Sarah Schachterle - HERLIFE Magazine

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eal estate Wh at to Know Before Buying a Vacation Home By Kristen Do yl e H ave you ever been on a vacation and completely and totally fell head over heels with the place you were visiting? I know I have. Park City, Utah, home of the Sundance Film Festival, beautiful mountain views and a lovely friendly family environment caught my eye this past summer while on vacation. After several days in this dreamy town, I was convinced that I wanted to live there. Realistically speaking, however, picking up my family and moving to Park City at this stage in our life was not an option. My husband has a nice, stable job. My kids are entrenched in their grades and we love our school district. Moving to Park City simply because I fell in love with the town while on vacation did not justify picking up everyone and moving. Coming to the realization that Park City was most likely not going to be my home at any time in the near future got me to thinking. What if someday we were able to buy a second home in Park City? Wouldn’t that be the best of both worlds? After careful research and consideration, I discovered there is a lot more that needs to go Before you take the plunge and buy that vacation home of your dreams, take some time to talk to the locals. 42 <strong>HERLIFE</strong>magazine.com
into the decision to buy a home away from home. One of the first things to consider when making the decision to purchase a vacation home is location. More than likely you have fallen in love with the location already, but how much do you really love the location? Do you love it enough to spend the majority of your future vacations there, foregoing other vacation destinations to spend time where your vacation home is? Most often, people who invest in a vacation home tend to do so knowing they are committing to that location for future vacations. Next, one should think about the practicality of choosing a vacation home in a particular location. For a good return on the amount you would be investing in a vacation home, there needs to be a certainty surrounding how realistic it will be for your family to travel there on a regular basis. If traveling there means a two day drive or a lot of money in airfare, it may be wiser to invest in a property closer to home. One of the first things to consider when making the decision to purchase a vacation home is location. A vacation home is a serious investment, often times with a large chunk of money involved. Considering that most vacation homes are only used for a partial portion of the year, it would be wise to look into what you will be doing with your home during the off times when you are away. Is the home you love in an area that welcomes renters? Would you be comfortable renting out your home when you aren’t utilizing it for the purpose of your own vacation? Opening up your vacation home to renters does have some risks, but if properly executed, having a renter is the perfect way to get some return back on your vacation home investment. Finally, before you take the plunge and buy that vacation home of your dreams, take some time to talk to the locals. Get to know the people who would be in your neighborhood, as they would be able to provide a great sense of what life would be like during various times of the year. Are there activities that would interest your family during the times you would be vacationing? Is the weather what you are seeking in a vacation destination? Does the community appreciate and find value in part-time residents? Carefully consider what life would look like for you and your family with the location as your long term vacation destination. After all my research was done, I realized that as much as I love vacation in Park City, I also love so many other parts of the world that I wouldn’t want to limit myself to years of vacationing in the same area and experiencing the same activities over and over. At this point, vacation home ownership is not something we are ready to commit to, however I’m sure there are some lovely homes we could rent for vacation in Park City without the financial and time commitment involved in owning a home. <strong>HERLIFE</strong>magazine.com 43
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Sarah Schachterle - HERLIFE Magazine

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