If you love to travel, you've probably vacationed in some spectacular places that hold special memories. Perhaps the ocean views, exotic cuisine, relaxing atmosphere, or abundance of nature make you want to return again and again to this special place.

When you find a destination that calls you back, why not consider a vacation home? Whether it's a short drive or a plane trip away, you can return as often as you like.

Northern New England is no stranger to enchanting travelers, with its plentiful lakes and beautiful scenery. Not to mention, fantastic food and historical sites. In fact, our real estate agents have helped many families find a vacation home they can return to time and time again.

Our real estate agents can help you find a vacation home with great amenities in an area that offers all of the things you enjoy. These helpful tips can ensure that you make the right investment.

9 Tips For Buying a Vacation Home

1. Research the Area
   Before you invest in a vacation home, research the area to find out things that may impact your investment in the future. Is the location a popular tourist destination? If so, is it busy year-round, or does it have off-seasons? While a lake house may provide year-round relaxation, ski resorts and beach communities tend to be overrun during peak seasons and deserted during off-seasons.
   
   
2. Buy What You Can Afford
   Although your heart may be filled with exciting possibilities, your head should get first priority. It's essential to review your finances and only buy a property you can absolutely afford. Talk to your bank or use internet mortgage calculators to figure out what your mortgage payments will be on a specific loan amount. Vacation homes are usually financed as second home mortgages, which can be harder to qualify for with lenders.
   
   
3. Factor in Maintenance Costs
   A vacation home has maintenance costs like any other home. At the very least, you'll have to cover property taxes, homeowners' insurance, utilities, and maintenance. If you live more than an hour away, you may need to hire a property manager or caretaker to handle regular maintenance. If you're investing in beach and mountain areas, expect snow, wind, sun, sand, and salt to raise your maintenance costs significantly.
   
   
4. Generate Rental Income
   If you buy in the right location, your vacation home may be a great source of rental income when you're away if you become an Airbnb host. Before you invest, visit the area during each season to assess weather conditions, traffic, and popular activities. While a mountain home may offer great hiking, snow and ice may close the roads part of the year. A beach home may bring lots of renters during summer, but winter months may bring rentals to a halt.
   
   
5. Purchase an Existing Home, Not Land
   The idea of building your dream home may be very appealing, but not always practical. Building a home in a popular vacation destination can turn into a nightmare. You will have to deal with local planning and building code restrictions, aggressive homeowners' associations, and coastal commissions. In some resort areas, coastal regulations restrict certain plant growth, building materials, and outside contractors
   
   
6. Beware of Buying Timeshares
   Timeshares are hard to sell, even in a good economy. In today's market, timeshares sitting on the market for a while are being taken over by scammers trying to make a fast buck. Timeshare properties average annual costs of about $19,000 plus $600-$700 for maintenance fees. If you decide to sell, you'll likely take a big loss because the market is saturated with vacancies.
   
   
7. Evaluate the Time You'll Spend There
   Before you invest in a vacation home, be realistic about how much time you can spend there. For the best return on your investment, you should plan to make multiple visits throughout the year. Work schedules and family commitments will play a big role in your available time, and location will play a big role in travel expenses. Buying closer to home will ensure more quality time for frequent, relaxing visits
   
   
8. Think About Your Retirement
   If you have disposable income to comfortably in a vacation home, it may be a good investment for your retirement. When you're ready to retire, you may want to return permanently to your favorite travel spot that holds so many memories. Choosing a close destination will make it easier and affordable for family and friends to visit more often.
   
   
9. Work With an Agent Who Knows the Area
   Resort communities and vacation destinations can be quite charming, but they also come with their share of hidden problems. When buying a vacation home, it's best to work with a real estate agent who knows the area and the ups and downs of investing there. A good agent can be a great resource for little-known information on community events and local attractions.

If you're in the market for a vacation home, contact us for properties that may be the perfect investment for your lifestyle and finances.