When it comes to vacation destinations in Southeastern Florida, Palm Beach easily stands out as one of the top choices. The coastal town is world-renowned for its pristine beaches, stunning scenery, and high quality of life. Since buying a vacation home here entails a big investment, our guide outlines everything you need to know about getting the perfect property.
Know what you want in a vacation home
Before diving into the Palm Beach real estate market, consider your needs and goals. What’s your idea of a dream vacation home? And what are the must-have features? The vacation home you buy should complement your lifestyle. If you love being by the beach, for example, a waterfront property lets you fully enjoy the benefits of coastal living. If it’s golfing that you’re after, search for homes located in golf course communities or those that are near golf courses.
Determine your purpose for the vacation home. Whether you plan to visit it multiple times within the year or use it to earn passive income, making your purpose clear will help you figure out what type of vacation home to invest in.
Some vacation homes also end up becoming primary residences upon retirement. You may want to look into bungalows, other single-story homes, or a multi-level home with a bedroom on the first floor.
Set a budget
Palm Beach is filled with waterfront estates, golf course homes, and beachfront condos that exude luxury and exclusivity. With all the incredible properties that Palm Beach has to offer, it’s easy to get carried away and go over what you can comfortably afford. Setting a realistic budget will help you avoid overspending and leave you with enough financial wiggle room. Having a budget also narrows down your options since you won’t be considering homes that are priced way above your spending limit.
When you set a budget, don’t forget to factor in the cost of owning two homes – your permanent residence and your Palm Beach vacation home. Take note of the costs of having both properties, including maintenance, repairs, property taxes, and homeowner’s insurance.
Find a location you enjoy
A major element in any vacation home is its location. The right location puts you near all the things you want to enjoy when you’re on a break, whether it’s right by the beach or in the heart of a downtown area. Check the amenities offered, as well. Some communities have shared amenities like clubhouses, swimming pools, and sports courts. If you plan on buying a vacation home by the beach, easy access to the shore is a must-have.
Another factor to consider about the location is the travel time. Depending on how often you plan on using it, your Palm Beach vacation home should ideally be within reasonable driving distance. It’s important to be realistic about how far you are willing to travel to get to your second property.
Location also matters if ever you decide to rent out your vacation home when it’s not in use. A Palm Beach, Florida vacation rental home in a prime spot can lead to more demand and higher rental income. However, it’s important to check first if local regulations in that area allow for the renting of homes. And with a vacation rental, you also need to make sure that it is accessible and easy to get to.
Get a home inspection
A home inspection is crucial in understanding its condition and making sure that all parts of the vacation home are in good shape. Since not all problems are evident at first glance, a home inspection can uncover hidden issues like mold and pests. Structural problems like ceiling cracks, leaning walls, and uneven gaps in the door could turn into major problems if not addressed right away.
A home inspection matters even more if you will be renting out the property. To run a successful vacation rental, your future guests should experience little to no incidents in terms of its condition.
Enlist the help of an expert
The best way to approach any real estate transaction is to work with a real estate professional. A local agent can be your guide when it comes to navigating the complex process of buying a vacation home in West Palm Beach. They know the local regulations and the ins and outs of the vacation home-buying process, and they can help you find the perfect property that matches your lifestyle and budget.
Ready to start looking for a Palm Beach, Florida vacation home? Reach out to The Telchin Group, LLC, the top team of real estate agents to work with when it comes to investing in Palm Beach real estate. Give us a call at 561.301.0249 or connect with us here to get started.