Buying a Vacation Home

Pretty often people returning from vacation trip start thinking about buying a vacation home rather
than paying for a hotel or a rental place. Unless you're fairly wealthy, you'll need to make sure
you can commit to buying a seasonal home before you start shopping around. Ask yourself the
following questions:

1. Can you afford to own a vacation home? If the answer to that question is yes, it is probably
wise to buy. Remember, the purchase price is only part of the cost of owning a vacation home.
You'll have to pay utility bills, maintenance fees and insurance premiums. And depending on
where your home is located, you could also be responsible for paying homeowners association
fees.

To decide whether you have enough money in the bank for a vacation home, ask yourself the
following questions:

• Do you have emergency savings (at least three to six months' worth of take-home pay)?
• Can you make a 20 percent down payment?
• If you have kids, have you already put aside enough money for a college fund?
• Can you still put away enough money for retirement?
• Does it fit in with your long-term investment strategy and financial goals? If you answered
• "Yes" to most of these questions vacation home is right for you!

2. While visiting an area that might become the location of your future home, do your research
and take the time to understand what the surrounding area has to offer. You'll also want to make
sure you visit during different parts of the year. So that you can get a feel for what it's like to live
there during different seasons. For example, when you retire, the amenities included in a vacation
home may take a backseat. Having access to a hospital and activities that improve your overall
health and well-being may be critical.

3.  Buying a seasonal home could be worth considering if you know how you're going to use it.
Maybe you view the home as an investment property that can serve as an additional source of income.
Maybe you've decided that you're going to find guests online through a website like Airbnb or Vacation
Rental by Owner (VRBO). If that is the plan, you'll probably need to hire someone to clean your home
and check for signs of damage and theft before new guests arrive. Keep in mind that rental income
will be taxed, and that you should be prepared to pay taxes.

For many people, the decision to purchase a vacation home is serious. If you decide to take that leap
of faith and you already have homeowners insurance, make sure you find out whether your current
policy will cover a second home. Also, if you intend to rent out the property, consider purchasing rent
loss insurance. It covers the loss of rental income following natural disasters and catastrophic incidents.

To search for homes visit https://homesalesneworleans.gardnerrealtors.com/

Finding Your Starter Home

Tips to Help You Find a Starter Home

A starter home isn't necessarily your forever home. Be prepared to make some compromises to get
your foot in the homeownership door. Be open-minded about the location, size and condition.  

Look for an older home in a well-established neighborhood. Resales typically cost less than
brand-new homes. Older homes typically need more maintenance and repairs, which offset some
of the savings; however, buyers who choose a used home might be able to do repairs and renovations
over time, pacing themselves to make the cost manageable.

Buyers who sacrifice location for affordability can find themselves in a neighborhood far from major
job centers with a long daily commute and expensive transportation costs. Sometimes that
trade-off makes sense, but not always

When you're up against stiff competition, working with an experienced real estate agent is key.
A good agent shines when it comes to negotiating the deal and writing a strong offer. Your agent
may suggest certain strategies to win in a competitive market, such as limiting contingencies or
writing a personal letter.

When a well-priced starter house comes on the market, the quest to buy it can be extremely competitive.
To entice sellers offer above asking price (if you can afford to), keep repair requests to a minimum, or allow
the sellers more time to move.

To search for homes anywhere go to https://homesalesneworleans.gardnerrealtors.com/