Is a Vacation Property The Right Investment For You?
Although the idea of having a getaway house seems ideal, the process getting there can be a little overwhelming. While purchasing an investment property out of the country, you may be unfamiliar with costs, location and laws associated with a listing. Therefore, it is important to be fully educated on a property and research it before making a purchase decision.
Below are a few tips that you should review when considering a vacation home:
Do Your Research
While purchasing a vacation it is important you do not get caught up in your emotions! Before agreeing to purchase an international property, it is important to do your due diligence. Make sure you:
- Have a good idea of the price you can afford and whether or not it will add financial stress onto your plate. You are likely purchasing this property as a getaway from everyday stress. Therefore, you do not want to go there and have resentment towards the property due to overwhelming debt.
2. Get to know the area and whether or not it is the right fit. Prior to making the purchase, it is important you visit the spot first and check out the location. Try renting a place nearby and allow yourself the time to check out the city you will be residing in, the amenities nearby, and whether or not you feel comfortable in the neighbourhood.
Factor In All The Costs
Next, it is important that you can afford the vacation home. Even if the listing price is within your range, you still need to factor in all the other hidden costs. Some hidden costs may include: maintenance fees, stricter mortgage payments, insurance, and international transportation costs.
Aside from the fees you will be paying in order to use the property, you should also factor in how often you will be there. Is it worth owning a property? OR is it better to book a few vacations a year?
Another option while owning a vacation home is renting it while you are not there. This is a good method for maintaining consistency and covering fees. However, before you commit to this option you should;
- Consider how comfortable you feel with someone else in your space.
- Research to see if rentals are even permitted in the area.
- Look at the rates you would receive depending on the time you would want to rent it – is it during peak or downtimes?
- How much would this cost due to cleaning or insurance?
- Would it be worth managing, especially if it is overseas?
After going through all these factors, you should have an idea of whether or not this is the right fit for your lifestyle. Ideally, you have the property to enjoy yourself. Therefore, make sure you are relaxed while at your vacation home, rather than stressed with how to pay it off.
Have A Knowledgeable Real Estate Agent Work With You
If you are confident in purchasing a property overseas, next, you should be confident in the realtor you choose. Make sure you work with a realtor who:
- is knowledgeable on the area,
- educated on the property or has a better option for you, and
- can be trustworthy.
The reason why I personally became a realtor is that I found a passion for helping clients navigate a stressful situation with ease. As mentioned, thinking about owning a vacation property is exciting, but can also become overwhelming. With years of customer service and realtor experience, I am confident that we will be able to work together and find the proper home for you!
Below, I have shared a listing I am confident many will fall in love with. If you are interested in owning an international vacation home, check it out!
International Vacation Condominium
Studio condominium FOR SALE in Nicaragua
$ 84,900 Canadian for the studio condo
Fees are $75 US monthly – includes hydro
Located on the main road coming into San Juan del Sur, Las Escadas Condominiums is located in a surf town. Close to beaches and beautiful nature, but also situated near vibrant shopping centers and restaurants, this location is perfect for the average tourist! An affordable, yet high-quality property. Contact me for more details.
A vacation home is a great way to relax and recharge. However, your purchase decision should not be rushed. Take a moment to take a breath and think about this buy. Make sure owning an international vacation home is the right fit for you. If it is, I would be more than happy to find a listing that is great for you. As mentioned, my goal is to create an easy process for my clients. Give me a call and we can create a plan that leaves you stress-free!