinking about when it comes to buying your own vacation home.
With regard to that, you also have to articulate your purpose for buying a vacation home in the first place. Are you looking for a place you can treat as a getaway for you and your family? Or are you interested in a property that you are looking to use for rental or commercial purposes? These types of things should be clear to you so that looking for the perfect location is easier.
For example (without getting too specific), if you are planning to secure a vacation home for your own personal use i.e. with your family and friends, then you probably want to find a location that is fairly accessible for said people. Somewhere not too far, but far enough to be considered a getaway for most. Use a 180-mile or 300-kilometer benchmark to be sure, as that seems to be the perfect distance for a vacation getaway, experts say.
Try looking for a location near, in, or around tourist spots so that it will be easy for you to enjoy the locale. In this case, location really is key if you want to use it for your own leisure purposes when or when you want to host an event or celebration out of town.
Know how frequently you’ll be visiting your vacation home
In connection with the previous tip, knowing how frequently you’ll visit your vacation home is also important. Sure, it’s nice to have your own vacation home, but many people aren’t realistic when it comes to their planned frequency of use.
You might think you’ll use your expensive out-of-town vacation home frequently, but as vacations aren’t the most frequent thing by nature, you really might not be able to do so. This has implications when it comes to your resources, value, and utility.
Be realistic when you make assumptions about how often you’ll be able to use the place.
Take charge and understand the maintenance cost
Whether it's a vacation home out of town or a local luxury property for sale, every property needs maintenance. This could mean fixing leaky faucets, checking faulty wiring, or just maintaining cleanliness. Your financial obligations do not end with just buying the property and furnishing it.
Maintenance also requires financial allocation and sometimes that can be neglected. Are you willing to pay for proper maintenance? Or can you do some of the maintenance work yourself? Don’t forget to think about that next time you’re considering a vacation home investment.
Do you want to buy an existing home or a new one?
Buying new land, and then building the house of your dreams on it seems to be the most appealing and ideal situation when it comes to a vacation home. However, if your financial situation is less than ideal then buying a finished luxury property might be a more prudent way of going about it. What this means is that you’re better off buying an already existing home and just making renovations to suit your needs.
Building something from scratch not only takes a tremendous amount of funds, but it also requires a lot of patience. From dealing with contractors to pesky homeowner’s associations, the list of headaches never ends when you’re trying to build something from the ground up.
If you want to keep your stress to a minimum and your costs under control, try going for a house that's already built. Nevertheless, if you are down for the undertaking of a lifetime and understand the challenges and risks involved, then, by all means, go for it and build the house of your dreams.
Buying a vacation home is not the easiest thing to do. Not only does it require a big amount of funds, but it also requires a lot of planning and analysis. If you follow the tips above, keep a level head, and stay within your budget, you’re well on your way towards having that vacation home you’ve always wanted. Good luck!