When you’re in the market for a place where you can spend your time off, there’s a number of considerations you should make when investing in a secondary residence in California. A vacation property is a great way to experience life in another city or town throughout the year, as you can transform it into a home away from home for you and your loved ones. If you’re ready to invest in a prime piece of real estate where you’ll only be living part-time, consider these 10 things to look for when buying a vacation home in California this year.
- The Rules for Renting Your Property
You may have the option to rent out your property when you’re away although you might be subject to rules that dictate how much money you can take home.
- The Cost of Owning Your Property
Because you’ll need to buy the property and then finance the expenses that come with it, you should be prepared to pay utilities, property taxes and more.
- The Time You’ll Spend at Your Property
Your vacation home is the place to go to escape the realities of everyday life, so choose a location you want to visit often to make your investment worthwhile.
- The Availability of Neighbors at Your Property
For the periods of time in between trips to your vacation home, you should get to know your neighbors who can help your house appear lived in around the clock.
- The Return on Investment from Your Property
A vacation home can be a smart investment when you play the right cards, requiring you to weigh the costs and benefits of owning this particular kind of property.
- The Taxes on Your Property
Given that your new home and rental income can be subject to taxes, think about how much money you’re willing to pay to maintain your secondary residence.
- The Business Opportunities at Your Property
You can use your vacation home to turn a profit when you leverage the property’s location and its features using tools like Airbnb all year round.
- The Possibility of Emergencies at Your Property
When you’re away and your home is in the path of a natural disaster like a hurricane, you should seek out someone who can check on your place regularly.
- The Option to Profit from Your Property
A vacation home can be a smart way to enable a stronger cash flow as long as you’re realistic about the income you’re expecting to receive from the monthly rent.
- The Opportunity to Sell Your Property
In order to make investing in a second home worth your while, you should make sure that you could turn a profit on the property in the event that you need to sell it.
These 10 things to look for when buying a vacation home are great starting points when beginning your search for a secondary residence for your family in or around California. Whether you’re new to this part of the country, or you’ve been visiting the Golden State for a while, you’ll need to familiarize yourself with the area’s available properties. I would be happy to discuss the possibilities when investing in a new place to spend your time off in California, so please don’t hesitate to contact me for more real estate information today.