8 Things to Consider Before Buying a Vacation Home
July 14, 2024
Owning a vacation home may seem like a dream, but there are rental challenges and the housing market to consider.
Buying a vacation home seems like a dream investment, but it’s a big decision that requires a lot to think about first.
“A second home has countless life-enriching benefits, as it specifically gives you that place to spend time with friends and family and create memories which I find to be super important to set aside time for,” says Austin Allison, co-founder and CEO of Pacaso, a San Francisco-based real estate service that aims to expand second home ownership.
“There’s something relaxing and special about revisiting your favorite hiking trail or your favorite coffee shop and having those moments of peace and reconnection that people value more now than ever before,” he adds.
But just as planning for a vacation takes a lot of time and consideration, so does buying a vacation home. Here’s what you should consider before you make a purchase.
1. Weigh the pros and cons.
2. Be prepared to take on more responsibility.
3. Consider your lifestyle.
4. What are your financial goals?
5. Location is key.
6. Work with an agent who specializes in buying vacation homes.
7. Look at your rental options.
8. Answer the question: Is now a good time to buy a vacation home?
