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BUYING VACATION HOMES – WHAT ONE MUST CONSIDER!!!

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There’s a cold nip in the air. The festival lights that flicker like a pack of fireflies with the setting sun as the backdrop create a bokeh of memories that lead our thoughts in one direction- a holiday to a land far far away. Our hypothesis for such strong emotions is that these colourful lights seep into the essence of our being and stir deep seated emotions that are tantamount to relaxing holidays in far flung places; reasons that definitely push financial considerations into the background. And why not? The best vacation properties offer something right out of a Hollywood film (in our minds at least) – a view of the vast expanse of the sea, a mountain vista, a wooden cabin overlooking thick groves or a dock on a lake. Also a great retirement head start and an awesome, low cost destination for gatherings.

But flowery, quixotic dreams apart, before you invest in a vacation home keep in mind that you don’t have to buy the ultimate beach house with the high ceilings and French windows. It’s OK to start small. And also, it’s better if you don’t flow with emotions and spend more than you have to spare.

So what should you keep in mind before buying that ultimate vacation home which you would like to revisit every year?

Look for a place within three hours’ drive of a major metropolitan area or where you stay. Longer distances with difficult roads make weekend trips a pain. And this might turn you off from a visit to your vacation retreat.

Overenthusiasm could be a curse in the long run. Sometimes an investment opportunity seems so tempting that you can barely contain your enthusiasm. But buying a vacation rental property involves real estate, and it’s not like online shopping of shoes with 30-day return policies. So keep in mind your cash flow, the location, resell value etc.

The allure of vacation investment property is unmatched. One of the reasons is that whether you’re a skier, a lover of the beaches, or someone who dreams about fishing for 12 hours a day and scuba diving for the rest, there are homes available to meet a wide range of budgets/interests. Also vacation homes have long term profits. While all assets fluctuate in value in the short term, these properties retain their value mostly and even appreciate, simply because they are located in touristy/beautiful areas. So if you want to come back home with more than just a tan, a few souvenirs, instagrammed stories and a big hole in your pocket, take a soulful dip into the real estate world of vacation homes.

Here are some investment tips that you should keep in mind before buying a vacation home:

Buy only what you can afford even if you consider your vacation home as a potential way to earn income. View the home as a form of recreation, not an investment.

Buy an existing home instead of land.

Work with an agent who knows the area.

Research all four seasons before you buy.

House-warming Do’s and Dont’s

Congratulations for a new home! Surely, after signing all the lines and the keys finally in your hand, you may be breathing a sigh of relief.

There’s no place like home that puts a warm smile on your face and gladdens family and friends. You now know it’s worth every pleasure to celebrate a new leg in your life. This calls for a celebration and what better than a house-warming to share all the happiness and joys of a new home.

As you’re planning for a house-warmings, there are a number of things you need to plan from inviting guests, arranging food to sending invites. It’s organising which is the real deal, so here are a few do’s & don’ts that’ll leave an evergreen memory for all on that day to remember.

1] Plan & delegate: Hawaiian luau’s are the best example where everyone willingly helps arrange,decorate, invite, cook, serve & entertain to create that perfect ambiance of warmth. The Aloha spirit & ‘Ohana’ that comes together, leaves you as the host to soak in everything special about this moment of celebration.

2] Go Green & Save: When it comes to any celebration, the host often brings out the best crockery & cutlery that’s the pride of a home maker. Then again, (going green) things like paper plates, recycled napkins, finger foods et al add _____________. Not forgetting fresh fruits juices, lemonades or infused teas that are really great & healthy. Think about natural lighting or CFL (compact fluorescent lights) that are really great energy savers.

3] Theme based Party: Allow you to explore your creative genius to innovate and brings out the lover, artist, musician in you. It could be a traditional Dawat e Khas or a Chaat & Chatorey Fest. From Bollywood to Desi-Dehati you could play with colours and shades, mix & match a riot of food, art music & what not to liven up the event. A modest garden party for an outdoor feel with a pond or pool, potted plants & hanging gardens with fragrant flowers, small garden tables could also be something fantastic.

4] Give-aways: The best thing for people to remember about you & your housewarming are ‘give-aways.’ The easiest gifts can be sourced from households articles to DIY kits that come in all shapes & sizes and an even better way to put them to use is create nifty take away gifts like decorated keepsakes or mementos to handy things like home grown greens & fruits to colourful wall hangings & posters.

House-warmings are a fun way to break the ice betweens family, friends, new neighbours, people who live down the hall or lane. The joie de vivre continues into lifelong friendships & builds trust that grow beyond walls, gardens & boundaries. House-warmings are the best place to shine in front of your guests, making them feel special & always welcomed into your new home. Congratulations, once again!