• June 07th, 2010

• Author:

  leahgrove

While a lot of real estate buyers may be shying away from purchasing vacation homes with the real estate market nationwide in a state of slowdown, now could be the best time to buy, according to North Carolina developer Mark Harrill. Harrill is considered the most successful resort residential community developer in the North Carolina High Country.

If you’re looking to buy a second home but aren’t sure if now is a good time or how to evaluate whether or not your property will retain and grow its value in the future, here’s what Harrill says you should be asking yourself or your real estate agent:

1. Is this a good location for me and my family? Buyers should choose the area in which they want to purchase a home before they choose the home. Make sure your second home is relatively easy to access from your primary home so that you’ll make regular use of it. Also, make certain your second home provides access to the amenities you desire, such as outdoor activities, cultural offerings, shopping, and dining.

2. Does this community fit my lifestyle and interests? Once you’ve settled on an area where you’d like to buy your second home, make sure you choose a community that provides you access to like-minded people. For example, if you like the resort lifestyle, choose a development that offers resort amenities. And be careful you’re not paying for amenities you’re going to use anyway. If you’re not a golfer, don’t buy a home at a golf community. that golf course is showing up in the price of your home.

3. Are the infrastructure and amenities in place for me to start enjoying my second home right away? In the current market, some developers have to sell a certain number of homes, condos, or lots to be able to fund the amenities they are promising you. Make sure you ask what that number is and how amenities will get paid for if the developer doesn’t meet his or her sales goals. Your best bet is to look into communities where the amenities are already paid for, if not already in place.

4. Is my second home a good investment? Or will I lose money on it by buying in a down market? Now is the best time to buy if you can afford to do so. It’s a buyer’s market. That being said, be careful where you buy. Make sure you purchase your second home in an area where real estate prices have been climbing consistently over the years. Don’t buy in a place that has seen a lot of boom and bust fluctuations. If you purchase a second home now in a place with a steady, reliable real estate market, your home will grow its value in the years to come.

5. Will the style of home I’m choosing work for my lifestyle?If you don’t want to spend your weekends away from home mowing grass and staining decks or finding someone else to do it for you, choose a low-maintenance option like a townhome or condominium that you can lock and leave. Make sure your developer has a property management component in place that will handle upkeep of your home’s exterior and grounds.

6. Does the home’s floor plan suit my needs and the needs of family and friends who will share my second home with me?If you’re planning on using your vacation home for a long time and maybe even making it a retirement residence one day, carefully consider the floor plan. For example, make sure your master suite is on the ground floor. Make sure you have guest rooms available for kids, grandkids, and friends if you like to entertain.

7. Could this home generate additional income for my family in the years to come? You can often help offset the costs of buying a second home by renting it out on weekends you’re not using it. A lot of developers have property management arms that make it easy and headache-free to rent your property when you’re not using it and generate some extra income.

8. What is the developer’s background, specifically in the area where I am looking to buy? Developers are drawn to resort areas, which means some of them come to mountain and resort regions from other areas of the country lacking experience in how to build communities in places that are new to them. It’s important that the developer understands the area in which he or she is looking to build. In the mountains, for example, developers have to meet the challenges and requirements of often steep topography and cross slopes to ensure the integrity of the finished product – your home. Make sure your developer is experienced in the area where you are buying and understands the local landscape, building codes, and zoning laws.

9. Does my home suit the landscape on which it is located? You really don’t want to buy a colonial style mansion on top of a mountain. Consider how your home fits into the surrounding landscape. Is it designed to blend into the topography? Is its architectural style in keeping with its environment? 

10. Should I invest in green building features in my second home?Green building techniques can save you money in the long-term, particularly if you buy or build a home with a super-efficient heating and cooling system and proper insulation. But there are even easier ways to cut down on energy costs in a second home. Multi-family units, for example, share walls and roofs and help insulate one another. If you want low-maintenance, and a worry-free second home, a townhome or condo might be the best choice.