Roberta Oswald
Roberta Oswald, Valley Property Sales & Management
Email: [email protected]

5 Factors to Consider Before Purchasing a Vacation Home

by Roberta Oswald 07/28/2019

If you are mulling over purchasing a vacation home, then you must go over a few considerations before you make the final decision. If done for the right reasons, it can end up being a great piece of investment, as you can save hotel and lodging costs when you visit and then rent it out during off seasons.

  1. Location. Location is essential because you can't just up and move at will, so consider the area of the property you are contemplating purchasing thoroughly. Will the site accessible and attractive to future guests? Is it located in a place that is prone to natural disasters like hurricanes and storms?
  2. Calculate the associated costs. Many other costs come along with purchasing a piece of property such as utilities, maintenance, homeowner association costs, property taxes, and insurance fees. You want to factor all this and determine that they are well within your budget. If you plan on using rental income to cover some of these costs, then you have to be practical about what rental income typically is in that area.
  3. Maintenance Issues. If you are buying that vacation property as an investment, then you have to make arrangements for who is going to manage it in your absence. Things like security and surveillance are critical. The speed at which you repair a bad pipe or faulty wiring may be the final defense between your house going up in flames or flooding. If you aren't around for long periods, plan to hire a facility manager who can supervise affairs.
  4. Finances. Run a money check with your financial adviser. Get someone to look at other tax issues such as buying out of state property. You might find that property taxes on that new place may not be deductible. Are you going to be able to meet up with your other long term financial commitments?
  5. Local laws. It's always necessary to run checks on local laws and regulations about homes in the place you choose. Make sure you hire a local property professional too as they are likely to be more thorough. Are you going to be allowed to rent it out, and are there regulations on the number of days it can be rented out?

Whatever you do, make sure you cover all your bases and consult with our realtor before you sign the final contract.

About the Author
Author

Roberta Oswald

 

A passionate polo player, aviatrix and fourth generation member of one of the oldest winery families in the Napa Valley, Roberta has lived in the Bay Area her entire life. She attended San Jose State University and graduated with a degree in Aeronautics and a Business minor before entering into the professional world. Dedicated to her community as well as her vocation, Roberta is the past President and member of the local Soroptimist International organization. She is also an active member of a number of local Chambers of Commerce. Because of her longtime residency and her civic involvement, Roberta has an acute awareness of the needs and wants of families in the area. She knows the schools and neighborhoods, as well as the services and benefits available. Roberta is a valuable information resource for those new to the area as well as those who are simply changing neighborhoods or looking for investment properties. Roberta has over eighteen years of experience in buying and selling real estate in the residential, investment and commercial markets. She started and operated two specialty businesses on the Peninsula prior to joining Up Valley Real Estate in 2003. Not content to just “get the job done”, she wants to exceed your expectations. Roberta believes in service with commitment. Utilizing the kind of knowledge that is obtained only through extensive life experience and an in-depth understanding of the area and local market, she works with you to provide the maximum results. During her accomplished career, Roberta has refined important skills in communication, negotiation, attention to detail and sound business practices, all of which are vital to the success of her real estate clients today.