The Greater South Bay is home to a variety of real estate, including luxury homes and exclusive beachfront property. There is beautiful weather nearly year round, making it an ideal vacation destination for many people. Even during the summer months, people want a chance to experience California beach life, which is why they come to cities like Manhattan Beach or Hermosa Beach. Since the real estate in that area is so valuable, some people might consider taking the plunge and actually buy a vacation home in one of these cities.
BUYING VACATION REAL ESTATE THE SOUTH BAY
When you’re ready to purchase a new vacation home, there are a number of factors to consider, and you should have as much information as possible before making a final decision. Since the real estate market in the South Bay is so desirable, there are going to be a lot of people trying to find permanent homes, and not just vacation ones. Here are a few things you can do to make sure you end up getting good value for your investment.
START BY HIRING A LOCAL REAL ESTATE AGENT
Whether you’re from the area originally, or even if you only come during vacation months, a seasoned real estate agent can make your entire purchasing process much more seamless. Reach out to any friends in the area and ask them about agencies or specific realtors they’ve worked with. Your agent can provide you with invaluable information about the market, including property value trends. They know the best locations, and will often have access to exclusive luxury real estate that usually isn’t available to the public. Not only that, but they can also advise you on the best time of year to make a purchase, since they understand how the market fluctuates throughout the year.
BE AWARE OF ALL EXPENSES
Investing in a vacation home can be just as expensive (if not more) than your primary residence. The total price of ownership includes a number of things like property taxes, maintenance costs, and insurance. If your primary residence is in another state, you should know about the difference in laws. There are going to be monthly bills for utilities, or any other services you want to employ, including trash removal, landscaping, and even cleaning. Working with a financial planner will help map out these various expenses so you can understand the full breadth of this investment beyond the listing price.
HAVE A PLAN IN PLACE FOR RENTAL
Since it’s a vacation home, you have the option to rent out the property at different points throughout the year to help generate additional income. Going into a year, you should know what dates you plan on being there, and then map out what weeks will be for renters, and what time off you need to perform any necessary maintenance, repairs, cleaning, etc. By having a clear cut plan in place, you will relieve stress for not only you, but renters, making it more enticing for guests to keep coming back.
FIND THE PERFECT VACATION REAL ESTATE INVESTMENT
When you work with a real estate agent, you are setting yourself up to find a great vacation home that will continue to pay you back over the years through rentals and long term value increase. Make sure you have the financial flexibility available, and choose an area that you’ll love coming back to year after year.