Thomas Murphy - Pine Shores Real Estate



Posted by Thomas Murphy on 3/5/2017

Buying a vacation home is something that many dream of, but for some itís not just a dream. And itís certainly not something that is only for the rich and the famous. Maybe you have been saving for one your whole life, got a large bonus at work that you want to use as a down payment, or are just going out on a limb; there are several things to consider before taking the plunge and buying a vacation home. Cost: First and foremost, what kind of financial position are you in? Are you able to put down 20% and if not will you be able to afford the potential higher interest rate that goes along with less money done? If you are planning to buy farther away, can you afford the airfare cost for as often as youíd like to spend there? Can you afford the inevitable maintenance that will be necessary? You certainly do not have to be a millionaire to purchase a vacation home, but itís important to know what you can afford and cannot afford. Location: Do you want to buy a vacation home that is within a couple of hours from your home? Or would you rather buy one a plane ride away that may be in a location thatís warm year round? Or do you want to buy a home in another country? This is certainly something that should be determined before beginning your search. Condo vs. Single-Family: Do you want the privacy of a single-family home or do you want the amenities that come along with living in a condo? There is a level of privacy that comes with owning a single-family home versus a condo, as well as there are condo fees to consider. This decision may not matter much to you, but itís important that everyone involved agrees on the type of home they would like to buy. Rent It: Do you plan on renting out your vacation home when you are not there? Are you looking at homes in locations where renting is possible? Can you afford the home if you do not rent it out? If you canít afford the home without renting, how often do you need to rent to be able to afford it? Do you want the hassle of renting it? Itís important to consider this possibility even before you begin your house hunt. Buying a vacation home is extremely exciting, but itís a large investment. It should be well thought out and planned out. But, once you have those details worked outó go out and buy the vacation home of your dreams!





Posted by Thomas Murphy on 2/15/2015

You have earned it, you have saved your money and now is the time to buy that vacation home you have been wishing for. Buying a second home can be a very different experience than purchasing a primary residence. So, if you are in the market for a vacation home, there are some things you will need to consider first: ?What is the purpose of the home? Are you buying the second home for vacation or investment? Knowing what you intend to do with the property primarily will help you identify the features that matter most in the home. ?If the second home is for investment and you plan to rent it you will need to research how the propertyís use will affect your financing options, taxes and insurance. Before you buy consult an accountant or financial planner to determine which of these factors could impact your financial situation. ?How far are you willing to travel? If you are using the home as a vacation spot, think realistically about how far you are willing to travel. According to the National Association of Realtors, 31 percent of vacation homes are typically within 100 miles of the owner's primary residence. ?See what the area is like off-season. Many times vacation homes are in seasonal destinations and the surroundings can change significantly throughout the year. Find out what challenges you may encounter in the off-season with the home. If you are thinking of buying a second home it is important to use a real estate professional with knowledge of the specific marketplace.