Top Tips on How to Find and Protect Your Next Vacation Home
Buying a vacation home is something that many dream of doing. Another property allows you to enjoy a different area of the country, enjoy seasonal vacations, and can be a great investment opportunity. Now that you’ve decided to purchase a vacation home, whether it’s for personal use or as an investment, consider these tips to make sure you get the largest return on investment for your hard-earned money. Once you’ve found your property, be sure to equip it with a reliable home insurance policy, too.
- Know what you can afford
Naturally, being able to afford a second home is the first step in decided which one to buy. Generally, you’ll need a 20 percent down payment, and your monthly outlay for houses and cars to go no higher than 36 percent of your total income. Take a look at your finances and review that you can comfortably afford to spend, using mortgage calculators to help guide your decision.
- Avoid timeshares
Although these may be attractive to some, there is a lot of room for scams to occur. Even in a good economy, timeshares are difficult to sell.
- Work with an agent
Work with a local agent who is familiar with the area and type of property you are hoping to purchase. While resort towns and vacation spots are beautiful, there are always some downsides to the location. A professional real estate agent will be able to guide you through the process.
- Rent it out
Buying a home that is in a popular location can mean that renting it out is easy and financially sound. Consider doing this when you are not going to occupy the property so that you can extra income each month.
At Nahai Insurance Services, we want to ensure the safety of your assets. Out specialty coverage for high-net-worth individuals seeks to safeguard your precious properties to give you peace of mind with adequate coverage. Contact us today to get started on your vacation home policy!