Lifestyle publications and content platforms are often dotted with drool-worthy ads of leisure and vacation properties. From beach properties to golf estates, they project an elusive lifestyle with endless possibilities. If you have come across one, you surely know how enticing and promising they seem to be.

If you’re dreaming of owning a vacation home whether it’s a luxury development or a humble Nipa hut in your very own farm property,  there are a few things you will definitely need to have a heads-up on.

Choice of location depends on your end goal

If you are eager to find a property you can spend weekends in, a realistic and accessible location should be your primary priority. If you’re looking at income generation, a touristy location is your surefire choice. Either way, no matter how tricky choosing a location is for a vacation home, you should clearly define your goals and purpose before pinning it down.

Expenses and taxes

Even if you rarely spend time in a vacation property, expect that expenses and dues will still pile up. Coordinate with a broker or real estate professional to know the taxes and dues of the property before you purchase. Maintenance, repairs and caretaker fees are also key items you need to include in your budget of monthly expenses.

Revenue Potential

Local tourism has a very promising outlook and investing in a vacation property might just be your ticket to earning a significant passive income. If your location is a hotspot for tourists and has high demand regardless of season, you could potentially rent it out several days in a month. This can ensure that your property is profitable — or at least break even if your main goal is to buy your very own vacation property at minimal cash-out or investment. Keep an open mind and be proactive in researching for a property’s rental potential so you’ll be at peace knowing that your investment will not be idle.

Wear and Tear

Like any property and no matter how many times you frequent it, your vacation home is subject to wear and tear. Things like furniture, appliances, fixtures, and carpets will also need replacing and routine care. If its a lot, you need to make sure weeds and grass will be regularly trimmed. It is challenging but it’s a necessary step in keeping your property vacation-worthy like when you first bought it.

Management

If you think hiring a reliable caretaker or cleaner for your vacation property is enough, think again. Vacation properties also require time and resources for effective management. As an owner, you should be on top of every decision regarding your property. Visiting it regularly is also one way of ensuring your property is in tip-top shape.

Lifetime Value

It’s good to know current projections for the type of property you’re buying. It is one way to gauge long-term returns. But apart from this, you should also assess if the property is worth keeping for the generations to come. It will be a great help if you involve your family in choosing a vacation home so everyone will know and appreciate its value. Ultimately, an ideal vacation property is a home away from home where you can create a lifetime of priceless memories in.

Find your dream vacation homes on onepropertee.com!

Photo credit: Seafront Residences by AboitizLand