You’re soaking up those last rays of sunshine before you head home from vacation. You turn to your partner and the words just fall out.

“Wouldn’t it be awesome if we could actually have our own place in the sun?”

But take a breath before you join the millions of people who literally head home for the holidays after buying a vacation home. There’s a lot to consider. Cost, ease of access, and managing your property from afar are a few of the things to take into account.

We are going to show how to make sure you end up living the dream with a few simple steps.

Location, Location, Location

Choose a place you love and want to go back to again and again. Make sure you’re going to visit your vacation home enough to make the purchase worthwhile.

Accessibility is vital. Think about the costs involved in traveling to and from the home as well as the length and simplicity of the journey.

Having a realistic and sensible budget should be at the top of your list. There will be new expenses involved like painting and decorating. There will be additional insurance and maintenance payments as well.

Buying a Vacation Home as an Investment

Make sure you can really afford a second home. It would be unwise to count on being able to sell it on for a profit or even to break even, particularly in the first few years of owning it.

If you’re planning to rent the property out when you’re not using it then do your research. Not every house or apartment can be a rental property. Make sure you look into all the local rules, laws and requirements.

Calculate the Likely Rental Income

Renting out a vacation home will come with expenses. You’ll need to offset any rental income against cleaning expenses between tenants, advertising, and property management.

Check out the reputable agents out there. They’re the real experts. They’ll be able to guide you through the whole rental process and advise you on potential taxes you may have to pay on any profit.

Plan for Emergencies

Make sure you have a way to deal with any possible emergencies.

If you’re unable to visit your vacation home regularly, then make sure someone else does. Plumbing problems or storm damage can be devastating. The faster you find out when something goes wrong the better.

If you’re planning to rent the property out, any repairs will need to be carried out quickly. Make sure you have a reliable handyman you can call on.

Your Strategy for the Future

You will need to ensure that buying a vacation home is a good move for your overall investment strategy. Work out the likely returns and weigh them up against other ways you could use the same money.

We have an array of top tips to help you choose your real estate investment wisely, like learning the habits of successful real estate investors. Plus, we have even more tips to help you in your daily life!