Having a vacation home to go to on weekends saves you the hassle of booking a room when you want to get away. With more demand for these homes in recent years, it’s a good time to consider buying a vacation home.
Keep these tips in mind when you start your search:
- Save up money. Many buyers pay for their vacation home in cash. This isn’t a requirement, but it could boost your chances of finding and buying a home more quickly.
- Have enough for a down payment. If you can’t pay cash for a vacation home, at least have a large enough sum of money set aside for a down payment. Plan on having around 30 percent in savings for this.
- Consider buying a foreclosure or doing a short sale. A large percentage of vacation home buyers end up saving money through short sales or foreclosure purchases. These are more complex ways of buying a home, so you’ll need the help of a good realtor if you plan on going this route.