Vacation rentals are more popular than ever, thanks to booking services like Airbnb and VRBO. These platforms make it possible for anyone to rent a vacation home anywhere.
Easy-to-book vacation rentals are a huge benefit to those who otherwise wouldn’t be able to afford such spacious accommodations in high-demand areas. However, there’s no guarantee you’ll get the rental you want, and with inflation affecting the cost of everything these days, the price of vacation rentals is going up.
As a result, many people are choosing to buy vacation homes in places they love to visit time and time again. That way, they don’t have to worry about availability or price hikes. What’s more, the purchase of a vacation home is an investment rather than a splurge.
With that said, buying a home is nothing to be taken lightly. The stakes are high. The last thing you want is to invest in overseas property you come to regret and resent.
As a result, those in the market for a vacation home will need to consider several key factors before going forward with a purchase. With this in mind, let’s take a look at six things to look for in a vacation home:
It’s common for people to fall in love with a destination after their first visit. That mindset drives them to consider buying a vacation home in the area. But is it practical? For one thing, the way you feel about a destination may change, especially as you start spending more time there and get to see the ugly side. Other factors, such as climate variations and the total cost of owning property in that part of the world, should factor into your decision. Ask yourself if buying a vacation home in that location is practical before moving on to other factors.
Nobody wants to spend their vacation on full display due to a lack of privacy. With this in mind, make privacy one of your chief concerns when looking at potential vacation homes. Standalone fenced-in properties are ideal but not always affordable. You could also take steps to improve privacy after buying a vacation home. For instance, acoustic ceiling tiles could be installed to make it harder for your neighbors to hear what you’re saying. Opaque window curtains, upgraded fencing, and motion-activated outdoor lighting are other options to consider when making your vacation home a more private place to spend time.
By definition, vacation homes are occupied only a handful of times throughout the year. Otherwise, they sit vacant. That makes them a prime target for burglars, squatters, vandals, and other miscreants. As a result, consider narrowing your search to vacation properties that are fortified by virtue of their design and layout. From there, consider investing in additional security measures, such as surveillance cameras, deadbolt locks, and alarm systems.
Certain parts of the world are more stable than others. Economics and politics are just two factors that could upend the safety and stability of a country. With this in mind, take time to assess the potential risks associated with establishing a presence in another part of the world. That way, you’re less likely to have your investment compromised by variables that are beyond your control.
The affordability of a vacation home goes beyond the price you paid to own it. Taxes, travel costs, and other factors play a role in the total cost. With this in mind, crunch the numbers and do your due diligence before agreeing to buy a vacation home.
How far is the property from the nearest city? What kind of infrastructure exists in that region? What about access to grocery stores, hospitals, and pharmacies? Consider these variables before going through with a vacation home purchase.
It’s never been easier to rent a vacation home. However, there’s a level of peace of mind you get when you own a vacation home outright. With this in mind, it’s no surprise more people are choosing to buy a vacation home in a place they love visiting. If this describes your current situation, it’s essential that you choose wisely. That way, your vacation home serves its purpose.
Julie Steinbeck is a freelance writer from Florida. She enjoys writing about business, finance, health, and travel.