5 common mistakes when buying a vacation property and how to avoid them

Error 1: Paying Over-the-Top Prices for Beachfront Property

We often fall in love with sea views and forget to consider other important factors. While a beachfront property is highly desirable, they often come at a steep price not always commensurate with the quality or size of the home. Additionally, these areas can be very noisy, especially during the summer.

Tip: Explore other options slightly removed from the waterfront that might offer better prices, more tranquility, and equally stunning views.

Error 2: Not Researching the Financial and Neighborhood Situation of the Community

Before purchasing an apartment, it's essential to investigate the financial situation of the homeowners' association. Neglecting this can lead to unexpected costs such as special assessments for maintenance or necessary renovations.

Tip: Request the minutes from the last few community meetings to better understand any potential issues.

Error 3: Distrusting Small Agencies

Sometimes buyers are wary of small agencies, fearing they can’t offer the same services as large real estate groups. However, small agencies often provide more personalized and detailed service.

Tip: Appreciate the benefits of working with a small agency, which often knows the local market better and offers a closer, more personalized relationship.

Error 4: Being Dazzled by Staging and Decoration

Home staging is a common practice in real estate sales that involves decorating a property to make it more attractive for sale. Despite its benefits, this practice can distract buyers from the more fundamental aspects of the property.

Tip: Look beyond the decoration and critically assess the construction quality, functionality of spaces, and other technical aspects of the property that will be more lasting and influential in your living experience.

Error 5: Having Unrealistic Expectations About Rental Income

Many people buy vacation properties with the idea of renting them out when they are not using them. This can be a good strategy to cover expenses, but it's important to have realistic expectations about the income that can be generated.

Tip: Conduct prior research on the rental market in the area and consult with local professionals about usual rates. Do not blindly trust promises of extraordinary returns without an independent evaluation of the market situation.