One of the Biggest Mistakes People Make When Buying a New Vacation Home

You've decided you want a fun place in the sun near Disney and you're clear about your reasons why. So what's next? 

One of the biggest mistakes people make is jumping into their vacation home search before they know what they're doing. People spend hours searching the internet or wasting gas driving around during their vacation to find a home that they might not be able to afford anyway. 

Many people, overwhelmed and discouraged, give up at this point because they don't find the right one. But if you're really ready to make it happen, you'll let your excitement drive you forward to making good decisions about this investment one step at a time. 

Step #2 in buying any house is to get pre-qualified for a loan, that is, unless you're paying cash. Many Realtors won't even meet with you until this is done. And for good reason. Why waste your time and energy looking at homes that are out of your price range? 

Resist the urge to jump in and look at all the homes you'll really love until you know what you can afford. And if you're paying with cash, now is the time to take stock of your finances and determine your ideal purchase price. If you're buying from overseas, your Realtor will be able to connect you with resources for the exchange and for wiring payments. Paying cash can mean lower closing costs and of course less long-term expenses. 

When buying a new construction income vacation home, be aware that some builders have preferred lenders. Using the preferred lender, in many instances, will save time and headache. When a closing is delayed because of your chosen lender, builders may charge some pretty hefty fees that accrue daily.

How will you know which lender to go with for your pre-approval? 
You're not required to use the lender you get the pre-approval from. You may get it and then decide to go with another lender. 

One option would be to contact a Realtor who specializes in new construction vacation homes. She can give you information on preferred lenders of the highest-quality builders. 

Getting pre-qualified for a mortgage is the first financial step towards buying a dream vacation home. Stay tuned for additional financial issues to be prepared for when buying that new construction vacation home. 

Send me an email if you'd like a list of the best new-construction short-term rental-approved vacation homes near Disney. OrlandoRealtorNicole@gmail.com

Start with The End

There are a lot of things to consider when buying a new vacation home near Disney World. You don't want to end up with a poorly built house or a subpar management company amongst other potential money and time wasting disasters.

So what do you need to and how can you be prepared to make good decisions?

This series of articles are intended to do just that -give you what you need to know and prepare you for making a good decision.

But first let's start with the end.

The end is basically your reason for buying. What is it you want to get out of having this new home?

Is your goal to make money? Break even?

Are you buying to have a second home for your vacations to Disney? If yes, how often will you be there? Who will come with you? How many bedrooms will you need?

Do you want to keep it pristine when you're not using it…or have people rent it when you're not there?

How do you find the best property management company for your investment? (One that will actually get your house rented!) What questions do you need to ask them and what are the answers you want to hear?

What kind of furniture do you want to put into your vacation home…the cheapest or the best value that will last? Do you want to spend your vacation buying furniture and decorating the home? Who can help you to decorate your home so that you will love being there and others will want to rent it? How much would it cost you if you make a mistake and over buy or under buy?

Step #1 is to get clear on your end game. Take some time to figure it out before looking at the choices so you don't waste your time looking at homes that aren't right for your needs.

Read the next article in this series to find out about Step#2 and one of the biggest mistakes people make when buying a new vacation home.  

Send me an email if you'd like a list of the best new-construction short-term rental-approved vacation homes near Disney. OrlandoRealtorNicole@gmail.com