If lately you are considering buying a vacation home to spend an incredible time with your family and create unique experiences, but you are still not entirely sure, then this reading is for you.
Buying real estate is a very important movement in the life of any person, since it implies endless efforts and we are not only talking about the economic part. So we have prepared a series of questions that you should ask yourself before buying a vacation home in your favorite destination.
Answer these 7 questions before making any offer on a potential dream property.
1. Why do you want to have a vacation home?
There can be multiple reasons why you want to buy a second property, from “I always wanted my own vacation home on my favorite beach,” to “I want a property to rent to long-term tenants.”
This will help you to define well the objectives for which you will have that second home and from there plan accordingly. And of course you don’t need to have a single reason.
Because you may want to rent the house only and have an additional income to later inherit this heritage to your children and your children’s children, or you want it for personal use. It’s a good idea to find out the “why” before you get serious about this process.
2. What can you afford?
Ideally, you should be able to talk to a financial planner and loan officer to find out if you really are financially fit for a second home.
Consider that you will have to pay insurance and taxes in addition to the mortgage, make sure you are in a good position for this move.
Remember that when purchasing your fractional vacation property with Ancana, the cost of legal, notary and tax expenses are added to the total price of the fraction, normally varying between 5% and 8%.
Click here to read about: Fractional Ownership: Start embracing it for these 3 reasons
3. Can you afford the maintenance costs?
In addition to the cost of the property, you must consider the costs of maintenance and conservation of the property. If it is a vacation home or short-term rental, hiring cleaning staff on a regular basis will be a good decision. In addition to that you should consider someone to take care of the garden and other possible details that arise.
But we have incredible news for you, because when you acquire your property with Ancana we will take care of the administration, in other cases we work together with highly qualified property managers who will take care of all the administration.
In this way, you would only be in charge of scheduling the days that you will occupy your vacation property and then arrive and enjoy a turnkey experience.
4. Where will you buy?
Maybe you already have in your sights the perfect destination where you would like to have your vacation home, if that is the case… great! You are already one step ahead.
But in case you still do not have it very clear, it is very important that you can do an in-depth investigation about the place where you would like to have your property located. You can try spending a week or two in the area you’d like and see what it’s like on a day-to-day basis.
It is important that you write a list of pros and cons and then compare one place to another. You can also approach the locals and ask them what they like about it and what they don’t. This will help you make sure whether or not the location is perfect for you and your family.
5. Is the home right for you?
Once the search for your vacation home begins, it can be a bit tempting to grab the first home that seems to tick all the boxes, that’s where you need to stop and think carefully before making any decisions.
Is your location convenient for me and my family? How far is it from the main attractions of the destination and public transport? What if I want to have a barbecue with my friends? How does it compare to other houses in the area? Is it profitable?
You may not be able to answer all these questions on your own, but that is what our specialized Ancana advisors are for, who with their experience will help you make a better decision.
6. Are there natural hazards or events you need to know about and be aware of?
Be sure to spend some time learning about natural hazards, weather, or common weather events in the area. In this way you can adequately prevent any type of natural event that happens.
This way you will have more clarity if it is necessary to take out complementary insurance to provide protection for material goods and people against catastrophic phenomena unleashed by nature, which are unpredictable and can affect any place at any time.
7. How long will you spend there?
This is an extremely important question to ask yourself when it comes to a vacation home. Because perhaps by carefully analyzing how long you will be staying in your vacation property, you will be able to determine if it is better for you to buy a vacation home on your own or with Ancana.
Buying a property in fractions allows you to buy the amount of the house that you plan to use. For example: Instead of paying $15 million pesos for an entire house in Los Cabos only to have it empty most of the year, you can instead buy a fraction of a luxury property (often a better house than you could afford). buy direct), for only ⅛ of the cost. And you never have to worry about maintaining it while you’re not using it.
This is how buying your vacation home in fractions becomes the smartest way to invest your money. The fractions simply allow you to acquire a luxury property corresponding to the actual use that you will give it in the end.
If you would like to find out more about fractional ownership, see the properties available for sale by fractions or contact some of our expert advisors, visit our page! And we will solve all your doubts.
Owning a vacation home has never been this easy.