4 Questions to Ask Yourself Before You Buy a Vacation Home
Having a second vacation home in the Northwoods of Wisconsin is a great opportunity to make memories with the family, escape from city life, or even be an additional source of rental income. But before you make your purchase, here are four questions to ask yourself to help you figure out when and where is right for your vacation home.
Why do I want to buy a vacation home?
Asking yourself this question may seem too simplistic, but knowing your motivations for buying a vacation home will help you set your priorities and keep them straight. Is it because there is an area you love and want to keep going back to? Do you want a space for the family to gather and make memories? Or are you looking for an escape from the hustle and bustle of your regular day-to-day? Whatever the reason, be clear and let your “why” guide your decision-making process.
Is this the right phase of life to buy a vacation home?
Think about your current priorities. Are you planning on having kids, getting married, or retiring? Did you recently start a new job? Are your finances comfortable? Taking stock of your current phase and life and what is most important to you now will help you decide if now is the right time, or even help you figure out what type of vacation home you want or can afford.
Do I love one area enough to keep going back?
When you buy a vacation home, you’re committing to spending a lot more time in one area. Whether it’s a town that you love or a lake that you keep going back to, make sure that it’s a place you won’t get bored with or regret having property in.
Does it make sense financially?
Are your finances secure? Do you have enough income to manage two mortgages? Are you thinking about making any other big purchases soon? Be sure that you are financially ready for the commitment of buying a second home. Meet with a realtor and mortgage broker to discuss your option and figure out what might be the best next step in reaching your vacation home dreams.
When you’re ready to purchase your vacation home, Vacation Land Properties is here for you! Get in touch with us and we can help you find your vacation escape!