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. 

99 Properties
Page 1 of 9
$18,500,000
Neighborhood: Park Meadows
6
Beds
3F33/411/2
Baths
11,106
Sq.Ft.
2015
Year Built
1
Day on Site
12301769
MLS
Nestled on the crest of Quarry Mountain, this extraordinary property offers more than just breathtaking views; it provides an intimate connection to the natural beauty that defines the region. The...
$1,900,000
Neighborhood: Wallsburg
6
Beds
4
Baths
4,578
Sq.Ft.
1997
Year Built
1
Day on Site
12301751
MLS
Come live in a Custom built home in the quaint little town of Wallsburg! 15.61 acres Mountain views looking over Little valley!! The home was built in 1997 by a builder that intended on occupying the...
Pending
1051 Station Loop Rd Park City,  UT 84098
$1,399,000
Neighborhood: Blackhawk Station
3
Beds
1F13/411/2
Baths
1,932
Sq.Ft.
2001
Year Built
1
Day on Site
12301168
MLS
Enjoy the Park City lifestyle from this 3BD 3BA home in Blackhawk Station. Close to everything Park City has to offer, with Kimball Junction just around the corner, and Historic Main Street 10...
$7,250,000
Neighborhood: Old Town Area
4
Beds
1F43/411/2
Baths
4,692
Sq.Ft.
2017
Year Built
1
Day on Site
12301773
MLS
Perched majestically above Old Town, this extraordinary Park City residence boasts 4 bedrooms and 6 bathrooms, offering a truly remarkable living experience. Spectacular vistas of the city and...
$681,000
Neighborhood: Fox Bay
2
Beds
1F13/4
Baths
1,028
Sq.Ft.
2002
Year Built
1
Day on Site
12301772
MLS
Time to start loving where you live. Welcome to this stunning condo nestled in the beautiful community of Fox Bay. This exceptional location offers a serene and picturesque mountain setting, perfect...
$4,000,000
Neighborhood: Shooting Star
3
Beds
2F13/411/2
Baths
2,114
Sq.Ft.
2006
Year Built
1
Day on Site
12301774
MLS
Ideally situated third floor unit at Shooting Star in Empire Pass at Deer Valley Resort. The unit has beautiful Deer Valley views and is located on the corner of the building with a wraparound deck....
Open 6/3
1231 W Wintercress Trl Heber City,  UT 84032
$1,195,000
Neighborhood: Black Rock Ridge
3
Beds
2F11/2
Baths
2,494
Sq.Ft.
2016
Year Built
1
Day on Site
12301776
MLS
Relax as you enjoy your unobstructed Park City and Deer Valley views in one of the most private townhomes in all of Black Rock Ridge.Whether your perspective is from the oversized covered outdoor...
Open 6/4
2344 Saddlehorn Dr Park City,  UT 84098
$3,000,000
Neighborhood: Bison Bluffs
5
Beds
4F11/2
Baths
4,331
Sq.Ft.
2008
Year Built
1
Day on Site
12301777
MLS
This exquisitely designed 5 Bedroom 5 bath home located in the very desirable Bison Bluffs neighborhood which boasts many full-time residents and a close proximity to trails. This 4331 Square Foot...
Pending
16 Lucky Star Dr Park City,  UT 84060
$5,250,000
Neighborhood: Bellearbor
4
Beds
4F11/2
Baths
4,143
Sq.Ft.
2004
Year Built
1
Day on Site
12301778
MLS
The spacious great room has double height windows looking west to the mountains and a wood covered vaulted ceiling, large stone, wood-burning fireplace all with a traditional elegance. The main level...
$1,610,000
Neighborhood: Rustler At Hideout Canyon
3
Beds
2F13/411/2
Baths
2,902
Sq.Ft.
2013
Year Built
1
Day on Site
12301377
MLS
Check out all the wow this home has to offer... Views Views and More Views. , built-in shelves for each of the closets, including the pantry, Dual zone heating and air conditioning, tankless water...
$1,299,000
Neighborhood: Midway
5
Beds
3F11/2
Baths
4,197
Sq.Ft.
2003
Year Built
1
Day on Site
12301779
MLS
This lovely Midway home is situated on a shady, fenced lot above the Heber Valley floor in the quiet neighborhood of Alpenhof Estates (no HOA here!). Convenient Main Level living with two bedrooms...
$1,125,000
Neighborhood: Valley Hills
7
Beds
3F11/2
Baths
5,050
Sq.Ft.
2000
Year Built
1
Day on Site
12301780
MLS
Enter this spacious 7 bed/3.5 bath Valley Hills home through the beautiful entryway past the formal dining room or luxurious home office and into the great room with its vaulted ceiling, gas...
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