Wednesday, March 27, 2019 / by Leon Zhivelev
4 Things Seniors Should Keep in Mind Before Buying a Vacation Home
Travel and more time with family are often priorities for retirees. But another retirement goal that tops the list is buying a vacation home. Owning a second home in a sought-after location offers seniors the chance to travel more, relax with loved ones, and really enjoy their golden years. Before you buy that second home, however, there are a few important things you should know to make buying a vacation home really work for you.
Keep Renters in Mind when Setting Up a Second Home
You may need to take out a loan to make your vacation home goals a reality, but renting out that home can help you make those additional payments. To bring in more rental income, though, you need to make sure your property stands out to renters.
You may want to have someone stage your second home to attract renters, and you will definitely need to maximize your property’s curb appeal. Travelers are often taken in by the external features of the homes they are looking to rent, so invest some time and money into making your home look inviting and relaxing. If you’re planning on investing in a vacation home in Florida or another warmer climate, you could also add a pool to help entice more renters. Plus, a pool is a great way for you to relax and stay active when staying in your second home.
Include a Home Security System in Your Home Budget
Another essential to attract renters and give yourself peace of mind is properly securing your home with a professional security system. Make sure the system you invest in will help protect your property while you are away by hiring the right company to install it. You can use online search tools to figure out your best local options for home security and what kind of system will work best for your second home.
Another way to boost security, add curb appeal and even help you age in place is to make sure
Determine How You Will Handle Home Maintenance Needs
To prevent serious problems with your property, you need to stick to a regular maintenance schedule in addition to securing it. You can take care of a few items on the list on your own, like inspecting gutters and changing filters, during your visits, but other projects need to be completed more often. Not to mention, you may need to worry about additional maintenance to-dos if the location you choose is prone to storms and hurricanes.
Instead of worrying about traveling to take care of maintenance on your own, you can make your life simpler by connecting with a good property manager. Shop around before committing to a contract, and look for a management company that has experience helping to maintain and rent out vacation homes similar to yours.
Choose a Location that Offers Fun and Some Financial Perks
Picking the location for your retirement vacation home can be exciting. Many retirees flock to Florida cities because there
Another potential perk of buying a Florida home is paying less in taxes. Just be sure you understand how to make this work with a second home so you can enjoy even more financial benefits of owning a vacation property.
Investing in a vacation home during retirement takes some thought and planning, but all of that hard work can pay off by improving your quality of life. After all, who doesn’t want to spend their golden years with their toes in the sand?
Contributed by Jim McKinley