For many people, a vacation home down south is a place that gives us time to relax and spend with our friends and family; a way that you can’t get at home. It can be exotic, earthy, warm, or generally something that you don’t experience on a daily basis. It can even provide an investment opportunity to collect rent while you aren’t at your private sanctuary. Before jumping in to the purchase, we’ve compiled a few key points to consider for investing into your new home away from home.
What is the purpose of your vacation home? Will it be utilized as an investment to generate income, or purely a private getaway for recreation and relaxation? If your vacation home incorporates rental potential, some costs can be offset by allowing renters while you’re away. However, each situation has tax implications to consider before purchase.
Ease of Access
How accessible is your vacation home? Does it require an expensive flight, a costly ferry, or a maintained service road to get there? It’s important to consider if you would prefer something close enough to use it on weekends, or if it is just for longer stays a few times per year. Additionally, as basic as it may sound, spend some time in the area. This is a long-term investment, so ensure that the local area is a place that your family can enjoy for many years to come.
Have Someone on Speed Dial
It’s best to have someone local to oversee the affairs of your property; especially if you have renters. For example, if your tenant gets locked out, or your fridge stops working, you’ll need to take action as soon as possible. A property manager becomes key in this situation, and can take care of the heavy lifting for you.
If you are considering buying a vacation home in Mexico, Europe, or South America, get in touch with us. We are also connected to the best local agents for vacation rentals in North America, who offer advice and guidance about the area you are interested in.