Where to buy?

One of the most important consideration when buying a vacation home is the location. You might like a place when you visit it the first time but you have to think long-term before buying a property.

You need to think how you will get to your vacation home. Most vacation home buyers actually opt to get real estate which is a around fifty miles away from their primary home. As much as you want to get a beach front property in a tropical island, you should be realistic since you will not go there for a weekend get away.

Are you buying it to be rented out? You might consider this if you need an extra income so you can pay for the mortgage of the vacation property. If this is your concern, you need to get a vacation home on a popular travel destination where tourists sought for short-term accommodations.

Can you afford it?

Times are tough and having a second mortgage is another responsibility. Do the math first and do it right since your dream vacation home might be your worst nightmare if you cannot pay for it.

Think about financing since you might be paying higher down payment and get higher interest rrates for a second home. You also need to think of how you will handle the insurance and maintenance.

Will it be a smart investment?

If you are planning to get a vacation home, it might help if you will also think of it as a rental property. You will not be using it all the time so it will be wiser to have it rented out. So when looking for a property look for something that can be rented out.

How will the vacation property affect your taxes?

As an investor you should know how getting a new property will affect your taxes. You do not want to have problems with the tax collection agency. You also need to prepare additional paper works if you want to rent out the vacation home. If you rent it out, this will be an additional income and might be additional capital gains tax for your books.

There is an old saying that you can not get the answer of no unless you try and that is all you are doing, is trying.  Now, if you really want to make an impact on the price of the home, you have to ready to walk away.

This is a huge step.  If you are serious about the sale and the price that you want, you want to make sure that you are ready to walk away from the sale if the home buyers do not cave.

Is the price of the home you want too high?  Well then, that is where your negotiating skills are going to come into play.  To be honest, you negotiate every single day, what is so different about doing it for the home of your dreams?

Well, most people are scared of doing it but negotiating is not something that you should ever be scared of … ever.

If your home is a neutral color like white or even beige, you definitely will want to stick with blacks and silvers, as they will really work well with your homes color, but if your home is an unusual color, you may want to investigate a little bit.

Another option for outdoor lighting that is becoming very popular is tree lighting, as this creates some great night-time focal points around your yard!

There are tons of little things that you can do to make your home greener and in the next few blogs, we are going to talk about some of those ways.

The first way is by adding in a porch – new covered porch shelters are actually fantastic to keep the morning rays out of your home so you do not have to kick on the AC as much in the summer time.

Next, you are going to have to figure out if you want to rent a place or if you are going to buy a place.  Honestly, this is going to be the biggest decision, because if you buy – you might be stuck there but if you rent, it makes it easier for you to relocate again.  After this decision is made, go ahead and contact a real estate agent.

What most people don’t realize is that real estate agents can actually help you with renting and buying, so no matter which one you want, make sure that you keep your agent informed.

The first way to bring it up is to ensure that you have paid off any debt that you might owe.  That way, you can be sure that you are starting with a fresh and clean slate.  Next, get yourself a credit card that has a very low minimum and only spend on it when you really need something – and always make it small. 

The idea is that you want to pay off your credit card every single month, as that is going to be what brings up your credit score.

Firstly, you want to spend a day trimming and removing overgrown and excessive plants.  That way you will have a fresh and clean start as soon as you remove all of those plants, which is something that everyone wants.  Also, you want to make sure that you get rid of any bushes were trees that might make your home look like a jungle – we all know that we have those.

Next, you want to make sure to spend a few hundred dollars on some plants and flowers that will add in a lot of warmth to your home and it will truly change the look and overall feel of your home!

That is what backyard landscaping can do for your home.  What many people do not know about landscaping is that it actually reaches it maturity after about six to eight years and after that – you need to thin it and reshape it.

Many people skip over that part and just think that they can get away with only landscaping their backyard every ten years or so – that is simply not the truth.  In the next blog, we are going to explore how your backyard can truly enhance your curb appeal!

While those tax credits are not currently in practice, they are slowly but surely going into practice.  Another thing that I’ve noticed is that the states are taking it into their own hands as well, for example Georgia passed a tax bill that gives a $1,800 tax credit for first time home buyers that buy their homes between June 2009 and November 2009.

All of these tax incentives are a fantastic way for home owners to truly be able to afford the home of their dreams and really make sure that they are getting the very best deal!