Vacation Home Bargains

Posted on by Forest in Saving Money & Finances, Vacations

Vacation Home Bargains

With the tanking economy and housing doldrums plaguing the country it’s hard to find many upsides but of course every cloud, no matter how dark, has a silver lining or maybe multiple silver linings. On such lining is the fact that people who still are in the market for a vacation home can grab a real bargain.

As many tighten their belt with the home budget getting rid of their 2nd homes and vacation places makes sense and this has risen the competition to sell. Also people taking holidays has likely dipped too (need to clarify this claim!) so it’s possible that people who previously rented their properties out could be looking to sell too. That all means a lot of properties on the market and many in highly sought after places at relatively good value.

Vacation Home Bargains

Of course buying now makes a lot of sense but timing is not the only factor involved in getting a great bargain. Here are some other ideas and tips.

Look for properties in quieter, less well known areas. These could be smaller lakesides, woodland areas or areas on more secluded stretches of ocean.
If you have good DIY knowledge then consider a renovation project. If the structure is sound and it’s mostly cosmetic it could still be a great buy. Don’t take too much on though!
See if any friends are selling up, they may not want or be able to afford the home anymore and may give a preferable price for it to stay within their social circle.
Look at homes with no electricity or gas and consider going rustic with the idea of maybe introducing renewable solar panels and energy at a later date.
Don’t rush, set a price and an ideal property and look until you find that.
Shop in winter (coming soon) as houses will be selling even more slowly if it’s a summer destination. Similarly if it’s a winter destination, shop in spring / summer but maybe test out locations this winter.

Just because it’s a great time to buy don’t consider getting yourself into heavy debt for a vacation property. It is a luxury and unless you can 100% afford it, even if you hit harder times, I would kill the idea now and just be happy going on vacations by renting property or staying in hotels. That’s just my opinion!

Vacation Home Bargains- Do you have any more tips or ideas to add?