Lynne Hagopian - Coldwell Banker Residential Brokerage



Posted by Lynne Hagopian on 11/11/2019

Buying a vacation home may prove to be a great investment. It enables you to spend time at a terrific location at your convenience – all without having to worry about hotel or motel costs. Plus, a vacation home can be tailored to your individual needs. You can decorate your vacation house however you would like, and ultimately, find ways to make this residence a fun spot to visit any time you choose.

If you decide to search for a vacation home, it helps to prepare for the house buying process accordingly. Now, let's take a look at three tips to help you launch a successful search for a vacation residence.

1. Know Where You Want to Go

Consider where you want to purchase a vacation house, as well as how far away you want this residence to be from your primary home. Then, you can narrow your vacation house search to residences in a select group of cities and towns.

Think about your vacation home must-haves, too. Oftentimes, it helps to make a list of vacation home must-haves that you can use to guide your house search. Once you have this list at your disposal, you can use it to accelerate your quest to find a vacation home that suits you perfectly.

2. Establish a Homebuying Budget

Find out how much you can afford to pay for a vacation residence. Because if you conduct a vacation home search with a budget in hand, you could find a superb house that offers the ideal blend of affordability and quality.

Generally, it helps to meet with banks and credit unions before you launch a vacation home search. These financial institutions employ home financing specialists who can teach you about various mortgage options. Also, you can work with a home financing specialist to establish a house buying budget that ensures you won't have to spend beyond your means to acquire a first-rate vacation residence.

3. Consult with a Real Estate Agent

When it comes to searching for a vacation home, there is no need to work alone. If you employ a real estate agent, you can receive expert assistance as you navigate the homebuying journey.

A real estate agent understands what it takes to purchase a vacation home in any city or town, at any time. First, he or she will meet with you and learn about your vacation homebuying goals. A real estate agent next will help you hone your vacation home search and set up property showings. Finally, if you find a vacation home you want to acquire, a real estate agent will help you submit a competitive offer to buy this residence.

Ready to purchase a vacation home? Take advantage of the aforementioned tips – you will be happy you did. By using these tips, you can quickly and effortlessly perform a comprehensive vacation home search. Perhaps best of all, you can speed up the process of finding a top-notch vacation residence that matches your expectations.




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Posted by Lynne Hagopian on 12/24/2018

Owning a second home or vacation home is the dream of many Americans hoping to retire in style. However, owning a second home can also be a huge financial asset and even an added form of income if you’re savvy with the rental process.

What stops most of us from buying a vacation home in our ideal getaway? The funding, of course. But, there are ways to plan ahead to ensure you’ll be ready to take the plunge and purchase a second home when the time comes.

In today’s blog post, we’re going to be talking about the steps to buying a home away from home and give you some tip on how to accomplish this goal in the most financially-sensible way possible.

1.  Location is Key

When you buy a second home, you take on all the responsibilities of homeownership a second time. Since you won’t be around every day to tend to maintenance tasks and troubleshoot problems, you risk discovering costly repairs that could otherwise be avoided.

The most common issues to be concerned with are frozen pipes in northern climates, flooding in coastal areas, and problems like pests that can be found just about anywhere.

Depending on your budget, you might want a home you can drive out to on the weekends, meaning somewhere close by to your primary home. This option also makes it easier to stay up-to-date on home maintenance tasks before they become an issue.

2. Try before you buy

If your ideal vacation home is in an area you’re not totally familiar with, it’s a good idea to visit the neighborhood, talk to the locals, and gain their perspective on the area before buying.

This trip will also give you a sense of what you can expect to spend each time you visit the home. And, if you plan on renting out the property when you aren’t using it, you’ll be able to gauge what a reasonable rent price is for the location.

3. Earning income from your vacation home

Making extra cash from a home that you get to use pretty much whenever you want. Sounds like a dream, right? It can be if done properly, but you’ll need to ensure a few things before you can start earning income from your vacation property.

First, be aware that investment properties often require a larger down payment (typically 30%). Lenders also charge extra interest on homes that will be rented out.

Finally, there are local and state-level laws you’ll need to adhere to. These laws are designed to protect your interests as well as the people who rent out your property, so make sure you use a standard rental agreement for your area.

4. Making an offer

You’ve been here before. Once you’ve decided on a home, it’s time to start crafting your offer and negotiating with the seller’s agent.

However, before you pick a number, do some research on all of the expenses you’ll be paying on the house in question. Property taxes, homeowners association dues, utilities, and any other costs should be on your radar before determining if it’s the right home for your budget.

You’ll also want to be aware of the stipulations of renting out a property you own. This includes reporting income from renting your home to the IRS.


Now that you know the steps you’ll need to take to move toward your goal of buying a vacation home, you’ll be better equipped to make decisions that are best for you and your family’s future.





Posted by Lynne Hagopian on 8/7/2017

You’ve visited a city and absolutely love the area. The food, entertainment, people,culture and sights attract you each time you stay in the city. It’s no wonder that you’re thinking about buying a vacation home in the area. But, you won’t be living there year round. Because of that, consider these points before you invest in a vacation home.

Weather

What is the weather like in the city, particularly during off peak seasons? Are winters harsh, dropping forty or more feet of snow a year? If so, that could put significant wear on the roof of your vacation home. Yet, harsh weather isn’t a reason to turn away from buying the house. You could protect your house from hard weather conditions by installing storm windows, inspecting and repairing roofing and patching sidewalks and driveways before you leave at the end of summer.

Home Owners Association Rules

If your vacation house falls under a Home Owners Association, meet with association leaders to ensure that you understand applicable rules and fees. Get clear about rules and fees before you buy the house.

Count Up the Costs

As with other real estate, there will be property taxes, insurance and maintenance costs associated with your vacation house. Are you ready to take on these extra expenses, in addition to covering expenses at your permanent residence, expenses like food, clothing, entertainment and commuting costs? If not,staying at a hotel or resort may work better for you.

Furnishing Your Vacation Home

Unless you buy a house that comes fully furnished, factor in how much money you’re willing to pay to furnish the home. Keep furnishings to a minimal, steering clear of putting too many valuables in the house, as it could reduce the amount of money you’d be out of should the house get burglarized while you’re away.

Neighborhood

Get to know the neighbors. They could keep an eye on your vacation home while you’re away. You’ll also want to make sure that you get along with your neighbors. A good way to learn more about your neighbors is to stay in the city for a week or longer several times. Attend local events and stay abreast of local news the same as you would if you were going to live in the city year round.

Income Options

Rent out your vacation home while you’re away and you could generate income off the property.Check out local renting laws first. Also, run a thorough background check on people you’re thinking about renting the property out to.

Other points to consider include how much time you expect to spend at your vacation home. If you only plan to stay in the area for two to three weeks during the summer, it may not prove to be a smart investment unless you rent the house out while you’re away. Definitely install a security alarm at your vacation home and post signs on windows and doors, letting people know that the house is under surveillance.




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