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Are you looking to purchase a vacation home but don’t know where to start? Many people approach purchasing a vacation home like buying their primary residence. Buying a vacation home presents some key differences you need to be aware of.
1) There’s ZERO Cost to the Buyer to Hire a Realtor!
As you start your search for your next vacation home, you might think it will be easier and less expensive than hiring a realtor to do all the leg work for you. That’s simply not true. There is no cost to the buyer to hire a real estate agent as our fee comes directly from the seller’s closing costs. Having a knowledgeable realtor who will work for you to get the best home at the best price and will help you sort through all the paperwork is really invaluable. Luckily we come at no additional charge to the overall cost of your new home. You can talk to us as we have our sister company iTeam Investments and its agents to help you!
2- International Buyers Can Get Financing
You may think that if you want to buy a home in the United States you’ll have to pay cash. If this is scaring you off from buying your dream vacation home, don’t worry. Many international buyers are able to get financing from American banks for vacation homes in the US. If you are interested in learning more, just contact us and we’ll talk you through it all.
3- The Market in Central Florida is Booming for Vacation Homes
There’s a new economy brewing and it’s easier now more than ever to rent your home to excited vacation guests. Many visitors now are looking for vacation homes to rent while on vacation instead of the traditional hotel or resort. When you’re considering purchasing a vacation home for yourself, remember there may be options for the home when you’re not around.
4- What type of vacation home to buy At the same time, consider different types of properties. Should you buy a lakefront home? Maybe you want apartment, but will it fit enough guests to earn the rental income you’re hoping for? How does the ROI for a larger property home compare to the potential returns on townhouses condos nearby?
5- Get pre-approved for buying a vacation home Once you’re actively searching for vacation home real estate, you want to be pre-approved for any financing. In popular vacation markets, a pre-approval puts you in a position of strength because you can move on a property quickly. Your pre-approval also signals to sellers that you’ll be buying a vacation home based on a credible offer they can trust.
6- You’ve chosen your home—now what?
- Prepare and make an offer committing to a purchase price.
- Define the terms and conditions for honoring that price in your offer.
- Set a closing date.
- Submit your earnest money as a bank check. (It will be held in escrow until the sale closes.)
- Review the seller's disclosure documents. (Sellers are required to disclose certain facts about the property in writing.)
- Negotiate the sale and reach mutual agreement
- Schedule a home inspection
- Get a home appraisal
- Close on your vacation home
7- Set up your vacation home as a vacation rental Secure it with trustworthy vacation rental property management. iHome Resort can deliver significant income and allow you to enjoy your home more when you visit!
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