Evaluate
your lifestyle and needs before buying in a resort community
By Iyna Bort Caruso, FrontDoor.com
These days, resort
developers are courting prospective buyers with services and amenities that
rival five-star resorts: championship golf courses, world-class skiing
facilities, luxury boutiques, even private airstrips. The options are dizzying.
As alluring as resort
living can be, purchasing real estate in a resort development should be more
than just love at first sight. It should be the right fit for your lifestyle --
what you can afford, certainly, but also what the resort affords you.
The first question to
ask yourself is:
What's your primary reason for buying a resort community property?
What's your primary reason for buying a resort community property?
·
If it's for your primary residence, make sure it satisfies
your needs and wants as a full-time home, rather than a place to play for a few
weeks. Ask the locals about what it's like to live there and research crime
rates and local amenities. If you have kids, check out the schools. Are you
looking for social opportunities? Appreciation potential? That 24/7 vacation
sensibility?
·
If you're looking for an investment opportunity with rental
income potential, check the bylaws to make sure rentals are permitted and, if
so, how the process works. Some resorts may require additional insurance or homeowners association approval. Better still if the resort has an on-site
property management office that can handle the rental process for you.
·
If a weekend retreat is what you're after, consider how
much time you're comfortable spending on the road to your destination. Barry
Dougherty bought a two-bedroom vacation home in Newtown , Conn. , less
than 90 minutes from his Manhattan
·
If you're scouting a vacation home you're hoping will transition
into a retirement home some day, make sure its accessibility and layout
will allow you to age in place
Once you isolate the
dominant reason for your home purchase, these tips will help you hone in on the
right one:
·
Choose a community that fits your lifestyle. There are resort
communities designed for any lifestyle, including high-end luxury, waterfront, age 55 and
older, active/fitness or golf. These neighborhoods offer access to amenities and activities that cater to
specific interests.
·
Seek financial advice. A financial planner can help you
determine how much home you can afford. The cost of a vacation home goes beyond
selling price. You'll need to factor in taxes, utilities, homeowners
association fees, club membership fees, not to mention transportation expenses
to get you there.
·
Create a must-have list. Some people want to be in the heart of
the action and close to cultural activities. Others would rather be in the
middle of the great outdoors. Jot down a wish list and make sure there's
something on it for friends, family and members of your visiting circle.
·
Take your time. The biggest mistake people make is
"jumping in too quickly," says Craig Venezia, author of Buying a
Second Home: Income, Getaway or Retirement (NOLO 2007). "They spend a
week on vacation and say, 'I love it. I want to buy here.'" Take off your
vacation blinders. Make several trips, rent over a period of time and venture
off into the outlying areas. "Don't feel pressured to buy," Venezia
advises. "You've got the luxury of time."
·
Single family versus condo. Identify the type of
home that fits your needs. Both condominiums and town homes offer
turn-key living. No lawn mowing, no repair worries, no exterior maintenance.
But if you're planning to use your home for entertaining friends and family,
the roominess and privacy of a freestanding house might be a smarter choice.
·
Do your due diligence. Since real estate is one of the biggest
investments you'll ever make, do your homework. Look into the developer's
history to see what other properties the company has built. What's the track
record? How long has the developer been in business? Strike up some informal
chats with other resort owners to find out what insiders really think.
·
Side-by-side comparisons. When you've narrowed down your resort
contenders, run a side-by-side comparison. Compare square footage, amenities,
fees and travel distances. Aesthetics count, too, of course. Take some shots
with a digital camera so that candidates are fresh in your mind.
·
Think long term. No one has a crystal ball so it's safer to make
a purchase decision based on lifestyle and personal benefits than the prospect
of a quick turnover. "Take a buy-and-hold strategy," Venezia says.
"Look at resort properties that are going to show you the promise
of appreciation."
No comments:
Post a Comment