There are many reasons to buy a vacation home ranging from financial investment to fun family memories and every thing in between. But before pulling the trigger on a second home, here are a few questions to ask yourself:
- Why? While the idea of having a vacation home to get away from day to day realities, how often will you really be able to take time away from work, kids activities, family responsibilities?
- Will you need to rent your house out to offset your mortgage payment? If so, make sure any properties you look at are zoned for vacation rentals. Many properties in the Chelan market are not.
- How will you pay for it? Financing? Owner Terms? Cash? A surprising number of homes here are all cash transactions which is something to keep in mind when looking. Many buyers use Home Equity Lines of Credit on their full-time residence.
- What, if any, Tax Benefits will you realize by investing in a second home?
- What will your plan be for emergencies when you’re not in town? While it’s rare for the power to go out here in town, it happens from time to time. Understand you’re going to need to develop a relationship with either a company, or individual in town whom you can call on to help if/when something happens.
- Do you need Lake access or can you live without it? There are several places for Lake access for the public. But having private access, whether via community owned waterfront or your own private dock, these are things to consider while planning your budget.
- Who will you work with to find your perfect place? Hopefully that will be us!
