 |
Pack Your Bags
 Warm ocean breezes. Slopes with fresh powder. Clear mountain air. Whatever your preference, purchasing a vacation property can be a great way to own a piece of personal paradise. It can also generate a second source of income through rentals.
Here are some things to keep in mind when searching for that special property.
Destination Unknown - Decide how far you are willing to travel to reach your property. If you will visit often, closer is better. If you only expect to stay once or twice a year and use it as a rental property for the remainder of the year, a further destination may be more appropriate. Also, consider the recreation opportunities in the area. Is there enough to make it entertaining for guests and potential renters? If you are interested in a peaceful retreat, research whether the community has a plan to control local development.
Make Room - Your motives for purchasing the property should influence the size of the homes you preview. For instance, if you want to entertain many friends and family, you will need a place with a large living room and/or kitchen and perhaps extra bedrooms and bathrooms. However, if you view this as a potential home for retirement, a smaller space might be more manageable. Other concerns include parking, storage and water access.
See the Big Picture - It is easy to daydream about early morning fishing or sunset beach strolls, but there are more mundane concerns. Decide who will handle maintenance, lawn care, snow removal and other chores. In addition, consider all the expenses, from purchase price and related taxes, to travel costs and upkeep fees.
There is no doubt that a vacation property can provide the rest and relaxation you crave, but there are other responsibilities. Aside from your own instincts, trust your real estate professional and attorney to help you find a property that is right for you.
|
|
 |
|
A Different Perspective
One of the best ways to make your house more attractive to potential buyers is to try seeing it from their perspective. A good strategy is to do your very own walk-through and imagine what someone in the marketplace would see. Take a step outside yourself, or have a friend or relative assist you, and imagine that you are seeing your house for the very first time. 
· When you are driving up, what do you notice? Is the street quiet and well kept? If so, jot that down. It can be added to a sales sheet or incorporated into a marketing plan.
· What do you see as you walk around the property? Is the front walkway cracked and uneven? Then consider patching it before placing the home on the market.
· When you enter the front door, what is your first impression? If the first room you enter seems dark and unwelcoming, consider changing the window treatments, taking up old carpeting and reducing clutter. Keep in mind that a fresh coat of paint is always a welcome addition.
· As you walk from room to room, try to imagine what a buyer might see. Note positives, like crown molding and hardwood floors, and bring them to your sales agent's attention. In addition, record things you would want changed if you were the buyer, such as old light fixtures or an unorganized kitchen. It is not always necessary to change or improve the negatives, but knowing your property's strengths and weaknesses will make you a more prepared seller.
Tax Tip
 Now is a great time to start keeping detailed records that can make filing your taxes in 2004 simple and stress-free. Save copies of bank statements, receipts from stock purchases, bills, invoices, processed checks, records of major purchases and donations, medical receipts, and old tax forms. | | |
|
