Buying a vacation home is a bit like getting married--after enjoying the destination as a casual visitor, it's time to make a long-term commitment and settle down.
Choosing where to buy depends largely on where you live, what you can afford, and whether or not you will rent out the property when you're not using it. So before saying "I do," give some serious thought to these core issues:
How will you get there?
According to the National Association of Realtors (NAR), more than 80 percent of vacation-home buyers choose locations within driving distance of where they live, with about half of all owners opting for properties within 50 miles of their primary residence. Proximity to your home is especially important if you plan to visit the property frequently. Much as you loved your last trip to Fiji, you're not likely to fly to the South Pacific for a three-day weekend.
Will you need rental income?
NAR statistics show that most owners of vacation homes do not rent out their properties, but if you can't quite make the mortgage payments without some rental income, it's best to choose a popular destination where demand for short-term lodging is high. Experts say the most desirable spots are near oceans, lakes or rivers, or at mountain recreation areas.
Will the location suit your future lifestyle?
While vacation homes can gain value over time, the NAR advises that short-term speculation on residential real estate is risky business, and most buyers settle on a property they'll enjoy for many years to come. Planning for long-term enjoyment can mean buying a place that's big enough for a growing family, or choosing an area with a range of recreational opportunities to accommodate evolving interests.
Mountain biking may be your current obsession, but what happens if you decide to take up golf or fly-fishing? And if you're buying a home for future retirement, be sure to look for the kind of structure and location where seniors can live comfortably. Thirty years from now, will you want to climb stairs to reach the master bedroom, or drive a rutted dirt road to your rustic cabin in the woods?
More questions to ask yourself:
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main page(Morris Dye is a California-based writer and travel journalist who's still saving for his dream vacation home on a beach in southern Thailand. His work has appeared in the San Francisco Chronicle, Islands Magazine, TIME Asia, Fineliving.com and other publications.)
