9 Tips for Owning a Vacation Home
Going on vacation is a lot easier when you already own a house in the area. However, it isn’t easy to maintain a property that could be hundreds of miles away from your long-term home.
Here are nine vacation home tips to help you manage your new place of relaxation.
1. Location, Location, Location
Buying a vacation at a location you enjoy visiting should be your number one goal. It’s also easier renting a vacation home out when there are plenty of attractions in the area.
2. Size of the Home
A big home is a great investment, but it also requires more upkeep. Expect to pay more for cleaning services if you purchase a larger house, as well as charging more for renters.
3. Furnishings and Amenities
Whether you’re buying or renting, you’ll want to get the right furnishings and amenities. A full kitchen is essential for anyone staying in the house. If kids are staying there, look into durable kid-friendly furniture.
4. How Often Will You Use It and Who Will Be Using It With You
It’s not uncommon for people to share vacation homes with family and friends. Make sure you set up a standard for how to take care of your property so someone else doesn’t leave a mess or cause damage to it.
5. The Cost of Upkeep and Repairs
When you manage a vacation home, that means you’ll need to keep it functioning as if it were good as new. You can hire cleaners and maintenance for regular servicing since you can’t always come out every month to keep it clean.
6. Property Taxes and Insurance
You’ll need a separate homeowners insurance policy to cover a vacation home.
The cost of owning a second home can be reduced through various tax deductions, which are also affected if you rent it out. However, keep in mind that you may need extra coverage if you rent.
7. Maintenance and Repairs
It’s best to leave repair jobs and maintenance to the professionals if you want to keep the house around for the family. Instead, find a local company that can do routine maintenance when you’re away.
8. Upkeep and Cleaning
Always clean up your vacation home before you leave to avoid pests. Consider hiring a cleaning company to visit after a guest stays there as well.
9. Guests and Renters
If you choose to buy sight unseen, you may not want to use your vacation home. In that case, you can rent it out to people who can’t afford to own one themselves. Provide rules for what they can and can’t do, as well as general cleanup requirements.
Vacation Home Tips
As long as you follow these vacation home tips, you should have a well-maintained place to visit during any holiday season. And if you’re renting the space out, then you’ll provide a comfortable and clean environment for your guests.
Market Source provides a platform to buy and sell homes in the Salt Lake area. We also offer property management services for your vacation home. Contact us to learn more about how we can help you.