Cape Cod Vacation Homes - 3 Things To Consider Before You Buy

How many of us dream of driving off for the weekend to spend time in our Cape Cod vacation homes. A second home in a favorite spot to escape the every day is a dream come true. While so many of us dream of owning a second home, very few actually take the plunge and make their wish a reality. Are you able to make the leap and purchase a Cape Cod vacation home? Here are a few things to consider before making the leap and purchasing your vacation getaway.

Can You Afford It?

Before getting swept up in the romanticism of owning a second home, take a look at your finances. Remember that taking on the financial responsibility associated with purchasing a home goes beyond just adding a second mortgage. In addition to paying for a mortgage and taxes on the property, you need to pay for insurance and all of the utilities of the home even when you are not there. Although you will not need to heat the home year round to a level of comfort for you and your family, it will need to stay heated to prevent pipes from freezing in the winter months. However what many owners of Cape Cod vacation homes do is just have their property winterized by a professional. Winterization typically includes turning off the water, draining the plumbing system and blowing the lines clear of any water to prevent freezing damage during the cold months. It also includes treatment of toilets and drains with anti-freeze.

Another thing to consider is that life is unpredictable, and so is your home. Problems pop up all of the time. One good rain storm could uncover a leak in the roof of your current home that needs to be addressed immediately. This unforeseen expense is one of many that could pop up in your primary residence or even your second home. Make sure you have a nest egg to draw from if and when unforeseen circumstances pop up. Buying however a condominium within a well run association is an option, so you’re not left alone with those unforeseen problems.

Since your second home is not your primary residence, and most likely a bit of a distance from where you live, you probably won’t get to visit every week. If you have children, they are likely involved in activities that keep you from enjoying your holiday home. A property that is not inhabited or watched over for periods of time could be a target for burglary. The good news is that you can just hire a property manager to check in on your property. It’s a wise expense if you can’t check in on your property a couple times per month. If the mail is picked up daily, lights are on occasionally and the property is maintained, it is less likely to be targeted. Another option is buying within a condominium complex which can reduce this risk in the 1st place.

Can You Afford It

Location Location Location…

Picking the location of your second home can be tricky. Your second home is your escape from the day to day, so you want to be removed from your everyday reality to truly relax and enjoy yourself. However, if you choose a spot that is too far from home, how frequently will you be able to get there to make it worth the upkeep of a second home? If you’re only going to be able to enjoy your second home a couple times per year, is it worth the money spent on the mortgage, taxes and utilities? Buying a second home far removed from your primary residence means that in addition to accounting for household expenses associated with the home, you need to figure in travel expenses to get to the holiday home. That’s why Cape Cod vacation homes are a great option for New Englanders. You’re on the Cape within a few hours of driving, so vacationing for a week,  just a few days or the weekend is possible. No need for spending hours of planning trips and expensive plane tickets.

Location, Location, Location

Can You Offset The Cost Of Cape Cod Vacation Homes?

One of the great advantages of Cape Cod vacation homes is that you can fairly easy rent them out as summer rentals. Since most likely you won’t be vacationing all summer long at your Cape Cod summer home, it’s a good idea to just rent any summer weeks you’re not able to be here. This will help offset some of the expenses associated with your second home. There are plenty of real estate agencies, especially in seasonal communities such as Cape Cod that can help owners rent their Cape Cod vacation homes. Our rental division helps property owners from Orleans to Barnstable get their vacation homes rented. See for yourself all the Cape Cod Vacation Homes we currently have in our inventory. We make sure your property gets booked on dates that you decide you won’t be able to be at your property. Take a look at condos currently for sale at Ocean Edge. These condos typically have a great rental potential which is outlined on our Ocean Edge Investment page.

Enjoy Your Cape Cod Vacation Home

Now Relax and Enjoy Your Second Home!

Purchasing a second home is a big financial commitment that you want to make sure is worth the money and upkeep before making the leap. The trick is to find a place that allows you to relax and escape the every day without breaking the bank. Now that you’ve done your homework, and took advantage of what Cape Cod vacation homes have to offer, it is time to enjoy the fruit of your labor! Thinking about buying a second home at Ocean Edge? Here are 5 Reasons to Buy an Ocean Edge condo. Contact Michael Leighton and his team at Leighton Realty today. Michael has been the #1 Agent at Ocean Edge since 2004. Check out our testimonials to see what current and past customers have to say about their experience with Leighton Realty.

Top Real Estate Myths Debunked

If you’re a first time home buyer, you may not have a lot of experience with real estate. Unfortunately there are so many real estate myths out there that may frighten people away from buying a home or cause buyers to make choices that are not in their best interest. Here are some of the most common real estate myths and the truth behind them.

You Need 20% Down Payment

While it may have been true at one time, and it’s a good idea to try to get 20% for your down payment, it is no longer required for home buyers. You do not need 20% of the total cost of the home you are purchasing to qualify for a mortgage to purchase your home. Real estate myths like this one cause many to shy away from purchasing a home because 20% is unattainable due to student loans and most people are just now bouncing back from the recession. Fortunately for those that can not come up with 20%, there are mortgage programs that require a fraction of that amount. For example, FHA loans only require a buyer to put down 3.5% of the purchase price. There are also many conventional mortgages that only require 5% down payment. Our blog, Hidden Costs Of Buying A Home discusses the upfront costs such as the down payment that are required when purchasing a home. Be prepared and check it out!

The Internet Replaces A Real Estate Agent

With real estate search engines, Google and banks all online at your fingertips, why do you need an agent? The phrase “you can’t believe everything you read on the internet” is the first thing that comes to mind. There is plenty of information on the internet that is incorrect, and when dealing with what could be the biggest purchase of your life, you want to make sure you know what you’re doing and getting the correct information. While it may be tempting to cut a real estate agent’s commission from your expenses, it is not in your best interest.

Let’s set the record straight, a real estate agent’s commission is not being paid by you, it is coming out of the purchase price of the home. Therefore, it is the seller that is giving up a portion of their profit to pay for your real estate agent. Hiring a real estate agent to represent you is getting free expert advice. When in life do you get that opportunity? A real estate agent has experience in negotiating to get the best price, let you know when a home is a good deal and when you should walk away.

Internet replaces a real estate agent

Real Estate Agents Are All The Same

Many people believe that a real estate agent is like any other real estate agent, and just choose one because there is no difference. This couldn’t be further from the truth. Your real estate agent is your expert in real estate that will guide you through this huge decision and often stressful process. So what do you do? This is where having the internet at your fingertips comes in handy. Research real estate agents that are in the area that you are looking to buy. It is easy to check out their history & client testimonials online (if you’re looking for an agent to help you with the purchase of an Ocean Edge condo in Brewster, take a look at Michael Leighton’s testimonials). Another great idea is to ask family and friends that have recently performed real estate transactions to see who they used and whether they would recommend them. Having a qualified and professional real estate agent makes all the difference in the world when buying real estate. Check out our blog 5 Reasons to be Thankful for a Great Real Estate Agent.

 Open Houses Are A Waste Of Time

With the internet, social media and real estate magazines everywhere, this is one of the real estate myths that could seem to be true. Real estate search engines offer plenty of pictures, virtual tours and YouTube videos so it seems as though making the time to stop at open houses would be a waste of time. However, if there is a house that could appeal to you, take the chance and visit the open house. Some homes do not photograph well, when they are really a good solid home. At the same time, others photograph really well and have all sorts of problems that the pictures try to disguise. Open houses usually take place over the weekend, so if there is a home you are interested in, see when their open house is scheduled and take a look!

Open Houses

Spring Is The Only Time To Buy A House

Since the beginning of time, it was believed that the spring time was the only time to sell a home. This was because it was mostly young families buying houses. Families with young children would buy houses in the spring so they could close on the house and relocate before their young children started school in the fall. However, times have changed in the last 10 years or so. There are different demographics buying homes now, and with internet search engines at our fingertips, it has dramatically changed the real estate market.

Millennials are buying year round because they are constantly on their phones looking for the best deal throughout the year. Since people are having children later in life, these young adults do not have a time frame that they need to stick to in order to buy their home. Empty nesters are adults who are looking to downsize from their large family houses once their children have left home. They are also a new demographic that are looking for homes without the spring time deadline because their kids are all grown up. More homeowners are aware of these new populations buying homes, so they are putting their homes on the market at different times of year. This is good news for buyers and sellers. You no longer have to wait for the spring to see the best home inventory. Ever consider purchasing a condominium? Check out our blog 5 Reasons to Buy a Condo At Ocean Edge

Real Estate Myths Debunked!

Whether it be from friends, television, the movies or misinformation, we are all exposed to real estate myths. It’s important that as real estate buyers, you do your homework to sort out what is true and what is a real estate myth. The best way to navigate purchasing a home is by enlisting the help of a reputable and knowledgeable real estate agent. Michael Leighton has been the #1 Sales Agent for Ocean Edge since 2004 and the #1 Brewster Agent since 2007.