Weighing your options for owning a vacation home? The SBH Team has prepared the following list of considerations we believe are key in making that decision.
Local Market Trends
What do experts expect the market to do in the next several years? What is the current inventory status? Do experts anticipate that prices will increase or decrease in near future? We can provide in-depth research of these local market insights to properly advise you on the right time for you to purchase a vacation home.
The Bottom Line
When considering the purchase of a second home, it’s critical to your success that you know exactly the costs involved. One of the services SBH Real Estate provides is a cost breakdown analysis. You need to know the total bottom line, not just the initial purchase price. Some of the expenses included in a second home purchase include insurance, furnishings, taxes and maintenance.
Location
According to a National Association of Realtor’s report, owners of vacation homes typically purchase properties within 170 miles of their primary residence. Most vacation home owners agree that up to a 4 hour drive is reasonable and they will be able to use a home within that distance frequently enough to offset price of owning a second home. Also, location considerations include desired amenities and attractions. Sandbridge Beach is an ideal vacation home community because it is on the beach and also has Back Bay. It’s tucked away in southern Virginia Beach and out of the way, but not out of the loop with the Red Mill area amenities only 10 minutes up the road.
Furnishings
Many homes in Sandbridge are sold fully furnished. Buying a furnished home saves you time, energy and money. But, maybe you have a vision for an entirely new decor scheme so unfurnished fits your style. Or, you might know a really talented interior designer to refresh the look of the home you want to buy. Whatever the case may be, it’s smart to go into the buying process having a solid idea of what you expect or can manage in terms of furnishing a second home.
Property Amenities
What’s the goal of this second home? Do you imagine socializing with large groups being a regular occurrence? Or is it going to be a quiet retreat for just you and the immediate family? Consider the amount of living space you are going to require and if there are any property amenities such as a rec room or swimming pool that are a must.
Income Generation
For many Sandbridge homeowners, owning a vacation home means income generation from renting the property. Which areas of Sandbridge do homes have the highest rental success rate? Which properties generate the most income? The SBH Team is here to help you navigate all of your options in Sandbridge Beach investment property ownership.
These are just a few of the considerations The SBH Team recommends to new clients interested in purchasing a vacation/second home in Sandbridge Beach.
For more information or if you have questions on this topic, email Pat Barton.