Owning a vacation home in the coastal neighborhood of Corona Del Mar, an area known for its gorgeous sunsets, calm, secluded coves, excellent beaches for surfing, and vibrant community, could be the epitome of living the good life. In an area full of gorgeous coastal towns, this “Crown of the Sea” stands out above the rest. So, needless to say, buying a vacation home in Corona del Mar can be a great investment, for both personal and financial reasons. However, before hopping onto the first property you come across, here are 5 key tips to bear in mind before making a purchase.
Carefully Choose the Location
Whereas carefully choosing the location may seem obvious, before you begin hunting for a vacation home, you should be able to articulate your exact reasons for wanting this second house. Where you look should be influenced by the response.
If you want a getaway for you and your dear ones, you should select an area easily accessible for everybody, and that offers numerous fun activities for various agent groups. Likewise, if you plan on renting the property, select one with a high demand potential across several seasons, so you are open to more than just a few months.
Rent Before You Buy
Before you commit, your Corona del Mar real estate agent advice renting the property (preferably more than once) to guarantee you will love it. Stay for not less than two weeks to avoid boredom during extended stays.
Moreover, visit during different seasons to learn about weather and crowd patterns. Renting also gives you a feel of the property and its amenities.
Buy Under Your Budget
As with any other home-buying process, when investing in a vacation home, you should avoid acquiring a house out of your price range. Buying a home with excessive monthly carrying costs can not only be financially draining, but stressful.
Remember, your vacation home will probably need someone to manage the place, look after the yard, and other maintenance aspects. You will also incur recurring expenses like taxes. If you stretch your budget, you will not be able to accommodate this. Therefore, it is best to buy under your budget, and, hopefully, upgrade later.
Be Realistic About How Frequently You Will Use It
Be realistic when estimating how frequently you can use the home. Sometimes, it could be wise to arrange a rental agreement with the current owners and use the property 2-3 times a year, and forget about it while you are away.
However, if you need the vacation home more frequently, you can proceed with the purchase.
Avoid Making an Emotional Purchase
Do not get caught up in the heat of the moment. If a family member, friend, or another investor offers you a deal to purchase a vacation house or land to build a large mansion, avoid being easily persuaded.
The proposal may appear great at first, but can gradually turn into a nightmare scenario. People sometimes have hidden agendas, or sometimes they have not done their due diligence to discover that the advertised deal is not all that great and may require huge home maintenance expense.
Work with Tim Tamura to Find Your Dream Vacation Home
These are just some factors to consider when buying a vacation home in Corona del Mar, and there is much more. Do not attempt to do it all by yourself! Partnering with a local real estate agent will make things easier by helping you access insider information and the best deals. With years of experience in Corona del Mar real estate, Tim Tamura offers great service and knowledge that continuously surpasses client expectations. Reach out today!
