How many times have you gone on vacation and decided – this is where I am going to live! Seems like a great idea at the time, but here’s what you need to consider before purchasing a vacation property.
The fact is, the vacation haze is no time to make a decision. You’ve seen the condo-hotels that have real estate offices right there in the lobby or heard the high-pressure sales pitch.
It’s OK to get information. It’s not OK to sign on the dotted line before going home and making a real assessment over whether buying a second home is the right choice.
Think about questions like the real estate market in that area. Is this a potential rental property or for your use only?
If you’re a senior, you need to consider the medical support. Look for hospitals and clinics that are accredited by the Joint Commission or affiliated with a major U.S. institution.
Check out expatriate online communities to learn about the day-to-day lifestyle there. At the very least, consider booking an extended-stay hotel and spend a few weeks or even months before making a major commitment.
For more of Peter’s can’t-miss tips, check out our travel tips section.
Check out Timeshare 101 for more great tips on selling and purchasing vacation homes,
