Are you dreaming about owning a second home?
Do you want to be a resident where you love to vacation? For many people that is a goal in their lives. You want to be an “Islander” not just a “visitor”.
For many owning a second home can be a poor idea. If you are already overextended don’t do it! If you have trouble paying your current bills don’t buy a vacation home.
Questions to ask yourself:
- Can the home be rented to help cover expenses?
- Do we want renters in our home?
- What is the rental market around the home?
- How much are taxes, insurance, HOA fees, maintenance fees?
- Can we finance at an affordable rate?
- How much will we really use it?
- Are we paying now for a retirement home later? Are we sure we love this place?
- What are the “additional expenses” and can we cover those?
- Ferry, plane, or boat expenses?
- Extra vehicle needed?
- Higher cost of living?
- More friends and family visiting? (yes – they will)
- As always check with your accountant for advice on any major purchase.
Making New Memories
Many of us, myself included, have memories of spending vacations at a “family place”. In my case we spent many wonderful days at my grandfather’s cabin on the shores of Julia Bay on the north coast of Manitoulin Island, Canada. I was able to share and create new memories with my wife and young children later in life and they now share memories in that special place.
If you cross the t’s and dot the i’s when reviewing your finances, you need to also decide where that special place is for you. Where do you want to make memories for yourself and those you care about?
If you plan to have two places to call home will they complement each other. Is the travel time from an island in Ohio to a warm winter spot in Florida or Arizona a good mix for you.
Do you want a home in a vacation area for 12 months a year with plans to travel in the excessively hot or cold months? If that is case where is the nearest airport? How is the highway access and how close is it?
Stability of Place
In todays environment workers often need to move with their job. That usually results in moving your home as well. A vacation home can actually be a place of stability. You can purchase a home that does not change or move. Where you can always go to the corner ice cream place with your “favorite” ice cream or fish the spots you know like the back of your hand.
If you are purchasing a place for later retirement, whether all or part of the year, having a home established prior to retirement will help to smooth the transition. Many people feel a sense of loss during this period. A loss of structure and stability they had when punching the clock to accomplish tasks within a structure. Having a place you are familiar with, already have memories and friends, and to a certain extent habits and favorite places can help smooth that transition.
A place where family and friends can share memories has value, and many of these homes are handed down to later generations for that reason.
Start Your Second Home Search Today!
If you are considering a home in Northern Ohio, contact me today at 440-315-6000 or [email protected]. I’m happy to help you guide you through the process within our market area, or refer you to a professional I trust in another market in Ohio. We have some beautiful areas along our island, river and shore communities.
Let us set you up for a second home search specific to your desired area, price range, and required size and amenities. Contact me today!