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Feb
17
How Retirees Can Find the Right Vacation Home

How Retirees Can Find The Right Vacation Home



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In today’s stressful world, it’s important to be able to find time to relax once in awhile, and even better to be able to get away from it all. And while Florida vacations are lovely, once you hit retirement age, you may be thinking of something a bit more permanent.


Fortunately, there are many options for both retirees and other small real estate investors in Florida, and there are homes to fit just about any budget. The key is to look for ways to save, including asking yourself whether you need certain amenities and looking for fellow investors who can take on a vacation property along with you.


There’s a lot to consider, but if you’re committed to finding the right home for you and your family, Florida has a lot to offer. Read on for some of the best tips on how to get started and what to look for.


Need help finding the perfect Florida vacation home? The real estate team at The Coffey Group can walk you through the home search as well as every other aspect of the buying process. Call us at 941-404-4737 or fill out a contact form.



Work out a budget


Vacation homes can get expensive the closer you get to the beach, and also depending on which neighborhood you’re in. Sit down with your spouse, partner, or an accountant and work out a budget that will fit your needs. Remember, you not only have to think about the cost of the home, but also the cost of filling it with furniture, decor, and necessities like dishes and flatware, as well as utilities and the cost of upkeep while you’re away.



Think about how often you’ll use it


One of the best things about having a vacation home is being able to get away when you need it most, but you’ll want to ask yourself how often you’ll be using it. If you’re planning to rent it out some of the time--or let friends and family members use it--then a vacation home is worth the investment. If you’ll only be going down for a couple of weeks each year, however, it may not be the best idea. The Central Bank offers more pros and cons that you should consider.


If you'll be turning the home into a rental property, then you'll want to make being a rental owner as pain free as possible. One of the ways you can ensure that it stays that way is protecting your personal assets by starting an LLC. An LLC can protect you from personal liability in the event of a lawsuit. This ensures that your personal and business assets are protected accordingly. Getting your LLC off the ground in Florida is a simple process with the help of a good business service professional.



Think about emergencies


It’s a good idea to consider the distance between your vacation home and your permanent home, and if they’re far apart, hire someone in Florida to help you with maintenance issues. This should be a trustworthy person who can assist in the event of an emergency (such as getting the house ready for a hurricane or coming in quickly after a storm to assess damage), since you’ll be too far away to get there right away.



Consider the future possibilities


For people who have retired or are close to it, a vacation home might be a viable option for permanent living down the road. When looking for a home, consider how easy it might be to make a move should you decide to later on; for instance, does the house have stairs that will be a hazard when you’re older or have health issues? Think about the possibilities before making a decision, and consider how much you might be able to take on in later years.



Get familiar with the area


Once you’ve found the right place, get familiar with the area as soon as possible. Find out where to find the nearest bank, grocery store, and hospital and talk to the neighbors so you’ll have some friendly faces when you visit. If you're planning to buy a vacation home in Sarasota, know that you'll be close to plenty of iconic restaurants and wonderful parks, among other attractions.


Buying a vacation home is not a decision to be entered into lightly, but it can be a great way to relax and spend time with your loved ones. Think about all your needs before you begin and stay organized throughout the process to make it as stress-free as possible.



Article By: Shirley Martin


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