Is Buying a Bonita Springs Vacation Home Economical?
Whether you hail from the Northern states and are itching to escape the snow or just want a sunny family getaway for the summers, buying a Bonita Springs vacation home can be a sound investment. When looking for vacation homes in Southwest Florida, it’s important to know what to look for and when. The Southwest Florida real estate economy is remarkably steady – a good buyers market. If you’ve had plans on buying a Bonita Springs vacation home now is the time to do it.
The Vacation Market Trend
Demand is up for second homes in Southwest Florida – the Southwest Florida housing market is seeing a healthy recovery from years past. Many homes purchased are either a vacation home or an investment property. The information below is from the NAR’s 2013 vacation home market – which gives insight into the increase in demand.
According to the National Association of Realtors®, vacation home sales rose strongly in 2013, while investment purchases fell below the elevated levels seen in the previous two years. NAR Chief Economist Lawrence Yun stated that “Growth in the equity markets has greatly benefited high net-worth households, thereby providing the wherewithal and confidence to purchase recreational property.” All cash purchases still remain fairly common in the vacation-home market. The primary factors that motivate vacation-home buyers are the lifestyles offered.
2013 Vacation Home Statistics from the National Association of Realtors
- 41% of vacation homes purchases last year were in the South
- 87% want to use the property for vacations or as a family retreat
- 31% plan to use it as a primary residence in the future
- 28% wanted to diversify their investments or saw a good investment opportunity
- 23% plan to rent to others
- 22% intend it for use by family member, friend, or relative
Factors that Weigh in on Buying a Vacation Home
We came across an article from Front Door, which we though would be of interest to our clients – Guide to Buying a Second Home or Vacation Homes. Before you leap on the purchase of a second home Front Door recommends the following factors:
Decide if it’s the right time to buy: It is highly imperative to do all of your research on the market you wish to invest in. Have your plans in place and your goals aligned!
Know what to look for in a second home: If you’re looking for a certain lifestyle, make sure the second home can fulfill that lifestyle you seek. Remember location, location, and location – ask yourself how accessible is the property? You are on vacation so something maintenance-free and hassle-free is key here. Look for a property that offers everything for the whole family.
Work with an experienced agent: Find a top Bonita Springs realtor whom you can trust with all of your Bonita Springs real estate needs. A seasoned Bonita Springs Real Estate agent can match your lifestyle to the lifestyles offered in each Bonita Springs community to determine which one you can soon call your vacation home.
Talk to a Seasoned Bonita Springs Real Estate Agent
If you have all of your plans in place and your goals aligned, it’s time to talk to a seasoned Bonita Springs Real Estate Agent. Jill Kushner has years of Southwest Florida Real Estate experience, and will be more than happy to commit her time to finding you the perfect vacation home.
For all of your Bonita Springs real estate needs, contact Jill Kushner today!