Owning a vacation home means that you have an incredibly valuable piece of property on your hands. Vacation homes are rarely dull, functional, or purchased by people simply looking to get on the property ladder. Instead, vacation homes are eminently desirable and, to see why, you just need to think about what it is that makes a vacation home. Vacation Home experts Hot Springs Village Houses, a realtor that offers Hot Springs homes for sale, stress that vacation homes are nearly always situated in a desirable location (people want to vacation there!) and regularly have the touches of luxury associated with such properties.
Another advantage if you are actually selling a vacation home is that this doesn’t happen too often. Far more common is for vacation homes to be rented or let out as a timeshare. Most people, once they have a vacation home, want to keep it for their own use. This means that, not only do you have a first-rate property, but it is not a crowded market either!
Of course, it isn’t all roses and rainbows; Hot Springs Village Houses, for one, advise that there are certainly challenges to overcome and a specific way of selling a vacation home compared to other types of properties. To take just the most obvious example, you will be selling to a completely different market.
The Need for More Info
All property experts agree that when you are presenting a vacation home to potential buyers, it should be advertised more aggressively, and more information should be given about it. This is because potential buyers don’t want to see themselves living daily life at the property, they want to see themselves having a great time at the property. In practice, this means you need to do two things.
Firstly, you should be sure to show every inch of the property in listings photographs and make sure they look attractive and are taken “in season” if that is factor where the property is located. The other thing is to disclose the full rental history of the property. Vacation homes are nearly always properties which have been frequently rented in the past and have had a much higher turnover of occupants than other types of properties.
Tips for Selling a Vacation Home
Beyond these important and pretty obvious points, there are other specific tips to selling a vacation home you should keep in mind.
Always Seek Professional Advice
If you think of real estate agents as marketers of properties, then it’s clear to see how your vacation home needs to be effectively marketed. After all, it is something of a luxury product. Beyond this, a professional realtor will be able to provide you with all the important market details to help your sale along.
Consider Capital Gains Tax
Here there are slightly different rules for vacation homes. If your vacation home has appreciated in value over the time you have owned it, affording you a profit above a certain threshold (relative to the original price), then you will still pay capital gains. If this has not happened, however, you are exempt.
This one is more about your own mental well-being as you sell the home. There should be no worries about where you’re going to live or whether you will make enough to pay for your next residence and so on. Vacation homes are typically second homes, so chill out and let the sale go at its own pace. The competition, after all, is not as fierce.
This last point is particularly important: If you are in the position to be selling a vacation home, then things are looking good.