By Vicki Trapp, AHWD, ASP, CRS, GRI, SRES, SRS
President, Greater Chattanooga Association of REALTORS®
Across the country spring is finally making an appearance and for many Americans this means one thing: vacation time. More and more people could be taking that vacation in their second home. The wonderful thing about a vacation home is that it’s a great getaway and a good long-term investment. Vacation homes often become retirement homes, so your purchase is an investment in your future.
The National Association of Realtors’® 2014 Investment and Vacation Home Buyers Survey shows vacation home sales accounted for 13 percent of all sales in 2013, up nearly 30 percent from the previous year. That represents their highest market share since 2006. Even as activity picks up, the market remains good for buyers. This means that if you’ve been dreaming of buying a vacation home, now may be the time.
Before you start the process of looking for a vacation home, you should think about what kind of home you want. Are you looking for a condo or a house? Do you want a cabin in the woods or a bungalow on the beach? Knowing what you want to get from your home can help establish a price range and location you can use to begin your search.
Once you have a general idea of the area and type of vacation home you want, your next step is to contact a Realtor®. Whether you’re going to buy a vacation home across the country or across the street, working with a Realtor® can save you time, money and a lot of stress. A Realtor® who lives and works where you want to buy can provide valuable insight into the local market. He or she can help you determine what you can afford and what neighborhoods fit your wish list.
A Realtor® will also have insights into the area’s current real estate values, utility costs, municipal services, taxes and facilities, and zoning laws that may affect your property. As you interview potential Realtors®, ask how many vacation home listings they have, how many years they’ve worked in the industry and about any particular specialties. If you’re considering renting your vacation home when you are not using it, ask about renting your vacation home to others –A Realtor® can advise you on potential restrictions, advantages and disadvantages, and tips for making your vacation home a top-notch investment as well as a fun retreat for your family.
But before heading out this year’s family vacation or looking for that second home investment, let’s snap back to reality for a moment. In considering your current housing situation, is it time to downsize? Upsize? Ready to stop renting and buy? Our upcoming Greater Chattanooga Open House Weekend (May17-18) is a great opportunity to preview what is available locally. We anticipate more than 100 homes to be open that weekend. Look for the balloons with our logo, visit openhouses.gcar.net to see which opens will be open, and follow us on Facebook and Twitter. Not only will we feature properties on the weekend’s open house schedule, but we’re having a contest in which you have the opportunity to win up to $500 in moving services from Affiliate member, Good Guys Moving & Delivery.