A vacation home rehab is a big project to tackle. But it's worthwhile if you snag a great deal on the purchase. If you are considering buying a vacation home and want to keep the initial investment layout low, consider buying a distressed property (foreclosed home or short sale). While you'll have to deal with a foreclosure clean out job, the money you'll save up front will be worth a little bit of trouble.
Vacation Home Rehab Tips in Fort Lauderdale
A big mistake most first time vacation property buyers make is to fall in love with a home. The thing to keep in mind is that you're buying into the area (more particularly, a neighborhood). So, keep your options open and choose a house that fits your needs but doesn't bust your budget. This is why distressed properties are such a great alternative. They not only allow you to buy at a lower cost, they also provide the opportunity to completely redo the house to your liking.
Buying a vacation home is a bit like getting married: After enjoying the destination as a casual visitor, it's time to make a long-term commitment and settle down. Choosing where to buy depends largely on where you live, what you can afford, and whether or not you will rent out the property when you're not using it. So before saying "I do," give some serious thought to core issues. --HGTV
Another big time mistake to avoid when choosing a vacation home is to jump into a deal without knowing much about the area. If you've visited a few times before or even several times, staying there for several weeks will be different. Here are some more helpful vacation home rehab tips you can use:
- Learn about the home's history. One reason you shouldn't get into a deal (even if it's at an amazing discount) is you don't want to purchase months and months of buyer's remorse. But if you don't learn about a home's history, that's a real risk you are taking.
- Ask all about necessary permits. While you're digging into the property's past, it's also smart to ask about the various permits you'll need to rehabilitate it. These include electrical, plumbing, building, and more. This will give you a better understanding of the ultimate cost.
- Be ready to clean out the house. If you do elect to purchase a distressed property, be ready to commit to a complete foreclosure clean out. The good part about this dirty work is you will start with a totally blank slate.
- Create a realistic transition plan. Think about how you'll go about the rehab process and what's most important. For instance, if you'll be present during the work, it is worth the effort to plan out the order and create a realistic timeline.
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