Here is a handy checklist to help you decide if a second/vacation home is right for you.

  1. Number One - What’s Your Motivation? Are you looking for a vacation home for just you and your family? Or as an investment property that you will rent out over the summer months weekly or just as a winter rental? Or is this where you see yourself retiring someday? Usually the answer is a mix of these but don’t go any farther until you have sorted this one out.
  2. How Far from Home Are You Willing to Travel? Fly or Drive? With the ever increasing energy costs this is more important than ever. But it has always been right up there in considerations for a second home. Too far away and you will rarely visit - too close to home doesn’t work either. How close is it to friends and family? About 100-200 miles from home seems to be the best range. You get the vacation feel that you have gone away and have not broken the bank in fuel costs.
  3. What Type of Property Do You Need? Single family home or a condo? You don’t have to set it in stone. Both have benefits - single family homes often offer yard space and condos give you option of maybe being poolside with no lawn to mow. Think about how many bedrooms (take visitors into account) and bathrooms are you going to need? What about parking?
  4. Where Do You Want to be Located? Start a list of potential target locations. Close to the beach, near a lake, small town, or a more urban downtown area? Consider your hobbies like golf, gardening or surfing. Do you want to be close to cultural activities or a serenely private oasis. If you are considering down the road to retirement - medical facilities, transportation and an active senior community would be important questions to ask yourself.
  5. Do Your Homework on the Community. Go online to Chamber of Commerce sites, city/town websites and area real estate websites. See if you like any of the local restaurant menus, checkout local activities and look at state web sites for historic destination and parks nearby.
  6. Go Visit! Visit your top locations - check them out. See if you like the shopping areas, eat in the restaurants, talk to the people. Can you see yourself hanging out here? How does it feel? Take a walk around to get a feel of the place. The local Chamber of Commerce’s will have lots of hand outs on local businesses. Schedule a stop there first into your travel plans.
  7. Put Your Finances Together! Doing this in advance makes the process of buying a second/vacation home much more fun. Knowing what you can spend and the tax benefits of it gets rid of the largest obstacle to ownership. You don’t want to fall in love with your dream house only to find out you can’t have it! Getting pre-approved for the mortgage puts you in a stronger negotiating position.
  8. Hire the right real estate agent! Use a professional who has experience in second/vacation home sales. The right agent can make your search more efficient and fun. This is a purchase in your leisure activities so you want it to be fun and easy from the start! 

Shannon Aldrich, Keller Williams Coastal Realty Portsmouth NH

Licensed in Maine & New Hampshire

The Real Estate Seacoast Team