Finding a home on the perfect island for a vacation destination and claiming your own piece of paradise for your family is exciting. Coming home to Sanibel to indulge in the soft white powdery sands and feeling the Gulf breeze sure will be a wonderful way to unwind and create memories that will last a lifetime. In order to get on island time, consider the following four tips below for buying your Sanibel Island family vacation home.
Have a Meaningful Conversation
With so many beautiful properties to choose from, you will need to sit down with your family and think about what is important for each of you in a property. Remember: the home should be best suited for the family as a whole. What are your children looking for or expecting? Do you want a pool? Do you need a yard or a large driveway to park a boat or jet ski? Ask these questions and really nail down a family list of deal breakers and priorities. With everything laid out on the table, you will go into the process with clear expectations.
Calculate the Costs
It’s important to weigh the financial implications of buying a vacation home. You’ll need to be able to manage the cost of your primary residence as well as the vacation home and all the expenses that come with it. Think about what you would be comfortable with investing into the property. In order to get a better idea, you can consider getting preapproved for your mortgage. Knowing the ballpark range of monthly payment costs can help you figure out what your family’s budget would be, especially if this is your second home. In addition to the home price, there are many other costs to take into consideration. Think about things such as hurricane or home insurance and upkeep costs that might come up as well. You can also look into getting estimates for insurance plans. Taking time to calculate these costs now will help you keep your family’s financial health in check and protect your investment for the future.
Choose the Location Wisely
Location, location, location! We have all heard this expression a million times. However, when buying a vacation home, this cannot be stressed enough. There are many Sanibel neighborhoods to look at. Think about what location would be best for your family as well as desirable to potential renters. Thinking about how many blocks from the beach you want to be, and how long it takes to walk there is key. Walkability is a plus, in order to be able to relax and enjoy the slower pace of life. Also, think about your home’s location in comparison to attractions such as shops and restaurants. Each neighborhood is different, so choose carefully.
Look for Income Opportunities
Remember that your family’s vacation home is not your permanent residence, and that you have the opportunity to also use the home as an investment. When you are not at the property, you can rent it out monthly. This extra income can be invested back into the property for improvements, used to cover the cost of the mortgage, used to enjoy activities with your children on Sanibel, or whatever you choose. Therefore, when looking at homes, consider the rental potential, and if the home would be desirable to others. Consider the home’s features and location to help you determine if it is a good investment.
When buying a vacation home on Sanibel, your family will be welcomed into an amazing community that embraces island living at its finest. Be sure to enjoy your search and find a home that your family will enjoy for years to come. In order to get the most out of your family house hunting process, don’t forget to keep these tips in your back pocket.