Everything You Wanted to Know About How to Buy a Vacation Home

How to buy a vacation home using a team of professionals but were afraid to ask. Visit us online at http://www.OrlandoV.com

In this video, we discuss the steps involved in how to buy a vacation home. This is Chapter 11 of a 15 part series so make sure you have watched the other videos before and after this one.

The steps we cover in how to buy a vacation home specifically more to Orlando Florida where we are based are:

1. Five Visit Rule - know what and where you are buying and ensure you are 100% committed.

2. Select your requirements, prepare budget/statements. The more you detail what you are looking for and are forced to think about it the easier it will be for you to stay on financial track and buy a vacation home most suited to your needs rather than let yourself stray.

3. Retain your professionals from each category/select.

4. Begin the search with Real Estate agent you will have interviewed several real estate agents and have a good idea which one you would like to retain.

5. Find your home. Having narrowed down how much home you should buy, what and where the home is, hired your professional team and have looked at a variety of properties you can now pick a home to buy that checks all your boxes.

6. Prepare a detailed budget based on the home

7. Once you know the house you wish to make an offer you can now prepare a proper budget as the expenses will be known. You need to figure out the actual monthly cost of maintenance and running such a home

8. Have an accountant review your budget and advise

Make an offer. Do this with the help of your agent and lawyer to negotiate the price and consult your Real Estate Appraiser to ensure you offer is good, ensuring all your paperwork is reviewed by the attorney before the offer is submitted.

9. Hire home inspector and get a full appraisal - Once you have submitted your offer and it has been accepted make sure you have the right to inspect the home and if the home is not as expected you can cancel the deal or renegotiate the terms.

10. Have a real estate agent negotiate offer based on appraisal and home inspection report. Often defects will be found with the home during the inspection and the cost to cure should be estimated with the help of the home inspector. We also recommend a roof inspection as well as an AC inspection.

11. If the property does not appraise you should use this as grounds to renegotiate the sale price. If the condition of the home or purchase price cannot be negotiated adequately do not be afraid to walk away. This is why you pay for such professionals

12. Have your lawyer review and advise - once the contract terms have been renegotiated following the home inspections and appraisal if an addendum is drafted have the lawyer preview it before submitting

13. Instruct your property manager. Inform the property manager you have hired of the takeover date and get all items needed

14. Instruct insurance company. You will need insurance to be in effect at the same time you purchase the home. Make sure your agent is instructed when the policy is to be in effect.

15. Closing document. Your Realtor should have reviewed all your closing documents. Be sure to check here in America what is often referred to as a HUD document. This document is a detailed line by line cost of the closing for both the buyer and seller. At first, this document may seem complicated but it is generally quite simple. Assess each expense on each line (see chapter XX0 do not be afraid to question and ask every line). Ask your Realtor, lawyer, and account all to review this document.

16. Purchase home. Your attorney should assist you with this.

17. Set up an operating account. This should be done once the home has been acquired when you deposit all money needed to operate the home.

18. Have property manager do the take over inventory/utilities. The property manager should be able to set up the home and get it ready for you.

19. Enjoy the home

20. Get monthly statement and status reports from the property manager. These should regular as clockwork giving you a detailed financial account of r your home and a brief narrative on its condition.