Now that winter is here, aren’t you yearning for your place in the sun, somewhere on the water, a place for hanging out or getting into activities in the sun. Many sun worshipers head south for Isla Mujeres in Mexico or San Miguel de Allende. They are the easiest places to get to from Virginia Beach area.
Yearning for Your Place in the Sun is a Big Step
There are many important factors to consider before taking the plunge. Here’s a checklist of key considerations that will help ensure your success.”
- What kind of travel are you committing to? The location, ease of access and how often you plan on using it are paramount components in this endeavor. If it’s too far away, then you might not use it as much as you originally thought you would. If your vacation home is one to three or four hours away, you will probably find it convenient to hop in the car for a weekend. If the vacation you desire is in Mexico, transportation’s costs may limit how often you can fly away. An alternative would be to fly down for months at a time.
- How are you going to use the vacation home? Is it going to be a yearly summer spot for an extended family or a romantic weekend getaway? Will you need three bedrooms or is 500 square feet enough space? Having a clear idea of what you want, who’s going to use the home and the purpose of it will be extremely helpful in the overall process. Consider a house with three bedrooms or a small casita. Friends and relatives are more likely to stay with you.
- To rent or not to rent? Many owners are open to renting their vacation home when possible. If this is appealing to you, do your homework. Tax laws can limit how much you can use the property if you rent it out. Check with professionals, so you don’t get in trouble.
More thoughts about the Big Step
- How are you going to finance it? Make sure you fully understand the financial implications of owning a second home. Consult with your certified public accountant and your financial planner. There are different tax rules that apply to owning and renting, depending on the breakdown of personal and rental use. Keep in mind that there will be maintenance costs for upkeep and repairs on the home. Create a budget, and be prepared for the expenses. If your choice is Mexico, realize that mortgages don’t exist. It is a cash-only economy.
- Suppose, yearning for your place in the sun, means moving to the new place or becoming an expat. That might mean selling fast. Why not call us?” In fact, why not ask for our FREE report How to Sell Your House Fast.
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The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.