Buying on the Beach: 5 Questions to Ask Yourself Before Buying a Vacation Home

Hunting for the perfect vacation home can be a lot more complex than it may seem. There are so many things to consider, and the choices you make now will impact your family’s enjoyment of your investment for years to come. With that in mind, we’ve compiled this list of questions to ask yourself before buying a holiday house so you can make the right decision.

 

Do You Want to Build or Buy?

The first thing you’re going to need to think about is whether you want to buy an existing home or lock in a block of land and build your own. Each option has its own set of advantages, so the choice will really come down to which option gives you the most of what you want.

For example, home builders in Ocean Grove can create a stunning, fully personalised vacation home for you and your family that has everything you could want or need. By the same token, however, buying established means you can get straight into your new holiday home. So if time is of the essence, you’ve got a tough decision to make.

 

How Often Will You Use the Property?

Another question to ask yourself is how often you’ll actually use the property. This may seem odd given that you’re looking for a vacation home, so the obvious answer is whenever you holiday. However, everyone holidays differently, and your style will impact many other factors in your decision-making process, so it’s a good idea to have at least a rough estimate.

For example, if you’re going to be at your holiday home several times a year, there’s probably not much flexibility in terms of your requirements and desires. Those who will be visiting less often may be willing to compromise if the price and location are right.

 

What Kind of Lifestyle Do You Want?

Your holiday home sets the tone for how your vacations will be, so it’s important to think about what kind of lifestyle you want to enjoy before committing to any particular house.

 

Can You Build An Income Stream from the Property?

Holiday homes are expensive, especially if they sit empty for the majority of the year. While you obviously won’t be turning your latest purchase into a full-time rental, there will still be some opportunities to make money off of your vacation home while you’re not using it. This can help pay down your mortgage faster and reduce your financial stress. However, it will come down to whether you’re comfortable having strangers in your home.

Note: If you do decide to use your vacation home as an extra income stream, you’ll need to ensure that you’re on top of any extra tax you may owe because of this. We recommend making use of an Australian tax calculator to help you anticipate and meet these obligations.

 

Will You Need to Bring Things Each Time You Visit?

Finally, it’s important to consider whether you want your vacation home to remain fully stocked and ready for you at a moment’s notice, or if you’re ok with having to bring things such as bed linen and towels each time you visit. This may not seem like a big deal, but it has a significant impact on the amount of storage needed at your holiday house, so be sure to consider this question prior to purchasing.

Once you’ve answered these questions, you’re ready to go house hunting – enjoy!

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