You would think that buying a Coastal Delaware vacation home would be pretty much like buying your primary home. After all, the technical processes are the same: first, you locate a suitable vacation home the same way you found your primary residence (most likely with the active help of a knowledgeable agent), then the offer, financing, documentation, etc.
In fact, there are basic differences. Appreciating how they affect your final choice can help you secure a Coastal Delaware vacation home that provides the advantages you set out for -- a memory-creating family getaway, investment value that builds wealth, or both.
Patience is a key virtue in getting the deal right. Financial experts from Bankrate suggest that vacation homebuyers are in ideal position to maintain calm and refrain from making rash decisions (after all, you already have your primary residence).
Quicken Mortgage’s Bob Walters agrees -- even after you have narrowed your search to an area you know is right for you. “There’s no reason you have to buy…right now,” he says, adding that a “second home, more so than a primary residence, has to be treated as an investment.”
Even if the primary goal is recreational, he has a point. Like any second living space, a vacation home in Rehoboth Beach carries new expenses -- maintenance and security chief among them. These factors can be offset by selecting a low-maintenance property and either installing security alarms or purchasing in a highly secured area. Unlike your primary residence, it’s fair to think of vacation home expenses as actually belonging on the discretionary side of the budget ledger. Knowing that long-term value appreciation is balancing those costs can’t help but add to your overall enjoyment quotient.
Shopping for a vacation home in Coastal Delaware should be a pleasure (a low-pressure one, at that!). Taking the time to make sure it is a canny investment as well as the right vacation decision is part of the professional guidance Mann & Sons offers all their clients.