For most people, owning one property is enough. They look at it as a home and don’t feel the need to own another one. While that may be true, owning a second home is beneficial.
Often referred to as vacation homes, the second property can serve as a getaway from your daily lives. It doesn’t necessarily have to be on a beachfront, meaning there’s quite a lot of flexibility when choosing one.
There are plenty of popular locations across the US with excellent places, and today, we’ll talk about Missouri. Like any other location, buying a vacation property in this state means there are several things to consider before signing the papers.
Choose the Location Wisely
You’ve chosen Missouri as the state, but now you need to decide which part. As for the topography, it’s a relatively flat state in most parts, with the Ozark Plateau being the hilliest part. Despite that, it’s not an area known for high mountains.
As far as water is concerned, there are less than 600 lakes, some of which are pretty small. This should make for a lovely getaway home somewhere peaceful and quiet.
On the other hand, if you’re more into city life, cities like Kansas City, St. Louis, or Springfield can be great places for an urban vacation home.
Calculate How Much It Would Cost
When buying a home, one of the many things you should consider is the price. The average cost for a property in Missouri is around a quarter of a million dollars, making it quite affordable.
Looking at the average price doesn’t tell the whole story. Larger and more luxurious homes will be more expensive, while the older and smaller ones will be cheaper. This is where you’ll also need to think about your budget.
Go for a vacation home you can afford, but plan a portion of your budget for renovations. You’ll need to figure out this by yourself, depending on multiple factors, including the next one.
Consider The Condition of the Home
Being able to buy a new property is excellent because you won’t have to worry about potential fixes. The only thing you’ll think of is how to decorate the place.
On the other hand, used homes sometimes require you to consider the condition and renovate. Even if everything is perfectly fine, you may want to make the home yours.
Inspecting the home is the first thing you should do, and you should ensure you check everything. This can be critical, especially if you’re buying a house because you’ll need to inspect a lot more than just the interior. This includes the roof, basement, outer walls, yard, etc.
To be fair, even if you need to renovate the entire property, you won’t struggle too much with the process. For example, finding roofers in Kansas City is easy, meaning you’ll spend less time researching and have your home prepared sooner.
Decide on What You’ll Use It For
Yes, it is called a vacation home, and naturally, you’d think it will be used for vacation, but there are other use-case scenarios.
Some people decide to buy these kinds of properties as potential investments. With rising real estate prices, finding and buying a cheap home can result in profit after several years.
Another common use case is renting. Purchasing and renting the home is a good way to ensure you pay the home off sooner than using it only for yourself and your family. Remember, if you plan on renting it, you’ll need to go through the renovation process to ensure it’s in perfect shape for future tenants.
Vacation Homes Need to Be Maintained, Too
Just because you won’t be using your vacation home 365 days per year doesn’t mean there isn’t some maintenance involved. Naturally, not using it too often will result in things lasting longer, but not forever.
The bills are something you won’t be able to avoid. Sure, they won’t seem a lot in the months you’re not using it, but they still won’t be zero.
Get Some Professional Help
When you start looking into real estate, you may feel like you can go through the process yourself. Yes, people have done it, so it’s not impossible, but that doesn’t mean it’s recommendable.
Unless you’re a realtor, the process may seem complicated. This is where professionals can help, leaving you to consider some other points in this guide. They’ll be with you throughout the process to ensure everything runs smoothly.
Since we’re talking about a second home, you should also expect to pay taxes, which is where the realtor can help. Many cooperate with lawyers, so they’ll point you toward the “best person” for the job. Remember that these services aren’t free, so consider them when planning your budget.