Buying a vacation home is a lifelong goal of many. If you have reached a point in your life where you are thinking about adding another property to your portfolio, don't let the excitement cloud your decision-making. A Chapel Hill Realty Group agent can be a steady guide to help you through the ups and downs of finding the right vacation property. Here are some things to narrow down your search on your vacation property. 

Finances

Can you afford a second home? If you can pay cash, this is the cheapest way to purchase a property. However, if you're not in the position to pay cash, obtaining a mortgage will cost you extra money in interest every month. It may also be difficult to secure financing if you don't have the right debt-to-income ratio that lenders require. Moreover, the cost of owning a second property is more than just a mortgage payment. You should also consider the cost of insurance, utilities and maintenance. Once you've determined your ability to cover the bills and other expenses, you can start thinking about your intentions for your new home.

Purpose

Are you planning on using this property as a vacation spot for yourself and your family? Do you want to switch things up and live in the new vacation home as your primary residence? If you will only be using the space for a short time each year, you may even want to rent it out to generate helpful income. It's important to decide now how you want to use the property because this information may alter your decisions when it comes to things like the number of bedrooms, property type (single-family detached home, townhome, condo, etc.) and location.

Location

Often, buyers find that they don't choose a location for their vacation property, the location chooses them. If you've looked at a property in a place that feels uncomfortable to you, keep looking elsewhere. The best spot for a vacation home is somewhere you and your loved ones feel safe, relaxed and comfortable. Are you looking for seclusion and peace? Consider homes that are off the beaten path. Is convenience a priority? Pay close attention to the restaurants and stores nearby, especially if you plan to rent out your place.

If you're ready to start your search for a vacation property, Chapel Hill Realty Group has agents available to help you find a location that fits your budget and suits your needs. Call us at (919) 942-4149 or contact us online today to get paired with an agent. We can't wait to help you find the vacation property of your dreams!