You may have been dreaming about purchasing a vacation home for a long time, but make sure you understand the responsibility before you make the big plunge. You need to understand the amount of time, energy, and cash this type of endeavor will encompass.
Utilities and Taxes
Keep in mind that actually purchasing a second home is only the beginning of the added expenses. Because this is an actual house and property, you will have to pay annual taxes. You will also more than likely have utility bills such as water, electric, and gas. Some of these expenses can be minimized by using solar panels, having a well for water, or looking into plans that allow you to suspend services for part of the year. You will also more than likely have utility bills such as water, electric, and gas. Some of these expenses can be minimized by using solar panels, having a well for water, or looking into plans that allow you to suspend services for part of the year.
Owning a summer home will mean that you now have two properties to care for. Your first visit each year is spent opening the home up, and the last visit is for shutting it down. Lawn care can be reduced by using gravel instead of mulch and planting perennials rather than annuals. If the house has neighbors nearby, you will probably have to hire a lawn care service to cut the grass.
Funding the Fun
It can be very disappointing to finally get that cabin in the woods or bungalow on the lake only to realize there is no cash left in the budget for keeping the ATVs or boat running. When planning financially for a second home, be sure to add these expenses in. You can also find discount boat parts from online sources like MMI or do searches for inexpensive ATVrepairs.
None of these thoughts should discourage you from following your dream of owning a vacation home. These second homes can be a wonderful place to escape and spend time with family and friends as long as you have thought your decision through carefully. By doing so, you will eliminate any surprises that might otherwise take away from the joy of this experience.