Congratulations! If you’re considering buying a vacation home, you’ve made a great decision. Especially if you’re considering a Regal home in the beautiful state of Utah. We offer several homes in a range of communities in some of the best areas of the state. Each home includes quality materials and superior designs that you can customize to make the perfect vacation home.
At Regal Homes, we pride ourselves on providing the best customer service and a new home buying experience that exceeds expectations. With our decades of experience and expertise, we’d like to share with you a few things to consider before buying a vacation home.
5 Mistakes to Avoid When Buying a Vacation Home
1. Not Doing a Deep Dive Into the Neighborhood
We’re sure you’ve heard the saying “location, location, location” when it comes to real estate. As cliche as it may sound, it really is an important thing to consider for your second home. It’s just as important to research the neighborhood’s atmosphere as it is to learn about what’s around the area. For instance, think about what you and your potential guests may need when visiting. Things like strong cell phone connection, WiFi, and easy access to shops and grocery stores. Other things to consider are the local regulations and HOA restrictions for renting out homes if you plan to offer your home as a rental while you’re not there.
2. Buying With Your Emotion First
After coming back from an amazing vacation, your mind may immediately start racing with the idea of buying a second home there. We don’t blame you! It’s certainly an exciting thought, but you should take a moment to think it over. Ask yourself how often you plan on using it. Will you rent it to others? If so, what are your financial goals? Are you ready financially and emotionally for a big investment? Buying with your emotions first can sometimes cause you to overlook the consequences of your decision.
3. Not Thinking About Your Budget
Speaking of finances, having a comprehensive budget and sticking to it is very important when buying a second home. You’re sure to be aware of the upfront costs of buying a home like the price of the home itself, closing costs, etc. But you’ll also want to factor in additional costs, including furnishing the home, any HOA fees or other fees, and maintenance and upkeep costs. Also, if you choose to use a rental management company versus self-managing the home, there will be added costs associated with that to consider. Before purchasing your vacation home, take some time to plan out a thorough financial strategy.
4. Not Touring In Person
Having confidence in your vacation home buying decision is crucial. With today’s technologies, you can typically tour a home right online whether through photos or a virtual tour. It’s a great way to get an idea of what the home looks like, but nothing beats being able to tour a home in person. By visiting the vacation home in person, you’ll avoid surprises and get a good feel for how you and potential guests will live on the property. While some may be confident buying sight unseen, you’ll be even more confident after viewing the home in person.
5. Thinking Managing a Vacation Home is Easy
You might be able to manage your vacation home well enough if you live close by, but what if you don’t? We highly recommend thinking about all that goes into owning a second home and managing it while it’s vacant. This is more than making sure it’s secure from damage or theft, it includes maintaining the home itself during harsh weather and managing the rental bookings. A great way to overcome some of these extra tasks is by hiring a full-service short-term rental management company.
Regal Homes is happy to be able to provide you with advice about purchasing a vacation home. We’re here for you through every home purchase with us and would encourage you to browse our communities for the amazing opportunities we have here in Utah. Ready to find your second home? We’re here to help! Contact us today to learn more.