Should you sell your vacation house this year?
Making a decision to sell your old vacation home is not easy. You usually have so many nice memories of the place, which makes it hard to give up. But, the real estate market is changing. The prices are fluctuating and now the market has recovered. Maybe the prices are right to justify the sale. But how to decide? Of course, as in any other situation, you have a dilemma. Emotion versus hard economic facts. How to detach and make the cold, economy driven decision? So, that said how should you decide and what to consider? Should you sell your vacation house?
Main factors to consider
Usually, there are numerous memories tied to your vacation place, but be realistic and admit that things change. The kids have grown up and the visits are rare. The place also requires maintenance and investment. In those situations, you may wonder if it is reasonable and feasible to maintain that second vacation home. The family may have moved, so the visits and gatherings are rare or too expensive to organize. On the other hand, the family may have grown enough so that the vacation place is too small.
In these cases, you may be tempted to sell. Families can plan their vacations over rental properties and with the option to change their vacation destination. On the other hand, if you decide to keep your home for the future generation you should plan for the long run. Set up an account for the maintenance and upkeep of the property and plan to keep the account funded in the long run.
Selling your vacation home
If you decide to sell your vacation home, it is important to know that the market has recovered from the recession and that the demand is high. However, you should not rush in to sell your property right away. Vacation homes that are not your primary residence are not that urgent to sell. You can afford to wait and pick the right time to sell. Consult real estate agents for selling advice and the perfect timing. Also, consult a tax adviser to give you insight into the tax exemptions you can expect and the timing of the sale. When selling your vacation home the main thing is to consult a real estate agent to try and make the right decisions. The main thing to consider the market trends that are in your favor and the seasonality of your property.
Some of the sales aspect
Selling a vacation home is no different than selling your regular home or apartment. It all comes down to the price so make sure to:
- Increase the curb appeal
- Stage your place
- Consider the pricing
One of the first steps when selling property is to try to spruce it up a bit. Try to clean up the porch, walkways and continue with the improvements. Try to fix up anything you can: garden, front lawn, driveway and also clean up the attic and basement.
Try to stage the property to increase its desirability. Arrange the place so it seems more inviting and cozy for the potential buyers. Try to show all of the good points of the property that can help sell it.
Be aware that the price of the property will depend on many factors. The main factors for the price of the vacation home are remoteness, accessibility, and ability to rent. Remote and inaccessible places are not attractive to potential buyers. Those that are easy to rent are more desirable and can be more expensive.
So, if you are considering selling your vacation house you should be careful to make the right decisions. Consider this guide and do more research. Try to enlist the help of experts to help you make the right decision and get the best price.