Owning a vacation property is many people’s dream come true. Not only do you have automatic vacation accommodations, but you can also turn it into an income opportunity during the rest of the year.
Beaches, mountains, and everywhere in-between, buying a resort home definitely leads to some cool perks. If you’re a mountaintop dweller and your heart is set on a cozy mountainside cabin, here are a few things you should know before you decide to put a bid in.
Think About Your Goals
Before you invest in mountside property (or any property, really) take some time to think through your goals and vision for this investment. The goals of a secondary home will be very different from the goals for a primary residence.
One of the first things to think about is whether you want to turn the second home into a vacation rental property or if you’d just prefer to leave it unoccupied when you’re not there. Both of these options come with pros and cons, so it’s something to take your time and think through.
Think About Your Costs
Whether or not you choose to operate a vacation home, you’ll also want to think about the sorts of costs you can expect when purchasing a second property. For vacation rental properties, you’ll most likely need to hire a rental management company unless you live close enough to the property to manage it yourself.
There are several reasons you will want to work with a management company, not the least of which is that you’ll need someone to check up on the home and make sure everything’s working properly. Without visiting the home on a regular basis, it can be difficult to know when the home may be experiencing small but subtle damages. Temperature changes can harm your roof if you don’t take the right precautions.
Think About the Remote Factor
Another thing to consider with mountain homes is that you’ll likely be in a fairly remote location. No doubt this is the goal of mountain living, but the need to unplug has a few things to consider before you decide on it. Many remote locations have unreliable cell service, for example. You can generally expect a commute for even the most basic trips you make in everyday life, like going to the grocery store or out for a doctor’s appointment.
Mountain living can be idyllic for sure, but it does come with a few unique factors that you’ll need to research and prepare for before making your final decision.
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