Buy a second / vacation home, today!

Boston Condos for Sale & Boston Apartments

Buy a second / vacation home, today!

Summer is officially here and that means it’s the perfect time to start planning where you want to vacation and unwind this season. If you’re excited about getting away and having some fun in the sun, it might make sense to consider if owning your own vacation home is right for you.

An Ameriprise Financial survey sheds light on why people buy a second, or vacation, home (see below):

Vacation destination or a place to get away from the stresses of everyday life (81%) – Having a second home to use as a vacation spot can be a special place where you go to relax and take a break from your daily routines and stressors. It also means you won’t have to worry about finding somewhere to stay when you go there.
Better weather (49%) – Buying in a place where there may be nicer weather can be a great escape, especially if it’s cold or rainy where you usually live. It lets you enjoy sunny days and warm temperatures, even when it’s not so nice back home.
Rental income (41%) – You can rent it out to other people when you’re not using it, which can help you make some extra money.
Primary residence in the future (33%) – You can eventually move into the home full-time during retirement. That means you can enjoy vacations there now and have a getaway ready for your future.
Having a venue for gatherings with family and friends (25%) – It would be a special spot where you can have parties, regular family trips, and create fun memories.

Ways To Buy Your Vacation Home

And you don’t have to be wealthy to buy a vacation home. Bankrate shares two tips for how to make this dream more achievable for anyone who’s interested:

Buy with loved ones or friends: If you’re okay with sharing the vacation home, you can go in on the purchase price together and pool your resources to make it more affordable.
Put a savings plan in place: This will require patience and persistence but consider adding a vacation home savings plan to your budget and contributing to it monthly.

Finding Your Dream Spot with a Little Help from an Agent

If the idea of basking in the sun at your very own vacation home sounds appealing, you might want to start looking now. Summer’s when everyone’s trying to buy their slice of paradise, so it’s best to start early.

Your first move is to team up with a real estate agent. They know all the ins and outs of the area you want to be in, and which homes you should look at. Plus, they can give you the lowdown on everything you need to know about having a second home and how it can benefit you. The same article from Bankrate says:

“Buying real estate in a new area — or even one you’ve vacationed in for many years — requires expert guidance. That makes it a good idea to work with an experienced local lender who specializes in loans for vacation homes and a local real estate professional. Local lenders and Realtors will understand the required rules and specifics for the area you are buying, and a local Realtor will know what properties are available.”

Boston Condos for Sale and the Bottom Line

If the idea of owning your own vacation home appeals to you, let’s chat.

Peace be with you

Updated: Boston Real Estate Blog 2024

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Buy a second / vacation home, today!

The Globe had an article sometime over the past two days about how the Nantucket real estate market is still on fire.

On the Cape itself? Not so much, at least based on the observations of a couple of people I asked.

Anyway, the Times included a property in Provincetown in its latest “What You Get for the Money …” column.

What You Get for … $350,000

A one-bath 1940s-style studio bungalow with 436 square feet of space in the Four Gables, a residential community created from the outbuildings of a former estate.

HOW MUCH: $359,000
PER SQUARE FOOT: $823.39

SETTING: Four Gables is a few minutes’ walks from Commercial Street, Provincetown’s main thoroughfare. Cape Cod National Seashore’s beaches, ponds, and dunes are a mile and a half away.

COMMON SPACES: The living room and galley kitchen are cozy and have glossy wood wainscoting and wood floors. There is also a free-standing gas fireplace.

PERSONAL SPACES: A sleeping loft under a wood-beamed ceiling has French doors that lead out to a private backyard.

OUTDOOR SPACE: In addition to a front porch and a back patio, the property has a small fenced-in front yard with a pond.

AMENITIES: A parking space is included with the home.

TAXES: $1,916.24 a year; condominium association fee: $140 a month

CONTACT: Ken Russo, Atlantic Bay Sotheby’s International Realty (508) 487-2430

Hmmm. It must be something very special.

Meanwhile, there do seem to better deal in town; from the ten listings in MLSPIN right now, the average price per square foot for condos seems to be in the range of $450-$600 per square foot.

There’s even a studio condo available for under $200,000.

Based on the photo, it’s IN the Atlantic Ocean, not facing it … eh, what do you want for less than $1,200 per month?

Several readers of this blog are real estate agents from the Outer Cape. Thoughts on the market, these days?

Source: What You Get for $350,000 – By Anna Bahney, The New York Times