Tips for Purchasing La Jolla Real Estate as a Vacation Home
When purchasing a vacation home, it's always about location, location, location. Therefore, it's easy to understand why buyers from around the nation, and the world, are choosing La Jolla as the community in which they would like to purchase their second home. With many beachfront properties offering unparalleled views of the ocean and located just a short drive from the metropolitan district of downtown San Diego, La Jolla has the location aspect of purchasing a second home secured.
However, what other things do prospective home buyers need to know before moving forward with a real estate purchase? The La Jolla Blue Book offers a few tips for purchasing La Jolla real estate as a vacation property.
- Rent before you purchase. Many people fall in love with La Jolla after one, maybe two trips. After making the decision to purchasereal estate in La Jolla, think about renting the home or another home in a similar area first. In addition to staying in the home during peak seasons, come during the fall and winter and see if you like the atmosphere and make sure you're comfortable with the amenities, shops and restaurants surrounding it. Don't be afraid to test out other areas along the coast, a few miles could make all the difference.
- Make sure your property is rentable. Even if you have no intention on renting out your home when you are not using it, those that are rentable typically have more value and will hold their value better in the future. Oftentimes, these properties have characteristics that make them more desirable when compared to neighboring homes or complexes. Not only will this help secure your investment, you have the flexibility to rent your home in the future if you change your mind.
- Calculate carrying costs. Before purchasing a property, you want to make sure you can afford to carry a second mortgage and home. In addition to monthly payments, you will need to think about insurance, taxes, utilities and maintenance costs. Depending on where you live, you may have to hire a property manager or someone to routinely maintain the landscaping and grounds in your absence. These costs can quickly add up and can sometimes be higher than the costs of your primary residence. And, if you're from outside of California, make sure the tax percentages that you're looking at are for the state of California and not the one you reside in. These amounts can vary significantly from one area to another.
Need help finding the second home of your dreams? Contact a local real estate agent today. With their knowledge of the local neighborhoods, they will be able to help you successfully navigate the La Jolla real estate market.