Confused About Buying a Vacation Property in Retirement? These Tips Can Help

Ready to buy that vacation home you’ve always dreamed about? By now, you’ve likely taken a good look at your retirement budget. You may know how a second home will fit into your finances, but do you know how this property will fit into other aspects of your life? Well, that part can be simple if you keep a few important points in mind.


It’s All About Location

Before you buy your vacation home, you need to know where to shop. You may already have a few places in mind, but it’s best to think through the pros and cons of each. For instance, many seniors find it easier to rent out their second homes when they are not occupying them. If this is the case for you, aim to buy in a spot where tourists are guaranteed to frequent all year long. One such vacation hotspot is right here in San Diego. In fact, Turnkey notes that with it’s 70 miles of coastline and an average year-round temperature of 70 degrees, this area is already a popular vacation destination. Besides sand and surf, San Diego boasts multiple attractions — think the San Diego Zoo and La Jolla Cove — and a plethora of dining possibilities and cultural experiences, meaning visitors are constantly pouring in for events, leisure and business.


Aside from pleasant weather and white sand beaches, seniors looking for a vacation home should also prioritize their needs. However, popular beach locations tend to offer shops, attractions, and amenities to fit anyone.


Property Managers Can Make Maintenance Much Easier


Owning a vacation home gives you a place to relax during your golden years. But if you are not careful, your second home can give you more stress too. Most of that stress comes from maintaining your property from afar, which is why it’s important to look for a low-maintenance home that won’t require a lot of work. If you won’t be able to take care of year-round maintenance on your own, consider hiring a property manager to help rent, maintain and secure your second home. Because you will be dealing with short-term rentals, you need to make sure the property manager you secure has experience managing with these terms.


It’s worth noting that if you truly plan to rent out your property, you should also contact your homeowners insurance company to ensure any damages that are the result of rental or tenants will be fully covered. The policy that covers your current home will likely not extend to your vacation property, so you may need extended coverage to make sure your property and any contents are protected.


Current Smart Home Tech Can Make Security Simple Too


Aside from deciding on a location and setting up maintenance, most seniors worry about securing their second home. Some of the most recent smart home gadgets, however, make home security easier than ever before. Because you won’t be nearby, you may want to opt for a monitored security system that will provide emergency response without any additional calls.           Just be sure that your property manager turns the system off before rental guests arrive, to prevent false alarms. One current security trend you want to be careful with is surveillance. Since vacation home surveillance can potentially violate federal law, it’s best to keep security cameras limited to the outside of your rental property.


Another smart home feature worth having installed is a smart thermostat. There are so many products to choose from, but each one can help maintain the best home temperature, leading to lower heating and cooling costs. For example, when your home is not occupied, your thermostat will know to turn the system down to reduce energy usage.

A second home can be a wonderful investment if you are a senior. You just need to know how to work the maintenance and expenses of that home into your retirement plans. So choose a location that will attract the most visitors, look for property management that has experience with vacation homes, and take the necessary steps to secure your home. Do that, and you could have your toes in the sand and a drink in your hand before you know it!


Photo Credit: Pixabay


Kim Brixius

Kim Brixius