Buying a Good Vacation Home

When considering purchasing a vacation or second home, many people think of the old faithful standby’s of Miami, Napa, southern California, the Rockies, and so on. Those with a tremendous amount of cash may also consider the Hamptons for the summer or Vail for the winter.

The problem with these old standby’s is that they’ve become so very popular that there are very few homes left in the area which to purchase. And because these areas are somewhat overcrowded, this means that whatever properties are available are now priced sky-high.

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So what is a person to do if the family just wants a nice place to vacation for a few weeks or months out of the year? Are you simply out of luck as they say, and are stuck getting a fishing cabin on some leech-infected lake?

Thankfully not! There are several out-of-the-way, less known vacation spots that still offer the best in real estate, scenery, activities, and anything else a family could want.

Notice a few of those, as reported on by SmartMoney in 2002. This information is taken directly from their website:

Sandpoint, Idaho
If you missed buying in Aspen or Steamboat Springs, where prices have gotten unspeakable over the past 15 years, consider this ski area 50 miles from the Canadian border. Sandpoint sits amid the Selkirk and Cabinet mountains, but it's not just another Swiss Miss copy of the Alps. Come year-round to swim, fish and sail on the Pend Oreille Lake (140 square miles) and River. Deluxe mountain cabins run about $200,000, but a newer ski chalet or a ranch house on the water costs at least $300,000.

Hatteras Island, N.C.
Finding ocean property on any U.S. coastline — without spending like Spielberg — requires some roadwork. Luckily, you can still buy an affordable modern saltbox in one of the seven small villages on this quaint island. There's surfing, fishing, kayaking and the 3,000-acre Buxton Woods for hiking or horseback riding. Vacation-home management consultant George Volsky says northern towns such as Waves or Rodanthe will be developers' next target. Few waterfront lots are left, but a three-bedroom house five minutes' walk from the beach can be had for under $300,000.

Phoenicia, N.Y.
Woodstock is pricey, and the crowds have worn its bohemian atmosphere pretty thin. This little Catskill Mountains burg 20 miles away is a lot more mellow. Nearby attractions include historic colonial-era homes and the Hudson River. There's skiing at Belleayre and Hunter mountains, and tubing at the Esopus Creek in the summer. Phoenicia is just two hours from New York City; cabin-style homes begin at $150,000; more-luxurious chalets and contemporaries start at $300,000.

Blue Ridge, Ga.
Instead of going down to overcrowded Orlando or the Florida Keys, some folks from Atlanta are heading to North Georgia. Why is this town a choice retreat? No worries about overdevelopment — 42% of Fannin County is owned by the National Forest Service. After hiking the Appalachian mountain trails, head to the 100-year-old downtown to furnish your new house at the antique stores and galleries. Two-bedroom cabins in the woods start at $150,000. Prices climb to over $400,000 for a house on several acres or for one closer to the river or Blue Ridge Lake.

Michigan City, Ind.
With record-setting prices for lakefront property just across the Michigan state border, this old Lake Michigan port is looking better and better. Just one hour and change from the Loop in downtown Chicago, Michigan City offers houses with views of the lake starting at $375,000. Local attractions range from an art museum and the Blue Chip Casino to major-league outlet shopping. The primary draw: Barefooting on Lake Michigan's beaches.

These are of course just a few of the places that are becoming increasingly popular with those who want second homes without the hefty price tag, or who cannot find viable property in the more stereotypical retreats.

But when considering a second home, what are some things to keep in mind?

How will you get there?

Are you planning on visiting the property frequently, or just once or twice per year? If it’s not that often, then you can probably fly or drive there. If you plan on going several times throughout the year, and especially if you plan on going for weekends, you need to make sure the property is somewhat close to your own home. Consider every 50 miles to be an hour’s commute, so if you want to go for a long weekend, how many hours are you willing to spend in the car? Typically two or three is the max before it begins to detract from your trip.

On the other hand, if you’re really looking for something that is truly just for those annual vacations, your options are a bit more open.

What about your future lifestyle?

A vacation home may serve all your needs and interests now, but what are your plans for the future? Most people have a tendency to slow down a bit as they get older, so skiing those gigantic slopes or biking up the mountain loses its appeal after awhile.

If you’re considering a vacation home as a permanent investment, then you want to be in an area that offers a wide variety of recreation options.

This should include your family as well. If you have young children, what are their interests, and will the area accommodate the interests of the kids for years to come? For example, fishing on a quiet lake may be great for right now, but teenagers may want some recreation that’s a bit more fast-paced. You might instead consider a home that’s on or near a lake that supports other water sports, such as jet skiing, power boats, and the like.

Additionally, if you’re looking to keep this home for years and even decades to come, and are considering it to be your future retirement home, make sure it’s something that will accommodate you in those later years. As we age, we all get some pain and stiffness in the joints and especially the knees, so needing to run up and down huge staircases to get to bedrooms and even bathrooms is not going to be enjoyed as you get older. Think about how the home will suit you when you’re ten, twenty, or thirty years older than you are now to make the best decision.

In the end, of course it’s up to you to seek out and find the best vacation property for you and your family, but if you remember that there are amazing and beautiful properties a bit off the beaten path, and make sure that the home you’re looking at suits you now and into the future, you’re sure to find a beautiful vacation home that’s sure to keep you happy and relaxed for years to come.

Contents

• How Much Mortgage Can You Afford?
• Buying a Good Vacation Home
• Buying a Home for Resale Purposes
• Claremont is the Top Earner – and Most Expensive
• Commercial Real Estate Still a Safe Bet
• Determining Your Offer Price
• Empty Homes for Sale
• Exercise Caution When Flipping
• Expensive and Alternative Homes
• Figuring Property Taxes for the High-End Real Estate
• Florida’s High-End Real Estate Goes Limp
• Foreign Investors and the Hamptons
• German Investment in U.S. Real Estate Creates a Bidding War
• Getting Wealthy From Real Estate Investing
• Going Green
• High-End Goes High-Tech
• High-End Investors – Why Immune to the Real Estate Crunch?
• High-End Real Estate Feels the Crunch?

• High End Property Site Map