How to Find the Perfect Vacation Home

By eHow Personal Finance Editor

Find the Perfect Vacation Home Find the Perfect Vacation Home

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Buying a vacation home is exciting--but as with any other major purchase, it's important to think things through carefully. Here are some suggestions to help you make the best buy.

Instructions

Difficulty: Moderate

Things You’ll Need:

Step1
Decide whether this is a place where you'd like to spend every vacation. Base your decision on your lifestyle and recreational interests.
Step2
Select the type of vacation home that best suits your needs.
Step3
Visit desired locations and tour properties for sale.
Step4
Determine whether the vacation property you are considering buying is priced fairly. Check real estate ads and ask local real estate brokers for prices of comparable vacation properties in the area.
Step5
Hire professional inspectors to uncover any potential problems.
Step6
Consider how you will maintain the vacation property throughout the year. Get references of rental management firms that can take care of maintenance, upkeep and rentals when you are not there.
Step7
Ask an attorney or broker to review sales contracts and agreements.
Step8
Make an offer based on comparable prices in the area.

Tips & Warnings

  • You may get a better deal if you buy during the off-season.
  • If you're seeking a time-share, look on the Internet for people selling their weeks independently.
  • Consult a tax professional about tax consequences. Most experts advise that you should buy a vacation home for pleasure--not as an investment.
  • If you rent out a vacation property most of the year, the IRS will only allow you to occupy the property for two weeks out of the year without affecting its investment-property status.

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Anonymous

Anonymous said

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on 11/22/2005 Though it may seem expensive or inconvenient to make the trip to see a prospective home for yourself before you buy, that's the only way to do it. Even the most trusted agent, friend or relative won't see your new home exactly as you do.

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eHow Article:  How to Find the Perfect Vacation Home

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