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.
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.
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.
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.