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. 

40 Properties
Page 1 of 4
$1,300,000
Neighborhood: Black Rock Luxury Condos
2
Beds
1F13/4
Baths
1,278
Sq.Ft.
2021
Year Built
1
Day on Site
12203973
MLS
The Black Rock Luxury condos are the perfect location for a mountain escape. The resort is conveniently located whether you want to enjoy water sports at Jordanelle, take a scenic tour of the Unita...
3
Beds
2
Baths
1,406
Sq.Ft.
2022
Year Built
2
Days on Site
12203960
MLS
The highly anticipated arrival of the Sawmill Condos have arrived. Come see your new home in the beautiful Sawmill community. Featuring 9' ceilings with plenty of space in the open living area. Large...
$637,000
Neighborhood: Wasatch Front Ar 58
3
Beds
1F13/411/2
Baths
1,783
Sq.Ft.
2019
Year Built
2
Days on Site
12203961
MLS
Welcome to this amazing townhome with excellent opportunities for short and long term rentals, and perfect for any small family. It has been meticulously loved, maintained, and upgraded by owners to...
Open 9/28
6605 W 2200 Park City, UT 84098
$595,000
Neighborhood: Crestview Condos
2
Beds
3
Baths
1,458
Sq.Ft.
2001
Year Built
2
Days on Site
12203962
MLS
This 2 bed, 3 full bath condo offers a spacious, light filled living area, gas fireplace, oversized deck with great views of the Wasatch Mountains, large vaulted master bedroom and an open loft...
$699,500
Neighborhood: Wasatch Front Ar 58
2
Beds
1
Baths
2,567
Sq.Ft.
1950
Year Built
2
Days on Site
12203963
MLS
Location, Location, LocationLocated in highly coveted Sugarhouse. Access to University of Utah, ski resorts in Little and Big Cottonwood Canyons along with easy access to I-80 to Park City Resort....
Open 9/28
7415 Brook Hollow Loop Rd Park City, UT 84098
$975,000
Neighborhood: Brook Hollow Village
3
Beds
2
Baths
1,750
Sq.Ft.
1996
Year Built
2
Days on Site
12203964
MLS
This light & bright home in Brook Hollow Village offers the best of both worlds - the privacy of single family home living with no shared walls, as well as the ease of condo living in a managed...
Open 9/28
1415 Lowell Ave Park City, UT 84060
$2,100,000
Neighborhood: Resort Center
4
Beds
2F11/2
Baths
1,463
Sq.Ft.
1985
Year Built
2
Days on Site
12203965
MLS
Rare 4 Bedroom ski-in / ski-out condo at Park City Mountain Resort - just steps from Park City's ski slopes, ice skating rink, summer trails, and free bus line to Main St. This 2-story, fully...
$2,000,000
Neighborhood: Payday
3
Beds
3
Baths
1,756
Sq.Ft.
1972
Year Built
2
Days on Site
12203967
MLS
This stunning & highly desired upper floor Payday townhome is ideally situated to provide an abundance of natural light while offering splendid mountain & golf course views. The property was fully...
$1,150,000
Neighborhood: Timberlakes Area
6
Beds
3F23/4
Baths
3,658
Sq.Ft.
1988
Year Built
3
Days on Site
12203940
MLS
Amazing and unique property located on a tree lot in upper Timber Lakes with an ADU (non-conforming). Ultimate outdoor enthusiasts dream! Snowmobile directly from your garage! Access to all outdoor...
$715,000
Neighborhood: Grassy Creek
3
Beds
2F13/4
Baths
1,990
Sq.Ft.
2002
Year Built
3
Days on Site
12202934
MLS
Come see this great family home in an established neighborhood in the Kamas Valley. Expansive lower level family room, two car garage, well maintained yard that features a greenhouse and hot tub....
$1,600,000
Neighborhood: Oakley
6
Beds
3F13/411/2
Baths
6,476
Sq.Ft.
1982
Year Built
3
Days on Site
12203946
MLS
Meticulously maintained and built like a fortress, this vintage ranch home is perfect for your HGTV dream home renovation. It is sited on a huge, private lot, with breathtaking views of Hoyts Peak....
Open 9/28
2348 W Red Pine Rd Park City, UT 84098
$8,900,000
Neighborhood: Timberwolf Estates
4
Beds
6F11/2
Baths
7,490
Sq.Ft.
2013
Year Built
3
Days on Site
12203947
MLS
Rarely does the opportunity present itself to own a private, ski-in, ski-out, architectural gem in Timberwolf Estates, adjacent to Canyons Village. This masterful design by Michael Upwall and...
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