Things to consider when buying a vacation home

June 19th, 2012 § 0

ocean-viewBuying a vacation home is a big financial decision you need to ponder well. Here are some things you need to consider if you are planning to purchase a vacation home:

Location

You will ask your self “where is the good place to get a vacation home?”. You need to determine whether you will be using it or will you be renting it out. Most buyers actually get a home which is within driving distance from their home. Proximity is a major factor if you plan to visit the property frequently.

You also have to weigh the risks of renting it out. Do you really need to make an income out of it? Buyers of vacation home also need to foresee if the property will fit into their lifestyle in the future.

Finances

Dreaming where to buy a vacation property is one thing, but doing the math and seeing if you can afford it is another. You need to crunch the numbers and see where will another home purchase put your finances. You need to think of the financing for the vacation home, insurance you need for it, and the cost of maintaining another property.

Investment

A lot of people see a vacation home as a form of investment. Due diligence is key so you can maintain the value of the property in the long-term. If you cannot afford your dream vacation home right away, you can go for a rental property nearby and make it a financial nest to build your funds, until you can afford the vacation home of your dreams.

Taxes

You need to consider the effects of your second property to your taxes. This may vary where you are and where you are buying. Just make sure that you are familiar with the tax laws and your responsibilities as an owner to avoid any hassles.

How to Find Cheap Luxury Property in Hawaii?

June 17th, 2009 § 1

Hawaii VillaHawaii is notorious for its expensive real estate and for many the properties available are simply too expensive. Among the reasons for this is the prime location, good views and the limited number of properties for sale on the Hawaiian Islands. That does not mean, however, that there is no cheap property and if you know what to look for then you will be able to find cheap property in Hawaii.

One way to find cheap property is to go to Hawaii and check out the private sales in the area you want to live in. If someone is selling their home without using a real estate agent, then the prices is usually a lot cheaper since no commissions have to be paid. Private sellers also are more willing to negotiate with you and there is a higher chance of making a good deal.

You should also look through listings in local newspapers and flyers, since there are often places for sale that you do not find on the internet. These are also more than likely cheaper than what you find listed on real estate websites. This is due to the fact that it costs less to advertise property in printed form.

» Read the rest of this entry «

Where Am I?

You are currently browsing entries tagged with Property at Luxury Homes – Real Estate Blog.