As the summer edges towards an end (yes, it will happen eventually here in Texas), you’ve most likely thought about vacation homes ­­­— visiting, renting, or buying one. And like buying decorations after a holiday has passed, the end of the summer season is a good time to start looking at and planning for a seasonal second home.

So I’ve got some tips that you can take to heart as you take another swig from your lemonade and dream about that future vacation getaway home.

Location, location, location

Despite this sounding like every Realtor’s motto, you really do need to consider where you want that second home. It’s a good idea to make a list of places you’d ideally like to live at along with their pros and cons. Having priorities for this home will help narrow down where you should start looking. Some will need to consider accessibility for younger and older family member’s as the home’s priority for getting away for family vacations; others may want to peruse houses in seasonal demand if they plan to rent out the home when not in use. Growing communities and local economy should also affect your choice if you want your snazzy new vacation home to act as an investment property.

Think trial basis

Renting is a good way to test out a potential vacation home. You get a taste for the property and the surrounding area, without having to make that big commitment. You can also try different types of second homes to see which appeals to you most.

Don’t break the bank

A second home seems like a luxurious purchase, and it is. But that doesn’t mean you need to go into insane debt to buy one. Plan practically for a home that you can budget for. Especially since you won’t be living in this home full-time, you should make sure that you handle the price tag.

Speaking of full-time …

Dreaming about a vacation property may have you believing that you’d use it every weekend and for every holiday if you only had it. It’s key to be realistic about the time you’d spend there, in order to justify your budget and your overall decision. Singles and new couples may be able to get away, but families with children are more likely to have plans such as birthday parties, sports games, and other types of play dates that will keep you from vacationing as often.

It shouldn’t be taxing

When researching potential places, do a little research on that property’s taxes. More likely than not, they will vary from your primary residence’s taxes. It’s good to be prepared to know exactly what you’ll be paying for. You can always consult your local real estate agent for better tax details in other areas. I have connections that can find the right information for you without the hassle of trial and error.

Take your time

Don’t ever rush into buying a second home. A spouse or family member may approach you with a great opportunity, but make sure to always do the proper research and take your time making the ultimate decision.

Article Citation: Duling Trey. (November 6, 2014.) “7 tips for buying a vacation home.” TIME. Retrieved July 14, 2015 from: http://time.com/money/3524972/vacation-homesecond-homeshould-you-buy/.
Picture Citation: http://fabulousover50.com/wp-content/uploads/2013/10/vacation_home.jpg