Are you considering purchasing a second home? People purchase vacation homes for a variety of reasons. Investments, a vacation getaway, or a place to enjoy and begin to pay-off now for eventual retirement.
#1 What type of home are you considering?
Condo or cottage? Rental property or personal use only? Is this an investment or are you not concerned with income? Is there an association? What are the advantages and restrictions?
#2 Does a second home make financial sense?
Owning a second home comes with all of the related responsibilities and expenses. Factor in association dues, maintenance, utilities, taxes, insurance and time. Is flood insurance a factor? If you are looking for rental income to help make your payments - are rentals permitted? How long is the season? What is the demand?
#3 Location, Location, Location
Where are you dreaming about owning a home? Do you need an area that allows rentals? Are treated water and sewage a priority for you or can you be in an area where well water and private sewage treatment systems are necessary? How do you get to the property? What type of transportation hurdles are you willing to live with?
#4 Additional Factors?
Are things like schools, medical care, or access by road priorities? What about being near family, entertainment or larger shopping facilities? Make sure you will be comfortable with whatever your decision is from every perspective.
#5 Financing?
Second home financing can be more challenging to obtain. How do you intend to purchase your vacation home?
#6 Being a Landlord - Are you ready?
If you are going to be renting your home to help pay-off a mortgage or cover expenses are you prepared for all of the aspects of being a landlord? How will you find renters? What local and association requirements, permits and fees are involved? Will you utilize a rental company or handle leases, reservations, repairs and cleaning on your own? Owning a rental can create legal liabilities - how will you protect yourself and your personal assets.
Are you considering purchasing a vacation home
along Ohio's North Coast?
Contact us today - The Hisey Group with Howard Hanna
Lee Hisey, Team Coordinator, 440-315-6000
or LeeHisey@HowardHanna.com
www.OhiosVacationLand.com
Huron, Vermilion, Marblehead, Port Clinton, Catawba Island, Middle Bass Island, South Bass Island and Put-in-Bay, North Bass Island, Rattlesnake Island, Kelleys Island & Adjacent Communities
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