So you have decided that you can economically afford a vacation or second home for you and your family. And now that? The world is a very big place. If you buy here in the country, how far will you be from your primary residence? What about your friends who have homes in Miami, New York or Madrid? What is really the best option for you?
When the time comes to purchase a second home, there are factors that help make a better selection such as your budget and your purpose. In other words, is it a vacation or investment property?
First let’s talk about vacation ownership. Do you need this house or condominium to be close, to be able to visit it every weekend or take extended vacations? You must answer this question to decide if you need something close in the country, in places like Juan Dolio, La Romana or in Punta Cana or Las Terrenas.
How long do you like to drive, an hour or two? The reality is that with all the new roads you can now reach most of the great places in less than two hours. But perhaps you are the type of person who prefers to take time off in Miami or elsewhere in the world. How many times a year can you go? The location also includes what the surroundings are, do you like the beach, the golf course, the mountains? What kind of lifestyle do you want? Do you need many restaurants and bars in the area for entertainment? o Does your family want to enjoy cooking at home? All of the above answers will help you decide the location of your second home.
The reality is that a second home is really something personal and there are so many destinations in this country and abroad that the options are unlimited. However, there are many things to keep in mind. This is not a complete list, but it should help make a great choice for your family, apart from the aforementioned location:
- Safety and quality of public services should be considered.
- Frequency of the visit: How many times a month or a year do you want it and can you really visit?
- Construction quality: very important to take into account the purchase price
- Purchase price.
- Condo and maintenance fees: If your second home is part of a complex you should make sure to include condominium and maintenance expenses in your budget.
- Costs of electrical and general public services.
- Property taxes: what kind of taxes have to be paid to the government
- Any remodeling that needs to be done if the property is not new.
- Return on investment: if you need to sell quickly or rent your home for income, how is the market in the chosen area?
Published in Forbes Magazine, from the Steven Ankrom Archives.
Photo By Alberto Castillo, Unsplash