Buying a “Hot” Vacation Home

March 24, 2010

It’s that time of year again—time to forget about school or work for a well-known nation-wide week known as Spring Break! Many people reserve beach front houses or hotel rooms each year. But what if you had your own getaway home overlooking a gorgeous view of the sun rising and setting over the ocean?

If you had your own beach front property, it would save you the stress of registering for a house every year. By renting for a week each year, you don’t get the opportunity to make your vacation spot your own. Sure, it’s nice not worrying about the responsibility of furnishing a house when you’re renting, but being able to personalize your own space makes such a difference. Perhaps, when the weather is bad for a day or two and you’re stuck inside, you may feel more [comfortable/at home] surrounded by photos of friends and family and around other treasured, personal items. You can remodel the home to fit your preferences, as well.

Determining the Ideal Season to Buy

It’s springtime. The snow is gone, the sun seems brighter with each day it rises. Though the spring is known to be the busiest time to purchase real estate around the beach, especially in the Outer Banks of North Carolina, that doesn’t mean it’s the worst time. The earlier you buy a summer home, the better off you are. Purchasing a second home around this time of year allows time to close the deal by late spring. It is also much easier to take a look at many prospective vacation homes because no one usually leases them around this time. It’s simply not beach weather just yet.

Summer, on the other hand, is the worst time to consider purchasing beach front property. Owners and companies are leasing to strangers left and right, so going to visit the houses to see their conditions is almost impossible. Tourists are everywhere! If a house happens to be available to show, it’s typically not a convenient time for you as the potential buyer.

When the leaves begin to turn and a chill is in the air, you’re more likely to have an opportunity to browse the homes along the shores. Why? Well, no one wants to be on the beach in the cold! The water is too cold to draw in foreigners at this point, so not many people will occupy the types of homes you’re interested in. Purchasing a second home now, in the fall, gives you plenty of time to make any sorts of repairs you find necessary, and you’ll have any time between that winter and spring to move in your belongings.

Real estate sales are generally lower around wintertime. Some people say this is due to the lack of available attractions. Summer shops are closed along with some of the locally popular restaurants. Though sales are down, it’s much easier to shop for a house along the beach in the winter because not everyone is thinking about their summer vacations. Many of us are concerned with preparing for family get-togethers to celebrate the holidays.

It would be best, then, to take advantage of sales during the fall and winter seasons. Prices tend to be lower, and there are lest tourists roaming the towns. Less traffic means you’ll have a much easier time searching for what could be the vacation home of your dreams.

Average Home Values Based on Zip Code Locations

March 11, 2010

Areas with neighboring zip codes often have differing price ranges when it comes to home value. Factors that play a role in the differences can range from anything like the number of schools to the number of tourist attractions in the areas.

Zip Codes Near Historical Attractions

It’s expected that homes in places with more attractions, such as Gettysburg, will draw more prospective buyers than the nearby Spring Grove. Many more people have heard of Gettysburg; most of us learned about the battles in middle school. Real estate in this area, then, will cost you much more money than homes found in Spring Grove, a lesser known borough.

In Gettysburg, the average single family home with three bedrooms and two and a half bathrooms will run you about $377,000 for approximately 1760 square feet. Though the average home with these same features will run you $289,000 in the nearby location of Spring Grove, the average square footage is significantly higher at a whopping 3577. Though you won’t be as close to the historical battlegrounds, you’ll be gaining more land for less money in an area with significantly less tourists.

Zip Codes Close to Aquatic Attractions

Some people prefer less populated areas. If an area has a smaller number of residents, it may be more difficult for you to find a home that’s reasonably priced. For example, Baltimore, MD, has a high number of residents. However, the city is broken down into a number of zip codes. In one zip code, 21209, homes with three bedrooms and two and a half bathrooms are more expensive than those with the same characteristics in the 21207 zip code region. One reason for this is because 21207 has many more schools, including nine elementary, compared to 21209 which only has two. 21209 is much closer to most main attractions in Baltimore, including the ever-popular aquarium and Inner Harbor. More people are interested in these, and many would soak up the opportunity to feed rare fish all day rather than slop together fish sandwiches at the local fast-food restaurant.

When comparing prices and looking to save money, your best bet is to look at homes in the 21207 region. The average cost of a three bedroom, two and a half bathroom home is around $208,000. That includes an average of 1700 square feet! In 21209, you’re paying more for the same structure and square footage because of the closer access to well-known attractions. The average home in this area will cost you around $292,000.

Can you base a home’s value strictly on the location of zip code regions? Not always. It’s always important, though, to consider the types of attractions within the area where you’re hoping to purchase a home before you decide you’re unwilling to pay the asked amount.