Today's topic is vacation and second homes. This is a really popular topic, because so many people in this area buy homes that they will use only occasionally in the first few years, with the eventual plan to relocate permanently.
This past week, the Wall Street Journal and the National Association of Realtors reported that prices of vacation properties have just about reached a level last seen right before the housing crisis.
The report went on to state that second-home prices appreciated about 4.2 percent in 2016, following a 28 percent gain in the previous few years. There's no question that demand is up for real estate in Florida!
The most important factors when considering the purchase of a vacation home are your budget, how often you intend to personally use the property, what kind of income can be generated based on your own usage, and our seasonal population.
When buying a vacation home, there are several factors to consider. First and foremost, is the location you choose. Here in Florida, let's face it, most vacationers will want to be within a short drive, walk, or bike ride, to the beach. The good
news is that here in our area, Vero Beach, most homes are within only about 15 minutes to the shore.
Next, you will want to consider entertainment options. Whether it's a pool on the property, golf courses nearby, or an abundance of great restaurants, museums and shopping, your guests will want to know that there will be plenty for them to do while
Our little slice of paradise continues to attract vacationers and snowbirds alike, thanks to our friendly, relaxed lifestyle.
Many vacation homeowners even stock up on bicycles, kayaks, fishing gear and paddle boards for their residents to enjoy.
Also, as an owner of a vacation home, especially if your primary residence is out of state, you will enjoy more profit and less headache with a newer home that doesn't require too much ongoing maintenance, and that offers the comfort and aesthetic standards
of the clientele you're hoping to attract. Condominiums and reasonably newer construction will be good options for you.
Lastly, before signing on the dotted line on your investment, be sure to review any homeowners association documents to confirm that rentals are permitted in your community or building, and if there are any restrictions to be aware of. Examples
of this would be age restrictions, pet policies, or even how many times a year you can have a tenant.
If you are considering a second home purchase in Florida, or if you are already a homeowner here and are considering selling, we would love to answer any questions you may have.
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, and we can be reached by phone at 772-236-7862