If you are considering purchasing a vacation home in South Florida, you should ask yourself these five questions before doing so. Hopefully the vacation home will become a family treasure and not burdensome mistake.
1. What is your reason for wanting to purchase a South Florida vacation home? Young children will travel with you and enjoy the home so it is probably a good buy. Older children are less likely to use the home.
2. In the long term, is the location right? Think 10 years down the road, will you still love the vacation home. If the shoreline is something you want long-term then look there. If being close to entertain and the city is important, you will look in a completely different spot.
3. What are all the expenses? Think about maintenance, home owners fees, member dues, and travel expense. Also think what you might want to add to the home including a pool, a back porch, a golf cart, or maybe a wave runner.
4. Is there a way to test out a vacation home before making a purchase? Think about leasing someone else’s home in the same community to see if the travel is an issue or if your family has real interest. Lease the same place three years in a row to get a really good feeling about a purchase.
5. Does investing the home value allow you to take nice vacations in many different locations for years to come? Having your money appreciate and provide income for vacations could be the best use of your money.