Kathy Borawski's Blog
No two vacation residences are alike. As such, it pays to be diligent as you conduct a search for the optimal vacation home. Otherwise, you risk purchasing a vacation house that fails to accommodate your long-term needs.
Ultimately, there are lots of things you can do to find a vacation home that complements you perfectly, such as:
1. Establish Vacation Home Must-Haves
Think about the features you want in your vacation home. By doing so, you can hone your vacation house search to residences that offer the features you want.
For example, if you want a vacation home that includes a state-of-the-art heating and cooling system, you can focus on finding a house that offers this system. Or, if you would prefer a vacation house that boasts an in-ground swimming pool, you can explore residences that offer this amenity.
Don't forget to make a list of preferred cities and towns for your vacation home, too. With this list in hand, you can check out residences in cities and towns that meet your expectations.
2. Create a Homebuying Budget
A homebuying budget is crucial, particularly for an individual who wants to purchase a vacation residence as quickly as possible. Because if you know how much you can spend on a vacation residence, you can focus on houses that fall in line with your finances.
To establish a homebuying budget, it often helps to meet with banks and credit unions. These financial institutions employ friendly, knowledgeable mortgage specialists who can help you evaluate different mortgage options for a vacation home. Plus, if you have any mortgage concerns or questions, these specialists are happy to respond to them.
3. Collaborate with a Real Estate Agent
When it comes to searching for a vacation house, there is no reason to work alone. In fact, real estate agents are available in cities and towns nationwide, and these housing market professionals can help you take the guesswork out of finding and acquiring a quality vacation residence.
A real estate agent works with a homebuyer and helps this individual achieve his or her desired results. Thus, if you want to find a vacation home in a warm-weather destination, a real estate agent can help you do just that. On the other hand, if you would like to purchase a budget-friendly vacation residence, a real estate agent will help you map out your house search accordingly.
Let's not forget about the guidance that a real estate agent provides throughout the vacation homebuying journey, either. A real estate agent goes above and beyond the call of duty to help a homebuyer achieve the best possible results. They will work closely with you throughout the property buying journey, and as a result, will make it simple for you to purchase a first-rate vacation residence.
Kick off a successful vacation home search – use the aforementioned tips, and you could accelerate the process of purchasing a superb vacation residence.
For the most part, it’s safe to say we all know to come prepared when buying an older home. But did you know that the buying process of a new construction home comes with its own quirks? The customization and relationship with the builder through the process makes for a unique experience when buying a new construction home.
Here’s what you need to know:
Some developments have site registration policies. This means that they require you to come with your agent for at least the first couple visits. Don’t be caught off guard. When planning your viewings be prepared to work with your agent's schedule as well as your own.
Instead of asking to lower the cost ask when negotiating ask the builder to pay closing costs or to include upgrades. You’ll have an easier time getting a yes to these requests as builders don’t like to lower costs and gain a reputation for doing so in the process.
New construction homes aren’t a final product when purchasing. Because of this, it’s critical to get details on paper to protect yourself during the buying process. Details to include are how the home will be finished, any and all timelines, and what will happen if, for whatever reason, the home is not finished in time. Get all of this in writing to create a binding contract.
Ask questions! When touring the model house be sure to ask what comes standard and what is an upgrade. Get costs of upgrades that catch your eye so that you can plan your budget. When planning this budget you will also want to leave wiggle room as this will be a quote and not final cost. Your agent can help you create a list of common features that are standard and/or upgradable as well as ballpark costs.
Budget Tip: When deciding on upgrades know which are easier to have done during construction. Prioritize those over those that can easily be done after. Think upgrades that include wiring or getting into walls and ceiling for whatever reason.
New construction homes often come with a warranty. It’s important to know what this covers and what it doesn’t. Understand your cancellation rights and hire a real estate lawyer to review contracts and any important documents.
Research the builder and if possible talk to other residents in the neighborhood. Ask them about their experience both during the buying process and living in the development afterward.
One thing that often catches home buyers off guard is when the builder requires you to get pre-approved by their lender even if you use your own lender. This is to safeguard themselves by ensuring you pass their lenders requirements for a safe investment. It’s also important to keep in mind that you may even get better rates and fees from the builder's lender.
So many great features that make up many clients’ dream homes can actually be a hindrance in selling a home down the road. While certain features in a home may be attractive to you, remember that all buyers are not looking for the same thing. Beware of the following perks and how they can affect your plans to sell a home in the future.
While having schools close in the neighborhood is a plus, not everyone sees it that way. A nearby school is fantastic if there are young children in the family, however, if a buyer doesn’t have young children, living near a school could be seen as a hinderance. Not only will there be an excess of foot traffic in the area, but there will be a lot of traffic, in general, each school day as buses and cars head to and from the school. The extra noise factor from the school may also turn off some buyers.
Being In The Heart Of The City Or Town
Some people love to be in the heart of the action. A bustling neighborhood with tons of shops and restaurants and constant activity can be the life that you or someone you know is looking for. If you buy a home on one of these main stretches, but, it could be a hard sell should you decide to move. These property locations are targeting a specific kind of buyer and it could be hard to find them. Unless you live in a strictly urban area, you may want to think twice about the property location. Not only could it be a hard sell later, but you as an owner may get sick of the constant action very quickly.
A Swimming Pool
If you live in a place where the weather is always warm and a pool is a requirement, then putting a pool in your home makes sense. In more variable temperature regions, a pool is not always the best idea. Pools require a lot of maintenance and can be a significant investment. Think of how much of the year a pool is actually usable in your area. The biggest issue with swimming pools is that while they are a luxury, they really don’t add value to the home. In some cases, a pool can end up detracting value and interest from a property.
A Big Yard
While a large backyard can be attractive, not every homeowner wants to care for such a large amount of space. These large yards can take a significant investment of both time and money to maintain. A large yard attracts a certain type of buyer. Not that you can restructure property lines, but know that bigger isn't always better when it comes to a home’s outdoor space.
An informed homebuyer may be better equipped than others to enjoy a successful property buying experience. In fact, an informed homebuyer likely will understand the ins and outs of the local housing market – something that could make it simple for this individual to discover a great residence at a budget-friendly price.
Ultimately, it helps to review the local real estate market closely before you embark on the homebuying journey. Lucky for you, there are many things you can do to analyze the local real estate market and gain the homebuying insights you need to succeed.
Let's take a look at three tips to help you study the local housing sector so you can navigate the homebuying journey with poise and confidence.
1. Assess the Prices of Recently Sold Houses
Oftentimes, it is a good idea to review the prices of recently sold houses in cities or towns where you plan to search for your dream residence. If you understand how much home sellers are receiving for their residences, you can narrow your house search to properties that fall in line with your budget.
It is important to remember that city houses may be more expensive than comparable residences in small towns, too. Thus, you should budget accordingly based on where you choose to search for a home.
2. Find Out If Homes Are Selling Quickly
Take a look at how quickly homes are selling in cities and towns where you want to live. With this housing market data in hand, you can determine whether a buyer's or seller's market is in place.
In a buyer's market, there may be an abundance of available houses. Or, in a seller's market, homes may sell within days of being listed.
If you are operating in a buyer's market, you may be able to take your time to find your ideal house. Comparatively, in a seller's market, you should be prepared to act quickly to acquire your dream residence.
3. Consult with a Real Estate Agent
A real estate agent can teach you everything you need to know about the housing sector. That way, a real estate agent can help you become an informed homebuyer in no time at all.
Typically, a real estate agent will learn about you and your homebuying goals. He or she next will provide insights into the housing market in your preferred cities and towns and help you hone your house search. Then, a real estate agent will help you search for your dream residence. And once you find a house you want to purchase, a real estate agent will help you submit a competitive offer to purchase this home.
As you prepare for the homebuying journey, it may be beneficial to learn about the local real estate sector. By doing so, you can gain comprehensive housing market insights that you can use to streamline your home search. As a result, you could speed up the process of finding and purchasing your ideal house.