So, do you want to own a house in a resort community? Owning one of these homes can be wonderful, and these houses aren’t just for the rich and famous. Whether it’s a vacation home or a place where you will spend an equal part of the year as your first home, the resort lifestyle offers amazing opportunities and views, from pretty scenery to lots of activities.
Prices in resort areas are almost always much higher than homes in other areas. Of course, the price is going to depend on all sorts of factors such as where it is, how big it is, and how new it is. Resorts are usually in the most beautiful places, which is why they are going to cost you a lot of money. One of the most obvious reasons is that the most sought-after homes are the ones that are the closest to the attractions. The closer you are to them, the bigger the dent in your wallet.
Closing costs are going to be included, as they always are when you purchase real estate property. You’re going to pay escrow, loan fees, and title fees. As well as inspection reports and taxes. You should definitely talk to a realtor and real estate attorney in the same area to get a clear vision of what you’ll need to budget for.
Unless you have hundreds of thousands of dollars to put down, its assumed that you’re going to need a mortgage. You’ll also need to budget for this. Figure out how much you are able to put down. Keep in mind, that usually second homes have higher mortgage rates than primary homes do. Usually, this is because a second home is considered an investment property. Talk to the bank before you buy.
Expect to budget for property maintenance. Depending on the home, you’ll likely have to pay for gardeners, pool cleaners, street and driveway cleaning services (if is an area where it snows). You’ll also have to budget for utilities and any potential repairs. Property taxes are paid annually, and you’re not exempt from that. Real property taxes are based on how much the property is worth; that amount is formulated depending on where the home is. You should look at the current taxes; usually a real estate agent can give them to you if you ask.
If you’re thinking about renting out the property when you aren’t there to get some cash flow for your empty house when you aren’t using it, you should talk to a realtor about this as well. You’re going to need a realtor to rent it for you. It can be very hard to do this when you aren’t in the location. It also can be difficult to keep renters during off-seasons. That is why you should not buy a home you can’t afford under the assumption that you’ll have rent coming in.