4 Vacation Home Buying Tips

The process for buying new homes for sale and buying new vacation homes for sale is pretty much the same. But your priorities are likely to be different when you are looking to buy a Delaware vacation home verses when you bought your primary home.

Here are 4 helpful tips you should keep in mind while you shop for vacation homes in Delaware:

Perform a self-inventory. Think about the most important aspects of your vacation home. This is your place to get away and enjoy life, so make sure you get everything you want. See that the community offers amenities you will enjoy for many years, and the home has all the comfort you need.

Research the area. Before you make a final decision on a home, be sure to learn all about the area. Make sure you will have the resources you need outside the community. Also make sure you take a look at the climate. Although it may be a great vacation spot in the summer, you want to make sure you’ll like living there year round.

Business vs. pleasure. Some people buy a vacation home with the intent of renting it out when they aren’t using it. That’s a great way to bring in some extra money to help pay for the new house. But there is a downside. If you rent it out more than a few weeks a year, you will be ineligible for tax deductions on your mortgage because your vacation home has become an “investment property.” So if you decide to go that route, make sure you make enough to cover the loss in tax deductions.

Consider bargain hunting. You don’t have to sacrifice desired amenities to find a good deal. You just have to know where to look. The housing market is improving and prices are rising, but overall prices remain affordable. For example, homes in Delaware have seen a drop in prices over the past year. Delaware also has some of the lowest interest rates on mortgages in the country. You can find the good deals without giving up the luxury.