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10 Steps to the
Perfect 2nd Home • Vacation
Homes Gain Footing as Investments • Why
Vacation Homes are Still Hot! • Section
1031 Exchanges - General Info • VACATION
HOMEPAGE
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10 STEPS TO THE PERFECT SECOND HOME
The largest numbers of second homes are in states with large populations.
The greatest percentage of second homes, however, are in smaller
and less populous states.
The most popular locations for second homes are near bodies of
water and mountains and second home buyers prefer rural settings
to those more urban, but in most cases, second homes are within
less than a day's drive from the primary residence.
Second homes are everywhere.
Among the 359,000 second homes sold last year, second homes were
found in every state and in every region, according to the National
Association of Realtors' "2002 Profile of Home Buyers and
Sellers".
Determining the best location for your second home isn't easy.
In response to the growing demand for seconds -- vacation homes,
resorts and the like -- the second home portal recently published
a list of 10 tips to help shoppers find their second dream home.
Ten Tips For Finding A Perfect Second Home
Define your lifestyle interests. "It's well known that people
who buy second homes are primarily looking at areas that have
to do with their recreational interests. So ask yourself 'What
is it that I like to do?' Some of it is subconscious. It might
not be something they are aware of so they have to define what
is the appropriate type of place where they'd like to be."
Determine the ideal travel distance. Ideal traveling time is
a matter of personal preference and tolerance, but Thompson says
it's best to limit yourself to a few hours traveling time. If
it's too far or too expensive to reach within a few hours, you
likely won't use an owner-occupied second home enough to justify
its cost. Don't sell yourself short by insisting if you buy it
you'll use it. Before you buy, rent in the area for a season.
See how often you actually manage to get to your vacation home.
Research locations. You may like downhill skiing, but can you
really afford a home in a ski town and what happens around town
when the slopes close? "Okay, you've defined your lifestyle
but what about affordability, climate, population and all those
other issues? Check with the local chamber of commerce, use the
Internet, use EscapeHomes to find out more about a community.
If you live in Michigan, you can't do a drive-by to find out if
California or Florida property is more expensive."
Select the desired location. "Within the destination you
have to pick the community. Let's say it's Las Vegas. Do you want
a new planned development or do you want to be in closer to The
Strip? Do you want a patio home or town home for less maintenance?
If it's in Florida, do you want it inland or a beach community?
If you are into beach communities, do you also want a golf community
near the beach?"
Make inquiries with locals. "Go knock on neighbors doors
to find out what it's like. How many second home owners are there?
Are they true home owners or renters? Too many renters and they
might not be keeping the place up. You need community details
often available only from the residents."
Contact a real estate professional. A real estate professional
is your eyes and ears in distance places. "You can do a lot
of things without a real estate agent, but there is a point when
that picture you saw and that virtual tour isn't enough. I'm a
Realtor and when I was looking to buy in Palm Springs and I needed
a Realtor I could trust who I knew would help me. A Realtor can
highlight areas of interest. One of the things I've learned is
that a resort real estate agent is very different from a regular
real estate agent in a resort area. You have to rely upon someone
who knows the area," rather than someone who merely sells
homes.
Visit destinations. "Most people will visit a destination
two or three times before they purchase. You start finding out
about the resources, what the travel time is really like if you
drive or fly. It might be only an hour flight, say from here (Orinda)
to Palm Springs, but if you don't get the ticket ahead of time
you may have to fly to Burbank instead of Palm Springs. The other
thing is most people buy a second home have in the back of their
minds that the property will be their primary residence at some
time. Are you really sure this is where you will want to live?"
Review financing options. "Some places deal with high-end
purchases that are almost always without loans and are 1031 exchanges.
Can you use your equity line to buy a second home? Financing for
a second home is different and you pay more, about 1/2 point to
1 point more. There are also different insurance criteria. The
good news is you still get that mortgage write off (up to certain
limits, depending upon how the property is used and its value)."
Involve your tax professional in the financing part of the deal.
Purchase through a resort specialist. "People selling in
a resort area know more about a particular area and typically
take it very serious that business comes from the outside. Outsiders'
questions are are quite different from those inside the area.
It's only a half hour, say, from Park City to Salt Lake City,
but make sure you are not working with someone who lives in Salt
Lake City who wants to sell a home in Park City."
Enjoy the process. "This isn't your primary residence and
everything doesn't have to be perfect. Have a little fun with
it. You probably don't have to be near the best school or within
walking distance of the beach," Thompson said.
Published: July 5, 2002
Equal Housing Opportunity. Copyright © 2006. All rights reserved.The
information that is provided is deemed reliable, however no guarantee
is warranted. The laws governing Florida prohibit such representation.
NOTE: Florida Real Estate laws require that we make full disclosure
at this time; the office of Picket Fence Realty, Simon Conway
and Jon White, collectively, or as individuals, have no representation
to you as a buyer. However, our office prefers to work as a transaction
broker (at no cost to the buyer). A final decision can be made
at the time of our first encounter regarding agency. All prices
are subject to change without notice. Figures provided are for
comparison only.
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