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. 

46 Properties
Page 1 of 4
$1,550,000
Neighborhood: Shoreline
3
Beds
3F11/2
Baths
3,030
Sq.Ft.
2023
Year Built
2
Days on Site
12300269
MLS
All Pre sheetrock options included.Buyer can still select all the Finish options.Call and set up a time to come in or just stop by we would love to show you how great Shoreline is.All photos are of...
$969,000
Neighborhood: Heber City
5
Beds
3F11/2
Baths
3,656
Sq.Ft.
1998
Year Built
2
Days on Site
12300270
MLS
Beautifully landscaped open floor plan rambler with unobstructed views of the Heber Valley and surrounding mountains, including Mount Timpanogos! The property behind is designated open space and the...
$1,325,000
Neighborhood: Blackstone Flats
2
Beds
1F13/4
Baths
1,160
Sq.Ft.
2019
Year Built
3
Days on Site
12300248
MLS
This modern ground-level unit is perfect for a year-round residence or seasonal ski getaway. It offers an expansive living space with tall ceilings and large windows which allow for tons of natural...
$1,525,000
Neighborhood: Blackstone Flats
2
Beds
1F13/411/2
Baths
1,160
Sq.Ft.
2019
Year Built
3
Days on Site
12300249
MLS
This contemporary ski condo is located on the top-floor of Blackstone Flats. It is offered turnkey and features an open floor plan with spacious living area, high ceilings, expansive windows allowing...
$4,500,000
Neighborhood: Resort Center
4
Beds
4
Baths
2,713
Sq.Ft.
1985
Year Built
3
Days on Site
12300231
MLS
This is a unique opportunity to own the incredibly rare 4 bedroom ski in/out presidential suite at Park City Resort. The unit features amazing ski run views, two primary suites, 4 full bathrooms, 4...
$50,000,000
Neighborhood: Colony At White Pine Canyon
6
Beds
2F63/431/2
Baths
17,567
Sq.Ft.
2022
Year Built
3
Days on Site
12300255
MLS
Presenting ''Monitor's Rest'', winner of the distinguished Robb Report Best of the Best award for 'Best Amenities'. Nestled mountainside at the base of Monitor Bowl on Park City Mountain Resort, this...
$1,695,900
Neighborhood: Shoreline
3
Beds
2F13/411/2
Baths
3,161
Sq.Ft.
2022
Year Built
3
Days on Site
12203723
MLS
Dont wait!. Start enjoying your amazing Shoreline home now.The home is fully finished with every bell and whistle imaginable. Dont take my word for it stop in to see for yourself.
$950,000
Neighborhood: Silver Creek Village
4
Beds
3F11/2
Baths
2,782
Sq.Ft.
2022
Year Built
3
Days on Site
12300257
MLS
Amazing new single family home in Park City's latest master-planned Community, Silver Creek Village. **Includes finished basement! Built by premier builder, Hillwood Homes, this well-designed home...
$764,000
Neighborhood: Red Pine
2
Beds
2
Baths
1,080
Sq.Ft.
1979
Year Built
3
Days on Site
12300261
MLS
Excellent opportunity to own this remodeled Red Pine condo at the base of Canyons Village at Park City Mountain. This fully furnished condo has plenty of room for all and sleeps up to 10 with 2...
$408,000
Neighborhood: Yotelpad Condominiums
13/4
Baths
338
Sq.Ft.
2020
Year Built
3
Days on Site
12300262
MLS
This Amazing Studio TOP FLOOR with ski mountain views where you can feel the energy of the Ski Mountain. This condo sleep 4 people comfortably.The YOTELPAD is conveniently located in the heart of...
$7,495,000
Neighborhood: Elevation At Canyons Village
5
Beds
5F21/2
Baths
4,923
Sq.Ft.
2024
Year Built
3
Days on Site
12300263
MLS
Elevation at Canyons Village is (6) townhomes with direct ski access to Canyons Village at Park City. Owners and their guests will enjoy full access to Hyatt Centric amenities, shuttle and...
$2,500,000
Neighborhood: Ridgepoint
3
Beds
1F13/4
Baths
1,632
Sq.Ft.
1985
Year Built
3
Days on Site
12300265
MLS
This beautifully renovated 3-bedroom villa is located in the Ridgepoint development at the top of Deer Valley Resort. Enjoy the majestic mountain and ski run views from this quiet and tranquil...
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