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5 Tips For Buying Your Dream Vacation Home

While many people dream about getting a place on the water, a quaint cottage or a spacious house, making it a reality will take getting properly informed and acquiring some specific knowledge.

If you want to take your dreaming of the beach house on to the next level, these 5 tips will help you with planning:

1. Do Your Research

As important to research as the house itself is the area surrounding it. Do you want a house on the beachfront, in the bay, or a few blocks inland?

If possible, rent in the areas you like before you buy, and see what you really like.

Ownership is a year-round commitment, so take some time get to know the area in the off-season, too. It’s important to take everything into consideration in order to make sure you are making the right decision for you.

Also, your lifestyle and hobbies are an important factor when making decisions about your future vacation home.

If you like to sail, you may prefer the bay side of the Hamptons on Long Island, for instance. If you have smaller children, you may wish to consider family beaches that have lifeguards in the summer. Maybe you prefer secluded stretches of sandy beach. If you’re a dog owner, your preference may be on or near one of the many dog beaches.

2. Get Your Finances In Order

Whether it’s going to be your second home or vacation home, unless you are purchasing with cash – you’ll need a good credit rating, enough cash flow to comfortably make 2 mortgages, and a cash safety net.

Next, make sure you get realistic about the cost of acquiring a beach property.

Some of the things to find out are how easy it will be to maintain the beach home, if it’s in a floodplain, if you need additional insurance, and, how much are you going to use your vacation home, as all this can help you get clearer on what you want, or can, invest in.

3. Find A Realtor

Finding an excellent real estate agent is crucial. Even if you have a good friend or a relative who is a realtor but not proficient in beach and vacation homes – do yourself a big favor and seek someone who is experienced.

Once you have your finances in order and have an idea of where you would like to look, let your realtor assist you in the complex process of finding and securing the best possible option for you.

4. Do Your Due Diligence

Before you sign anything, seek help from other experts, such as a home inspector.

Get an inspection from a licensed home inspector who’s familiar with beach properties, as they can see even the smaller things that could be a red flag.

Consult an environmental company to confirm ecological or environmental provisions designed to protect the home. Find out about development plans in the community. Some neighborhoods limit what you can do or spend on your home renovations.

Or, if the house is lost to the forces of Mother Nature, could you rebuild? Some coastal laws do not allow rebuilding of destroyed homes.

5. Protect Your Interests And Investments

Once you find your beach property, take steps to ensure your investment is properly handled and your interests are protected by having a real estate attorney by your side.

Your attorney will negotiate on your behalf, and make you aware of any legal particulars regarding real estate in the area of your vacation home. Your real estate lawyer will also review and explain the mortgage commitment before you sign it and get locked in.

During such an important and complex deal, your real estate lawyer is your safety net that protects against a possibly bad deal and provides peace of mind.

As a buyer, it’s important to know that your attorney is the only person legally bound to look after your interest.

A real estate lawyer with expertise and experience will look out for your legal interests and ensure a transaction proceeds smoothly.

At Levin Law Group, your trusted real estate law firm, our competent, experienced real estate lawyers will assist individuals and business entities in wide-ranging residential and commercial real estate transactions throughout New York State.

Are you ready to transform your dream into reality?

Contact our real estate attorney, and let us assist you in the process of getting your dream vacation home today.