The Do's and Don'ts of Buying a Vacation Home
LOUISIANA REALTORS • June 21, 2017
No matter how popular or private; no matter how secluded or out in the open; when you discover your favorite vacation destination, it becomes “yours”. It’s an escape away from the ordinary to a place where you have your beloved hotel or resort, favorite restaurant, and you know the roads like the back of your hand. While you may know the concierge, chef, and gas station attendants by name, at some point you may want to put down some roots in your home away from home.
Just like any real estate purchase
there is a lot of due diligence to be done, this is especially true when purchasing a vacation home. Here are a few things to do, and a few to not do, when you decide to buy a vacation home.
Do Understand the Total Cost of Ownership
While your long term goal is to have a place of your own at your favorite retreat; a vacation home can also be a smart financial decision when you add up the expense of hotels, restaurants, etc. However, it will only make financial sense if you understand the total cost of homeownership. Just like with your primary residence there will be taxes, insurance, maintenance costs and more. All of these costs along with recurring charges like utilities need to be included in your budget.
Don’t Overestimate Travel
Getting there isn’t always half the fun. If you have a car ride of a few hours that can be very manageable. However if getting to your new home requires a plane ride or difficult terrain, that could be an issue. Remember, you’ll have additional responsibilities that may require unscheduled or inconvenient visits to your new property.
Don’t Forget About Safety
This is especially true when your home is new and you’re getting to know the community, as well as it is when you are away. Having a security system installed is essential and should be added into your budget. Wi-Fi cameras and surveillance are also a great way to stay connected with your property. It’s also a good idea to find someone that you can trust to check on things and keep you up to date while you are away.
Do Hire a REALTOR®
New ParagraphJust as if you were shopping for a primary residence, a REALTOR® is an invaluable resource as you search for your vacation home. REALTORS®
offer local expertise and experience along with access to information and locations. Entrusting your vacation home shopping experience to a skilled REALTOR® is a must.
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Louisiana REALTORS® CEO Norman Morris issued the following statement after SpaceX announced plans to invest $100 billion in a new launch facility in Vermilion Parish. The project is expected to create 3,000 direct jobs and more than 8,100 indirect jobs across Acadiana. “SpaceX’s investment is an extraordinary economic win for Louisiana. We congratulate Governor Jeff Landry, Louisiana Economic Development Secretary Susan Bourgeois, Vermilion Parish leaders, and everyone who helped bring this historic project home. The housing and infrastructure improvements needed to support more than 11,000 new job opportunities should generate a huge economic boost to the Acadiana and Gulf Coast region. According to the National Association of REALTORS®, each typical Louisiana home sale generates approximately $88,600 in economic activity. Even if only half of the new SpaceX related jobs lead to a home purchase, the impact would generate nearly half a billion dollars across our state's economy. That improves our tax base and school systems, and ripples through our economy touching builders, bankers, hardware stores, appliance dealers, contractors and so many more. “Housing is not downstream of economic development; it is an essential infrastructure. Louisiana REALTORS® and our partners stand ready to help turn these new jobs into homes, stronger communities and lasting roots in Louisiana. Economic development creates jobs, but housing turns those jobs into homes. Let’s make Louisiana home again, together.” Economic-impact estimates are illustrative calculations by Louisiana REALTORS® using employment projections from Louisiana Economic Development and the National Association of REALTORS®’ estimated economic impact per typical Louisiana home sale. They are not forecasts or recurring annual-impact figures. Enjoy the video below from the Louisiana Department of Economic Development .
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