4 Things Retirees Should Know Before Buying a Vacation Home
You are retired and loving it but you’re also considering buying a vacation home or condominium somewhere. Perhaps you want the convenience of always having a place to stay when vacationing in your favorite location. Maybe you want a little bit of residual income and rent the property out when not in use. Whatever the reason, you may be toying with the idea of buying a vacation home now that you are retired. It’s a perfect place to rest and relax and can be a great location for family reunions, taking friends, or supplementing your retirement income. Here are four things you should consider before buying a vacation home.
#1. Spend some time at the location.
Before choosing the type of property you want to make sure you love the location. If you’re already considering buying a vacation home you probably have a good idea where you want to live. Visit during every season, though, so you know storm season, the middle of summer, and what the winter season looks like. This will give you a better idea of how to rent it out for income, or when you really want to visit.
#2. Who will take care of the property in your absence?
A lot of condominiums in Panama City Beach are you specifically for rental vacation properties so finding caretakers, housekeeping, and an association that will take care of a lot of these things are crucial. You want to make sure it can be easily managed from afar.
#3. What is your budget?
Make sure you actually run the numbers to find out what vacationing in a certain area costs, versus buying a home, versus timeshares, etc. Figure out what works for your budget and then stay within that budget. Don’t forget maintenance fees, management if necessary, and travel times.
#4. Strategize for when you’re not there.
If it’s a condominium building with lots of units, chances are the building will be fairly secure but if it’s a house, make sure you understand what managing that property when you’re not around, looks like. Will you have neighbors that will check on the home, make sure there are no squatters in the property, or take care of any maintenance issues? There are several property management companies in Panama City Beach as well so this might be a great option but be sure to include it in your budget.
When you are retired all you want to do is play and have fun and buying a vacation home might be right up your alley but be sure you do a little bit of homework and research ahead of time.
Feel free to call us at any time for more information on vacation properties, condos for sale in Panama City Beach, and what owning a vacation condo looks like.