subject: How To Buy a Titusville Vacation Home [print this page] How To Buy a Titusville Vacation Home How To Buy a Titusville Vacation Home
Define Your Needs
It is wise to consider several points before you make any move to even look at property. Consider how large a property will you need? Will a condo fit the bill or is a villa on the river more your style? How far from home base do you want to be--a few hours drive or an extended trip? How often do you plan to visit? Will the home be just for you or do you plan to rent it out for all or part of the year? Of course, it almost goes without saying that you want to define your price parameters.
Location, Location, Location
The location mantra is just as important for your vacation home as it is for your personal residence. You may prefer newer areas with homes with lots of modern conveniences and modern styling. These areas can sometimes be unstable and over-priced so it is a good idea to also look in older neighborhoods that may have fewer absentee owners. If you plan on renting the property out part of the year, you should give some consideration as to what properties appeal most to renters.
Depressed Property
Again, just as anywhere else, depressed prices are not necessarily bargains, especially in the current economy. The current owner may have bought at the height of the real estate bubble and then lost a bundle when prices dropped. It can be risky to buy property in an area that has multiple foreclosures. So check prices thoroughly before you act.
What To Look For
If money is no object and you want a vacation home to reflect your style and status in life, your best bet would be to look in the most expensive and sought after vacation properties. You will probably want exclusive ownership so you can enjoy the property whenever the notion strikes you. If you plan to rent the property part of the time but also get a lot of personal enjoyment, it may make more sense to look at condos and townhouses and where the outside of the building is maintained by an association. If you are planning on visiting only briefly, but renting it out most of the time, make sure you buy in an area that has a long season.
Shared Interest
If you dream of owning a get-away property but cannot afford the whole thing on your own, you may want to consider some form of joint interest. There are fractional interest options and timeshares---many in very nice developments. A fractional interest might be sold as shares. These shares can be sold as quarter shares or tenth shares. In other words, you buy a certain number of weeks' use of the property. In a time-share, usually the least expensive form of ownership, ownership is usually divided into 52 parts. You would buy one week of the property and the price would depend on the season. Naturally you would pay more for a week at the height of the season than you would expect to pay for a week in the off-season.
Enjoy
As you can see there are many points to consider when thinking about buying a vacation home. You must define your needs, think about budget and the best way to take title to the property.
