5 Mistakes to Avoid When Buying a Vacation Home

Once you are closing on a vacation home, you may actually need a vacation. In other words, if you are pondering purchasing a vacation home, it's quite a process, and there's a lot to think about first. Buying a vacation home is one of the most exciting long-term investments a traveler can make, but it can also be burdensome for first-timers. There are a number of factors to consider as you're planning to purchase a second home. Here are some mistakes to avoid when buying a vacation home.5 Mistakes to Avoid When Buying a Vacation Home

Making an Emotional Investment

Many vacation home investors decide they want to buy a second property after returning from a great holiday. Rather than acting on those emotions, buyers should do their due diligence to make sure they fully understand what they're getting into before jumping into such a major investment. Instead of rushing into a big decision, take the time to step back and really think it over.

Not Thoroughly Researching the Neighborhood

There's so much more to consider when buying a vacation home than just the fact that you like the area. In addition to basic factors such as location and price, you want to ensure the area has everything you or your potential guests may need when visiting, including strong cell phone and Wi-Fi service, as well as proximity to shops where visitors can purchase food and supplies. Make sure you're aware of the local regulations on renting out homes, if you plan on doing so when you're not there.

CAREFUL-Buying Sight Unseen

Due to a competitive real estate market that shows no signs of slowing down, second home buyers may be inclined to purchase a vacation property without visiting in person. This is a decision that could turn out to be a big mistake in the long run.

Not Sticking to Your Budget

Creating a comprehensive budget and sticking to it is crucial when buying a vacation home. In addition to the up-front price of the home itself, costs for items like furniture and HOA fees can sneak up on you if you haven't thoroughly planned out your strategy. You should also factor in maintenance and upkeep costs, as well as the financial implications of self-management versus using a rental management company.

Thinking It's Easy to Manage a Vacation Home From Afar

Regardless of how often you visit your vacation home, you need to factor in how you plan to manage the property when it's vacant, especially if you don't live close.

Owning a vacation home can bring years of many memorable family get-aways and you can't put a price on that family time. However, you need to pay close attention to the prices of owning a vacation rental before you can begin making those memories.

Ready to get started? Check out the newest listings this week or browse all Park City real estate here. 

82 Properties
Page 1 of 7
$3,495,000
Neighborhood: Red Ledges
4
Beds
4F11/2
Baths
4,484
Sq.Ft.
2023
Year Built
2
Days on Site
12201966
MLS
NEW CONSTRUCTION Rambler in Red Ledges. This stunning new construction home has an anticipated completion date of May 2023. Located in the private community of Red Ledges, this home sits on a 0.77...
$800,000
Neighborhood: Empire Coalition
2
Beds
2
Baths
899
Sq.Ft.
1982
Year Built
2
Days on Site
12201967
MLS
*Ready to own in one of the most convenient locations in town? Look no further. Equipped for immediate owner or renter use, this adorable corner unit, Old Town condo provides the perfect opportunity...
Open 5/30
4328 Frost Haven Rd Park City, UT 84098
$2,850,000
Neighborhood: Frostwood Villas
4
Beds
3F11/2
Baths
2,623
Sq.Ft.
2019
Year Built
2
Days on Site
12201969
MLS
This beautiful townhome is ideally located in the Frostwood Villas neighborhood in Canyon's Village with close access to skiing and all the attractions and amenities of the Canyon's Base Village. The...
$1,075,000
Neighborhood: Brook Hollow Village
3
Beds
2
Baths
1,678
Sq.Ft.
1996
Year Built
2
Days on Site
12201970
MLS
Beautiful free-standing townhome in coveted Brook Hollow neighborhood. This home is steps from hiking and biking trails, acres & acres of soccer fields at Ecker Hill Middle School, shopping, dining,...
$729,000
Neighborhood: Pine Creek
3
Beds
2
Baths
1,264
Sq.Ft.
1996
Year Built
2
Days on Site
12201971
MLS
This 3-bed/2 bath condo has charm, character, and a garage! Nine-foot high ceilings and large windows on all sides let in the natural light from theeast, south, and west. Aspen trees and green spaces...
$2,895,000
Neighborhood: Trappers Cabins
3
Beds
1F13/411/2
Baths
2,208
Sq.Ft.
2008
Year Built
2
Days on Site
12201974
MLS
Bring only your golf clubs, skis, bikes, and instantly enjoy all that exclusive Promontory offers. This TURN-KEY 3 bedroom 2 1/2 bathroom Trappers Cabin is offered on a FULLY FURNISHED basis and...
$979,000
Neighborhood: Victorian Village
2
Beds
1F13/4
Baths
793
Sq.Ft.
1985
Year Built
2
Days on Site
12201427
MLS
Prime Location with a short walk to Park City Ski Resort, Old Town, shopping and world class restaurants. This is the besthome in the Victorian Village Condos. Home comes completely furnished. (see...
$1,150,000
Neighborhood: Cobblestone
5
Beds
3F11/2
Baths
3,939
Sq.Ft.
2006
Year Built
2
Days on Site
12201975
MLS
This elegant custom Cobblestone home sits on a corner lot, with a wide-open view of Mt. Timpanogos. Vaulted Ceilings and a thoughtful open floor plan allows living on the main with your master, guest...
$909,500
Neighborhood: Heber And Daniels Area
6
Beds
1F21/2
Baths
2,428
Sq.Ft.
1982
Year Built
2
Days on Site
12201977
MLS
Cozy rambler in the country on 1 acre! 6 bedrooms with a wood fireplace, wood stove, nice bright kitchen and oak-look laminate on the entire main level. Oversized garage that can fit extra cab trucks...
Open 5/28
75 S Center St Wallsburg, UT 84082
$649,000
Neighborhood: Wallsburg
4
Beds
1F13/4
Baths
2,650
Sq.Ft.
1970
Year Built
2
Days on Site
12201978
MLS
The wrap-around porch with views of the mountains, large yard/trees and sound of Spring Creek to the South of the property invite you to come home and enjoy the peaceful feeling of the Wallsburg...
Open 5/29
288 N 200 E Heber City, UT 84032
$550,000
Neighborhood: Other(Areas 23-41)
2
Beds
1
Baths
1,327
Sq.Ft.
1910
Year Built
2
Days on Site
12201980
MLS
A Charming cottage in the heart of Heber City, this 1 bedroom, 1 bath on the main floor also has a 20x20 upper area that could be another bedroom with an attached large 15x15 storage/closet area....
Open 5/28
831 N Explorer Peak Dr Heber City, UT 84032
$17,500,000
Neighborhood: Red Ledges
7
Beds
7F41/2
Baths
20,905
Sq.Ft.
2020
Year Built
2
Days on Site
12201982
MLS
Perched on top of the most prominent ridge in the gated Red Ledges community and featuring one of the most magnificent views in all of the Mountain West, this estate has been designed by...
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