Weekend homes are relaxation homes. Their sole purpose is to provide peace of mind to its inhabitant. Anyone who wants to invest in a second home mostly goes for a weekend or vacation home. It indeed is a huge decision. So what factors to consider before buying yourself a weekend home.
- Purpose
Understand your requirements. Ask yourself why would you want to buy a weekend home? Is it for investment purpose or rental purpose so that you can earn some extra income? Or maybe you just want to cherish and spend quality time with family and friends. - Location
This probably would be the most important thing to consider. As aforementioned, your purpose behind buying weekend home matters the most. If you want to rent it out then consider the most coveted areas of the city. Your rental property should fulfil the needs of the vacationers.
If it for a relaxation purpose, then start your search in a suburb. Suburbs are not so away from the city which reduces your commute time. And they are amidst nature providing you with complete peace of mind. - Invest in existing home and not land
Investing in a land and then building a home hardly ever comes in under budget. Our desires know no bounds when we even try to build a house. Our wants are endless. So if you want to stick to your budget then invest in an existing weekend home. - Locality
Even if you want to live amidst nature, there should be essential necessities like clinics and hospitals in the vicinity. Research about the neighbourhood if it is overall safe. Check if the area has a proper supply of basic necessities such as water and electricity. It is important to check these things. Because you want to make sure you do not just love the house but the surrounding too.
These were top primary 4 things to consider before purchasing or investing in a weekend home.