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| 9858 Clint Moore Road, Boca Raton, FL 33496 | Caesar: (561) 715-8630 or Eileen: (561) 271-1311 |
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Buying a Vacation Home: Getting The Most Out of Your Investment
With home prices falling and the market slowing, it may be more difficult to sell a vacation property if you make a bad decision or if its costs and upkeep prove to be unwieldy. These days, it pays to look closely at both the community and the home before making the leap. Here are some factors to consider before you buy: 1. Check out the view. It's not just real-estate hype -- views really do matter. A study in the Journal of Real Estate Finance and Economics found that the value of a view varies inversely with a property's distance to the water. Unobstructed ocean vistas add 60% to the price of a home; peek-a-boo views bump up the price by 8%. Meanwhile, a study by Macalester College professor Soren Anderson showed that proximity to open space, such as a golf course or park, increases home values by 20%. 2. Consider your health. From the Colorado Rockies to the Georgia Coast, many vacation-home communities have been overrun in recent years by out-of-towners. Such seasonal residents typically don't get involved with community organizations like volunteer fire departments or paramedic squads, which means that necessary services could be understaffed and underfunded, particularly in remote areas. Find out where the nearest hospital is, and whether patients often have to wait for beds when they have elective surgery. 3. Test drive the local roads. The run-up in home prices in recent years has outrun salary growth for local residents in trendy towns. "Affordable housing has collapsed," says Mark Zandi, chief economist for Moody's Economy.com. So many year-round residents have had to move away from the center of town to less expensive, outlying areas. That's resulted in traffic jams in places like Hilton Head, S.C., and Aspen, Colo., that rival those in New York and Los Angeles. Take a drive around the area before you buy. In the market for Delray Beach real estate? Consult with licensed agent Caesar Parisi. Caesar has assisted hundreds of buyers and sellers, giving sound advice on how to most effectively buy and sell property. click here for article |
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