Maine can be a wonderful place for a vacation home, and many people choose a lakefront option. Doing that can give you some of the best of what New England has to offer, since you’ll be so close to a number of outdoor activities. Here are 4 tips to help you find the best lakefront vacation home for your needs.
Location is the Most Important Thing
In real estate, they say the three most important things are location, location, and location. That’s very true, whether it’s your permanent home or a vacation place. You don’t want to fall in love with a home, buy it, and then find that you really don’t like the neighborhood. It’s much better to love the area, and do a little work on the home. Be sure to consider exactly where in New England you want to be, right down to the specific neighborhood, before you buy.
Know What the Property Really Costs
It’s not just about the purchase price. There are bills, taxes, upkeep, and other expenses that you’ll have to consider when you’re looking for your vacation home. Your mortgage interest rate will be higher if you’re not planning on buying the home as your primary residence, and there may be other expenses that you hadn’t really considered, such as a larger down payment. Be sure you talk to several lenders before you make your purchase, and take the time to learn about all the taxes and other expenses you’ll have, so you’re not caught unaware after you buy.
Consider the Rental Potential
Many people rent out their vacation homes when they aren’t using them. It’s a great way to get some extra income, and helps keep the home from sitting empty. However, there are also times when it’s not necessarily such a good idea. You may also find that the rental income you get doesn’t cover your costs as easily as you thought it would. Doing all the math before you buy is very important, and can help you make sure you’re choosing the right place for the right price. You want to be able to really enjoy your vacation home for years to come. If it’s too expensive, you won’t get that enjoyment from it.
Don’t Make a Hasty Decision
It can be easy to fall in love with a property and decide you want to buy it, but don’t rush to sign those paper just yet. Sleep on it, for at least one night. Really consider the implications of what you’re doing, and be sure you’re getting the right place at the right price, at the right time in your life. A vacation home can be a wonderful thing, but decisions made in haste are often regretted. By getting to know the area, finding out the true costs and rental potential, and not rushing into something, you’ll minimize your chances at having regrets and end up with a home away from home that you really love and enjoy.
Thinking of buying or selling soon? Call me today to put a plan in motion!
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