Jekyll Island is located 93 miles south of Savannah Ga, via Interstate 95. Travelers can get a break of a busy commercialized beach that offers a good selection of lodging and a campground. The island has a long history going back to 1733 and 60% of the island today is not developed. The island […]
Like many vacationers you probably have visited one of the beautiful coastlines in the USA. It’s so hard to leave when the week is over, so here are some tips to get you on the path to owning your own little piece of paradise.
To begin you have to decide where to buy. I like to suggest somewhere that is easily accessible to your home since you will want to enjoy it as much as possible for yourself.
Decide on a price point within your budget and prepare for cost that you would not consider when purchasing a primary home. After those decisions are made determine your short and long term goals especially if this will eventually be a retirement home. There are many vacation rental sites that can offer assistance to determine market value of seasonal rates for selected areas.
Owner expenses to consider:
Mortgage fees may be higher and a larger down payment may be required for a second home and real estate investments.
State and Local property taxes
Parking permit fees
Homeowners association or Owners Regime membership dues
Property Insurance that may include flood and wind
Special assessments for compliance of exterior maintenance and architecturally approved appearance
Mandatory utility charges such as a community wifi and or cable company
Recreation use fees for yourself or your visitors
Permit fees for repair or remodeling contractors
Business license fees if you are going to use your property for short term rentals
Local taxes on the rental income you receive
Advertising cost for your rental
Cleaning and laundry fees
Reserve for replacing appliances and furnishings as needed
Rental management fees
Reserve for vacancies and cancellations
Not all of the above may apply but are noted to assist you in making an informed purchase
Collect the rent and pay the bills!
With good planning you’ll own a piece of your vacation paradise with no reservation required!
Before you decide on the location of your real estate purchase or during your due diligence period take the time to do some homework.
All of the above come with rules that will become part of your ownership responsibility.
They also affect your long term plans and budget, so let’s get started and I’ll make this a simple as possible.
Zoning is applied though your local government, information on how a property is zoned is usually attainable through the tax assessors office. An example of zoning may be that you are looking to buy a property for a mobile home when in fact stick built homes will only be allowed in the area, or the setback requirement that states where on a lot you must place your home or improvement.
Restrictive or protective covenants, may be recorded at the county courthouse or conveyed in your deed. Even if a neighborhood has not been complying they are still worth reading. A few examples of a covenant may be the ability to lease your property at anytime, what kind of pets are allowed, landscaping ornaments, the size of your home and house paint colors or finishes.
Homeowners associations are usually managed by the home owners, the declarant of the covenants or with the help of a management company. The Homeowners association enforces the covenants, collects dues, and oversees the maintenance of common areas , and amenities in a community. They may also become active in issues of the greater community to promote the best interest of their neighborhood.
You can almost be certain that zoning will apply, a good chance of covenants, and home owners and property owners associations are most popular in newer developments and condominiums. Zoning requirements take precedence over restrictive covenants.
Happy home shopping 🙂