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dos and dontsIf you have ever gone on vacation to a resort property, the odds that you have dreamed about owning a vacation or second home are very high.  The many options available to prospective buyers can be dizzying.  Amenities such as championship golf courses, world-class skiing, and private airstrips are just a few of the options available these days in many resort communities.

Purchasing a resort property needs to also be about the right fit for your lifestyle, what you can afford, and what the resort affords you.

The Do’s of Shopping for a Vacation or Resort Home

  • Do make a budget and consider your finances before shopping for property.
  • Do interview potential real estate agents to assess their knowledge about second homes and vacations homes.
  • Do visit the property more than once – visit at different seasons, winter/summer, daytime/nighttime.
  • Do consider resale value, even if you don’t think you will ever sell.

The Don’ts of Buying a Vacation or Resort Home

  • Don’t give in to your emotions before you are 100 percent certain this property will be the destination for your future vacations.
  • Don’t drain your retirement accounts to purchase a second home or vacation home.
  • Don’t hire your primary residence real estate agent if they don’t have any specific knowledge of vacation home sales in the area you are looking to purchase.
  • Don’t buy a property on the first visit or while on vacation to the resort community.  Make it a sound business decision, not one based on your emotions – see the first Don’t.

What is the Purpose of Your Vacation Home?

You will also need to consider the primary reason for buying a resort property.  Will it be your primary residence, an investment, a weekend retreat, or maybe a retirement property?  Make this one of the first questions you ask yourself, before looking at any property.

If the property will be for weekend use, it needs to be within a few hours’ driving distance.  If it will be for retirement, then it needs to already be or be able to be made accessible, and be located near medical facilities.  If the property will be for rental income, it needs to be near a popular ski resort, lake, or river.

Extra Costs to Factor In

Vacation or second homes have expenses that your primary residence may not have.  Costs such as travel to get to the resort, maintenance, especially if it will be a rental property, vacation home insurance, and property taxes, all have to be factored into resort living.

Hire a Real Estate That Specializes in Vacation or Second Home Properties

A resort real estate agent should have the RSPS or Resort and Second Home Property Specialist Designation.  This ensures they have been trained extensively in resort living, how to buy and sell second home properties, and the nuances involved in resort communities.  For example in Mammoth Lakes, a qualified real estate agent can advise whether the property is allowed nightly rentals should you choose to rent the property when you are not there.  They should also know the area very well that you are considering.  If you determine that the real estate agent you are talking to about resort properties does not have this knowledge, immediately find someone who does, otherwise you could be steered into a bad real estate deal and no one wants that.

How are your personal finances?

If you are not paying cash for your vacation or second home property, most lenders will required buyers to put down between 20 and 25 percent on a second home.  Use the online mortgage calculator on my website to get an estimate of how much you can afford, how much you will qualify for, and how much two mortgages will cost you if you currently hold a mortgage on your primary residence.

Sonja Bush is a Resort and Second Home Property Specialist and is ready to answer any questions you may have about resort living, the Mammoth Lakes area in general, or about the current real estate market in Mammoth.

Since most property buyers start their search on the internet, why not head over to Sonja’s property search page on her website to see what properties are currently available in the Mammoth Lakes area.  Sonja can be reached by calling her at 661.979.9000, or emailing her at [email protected].

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#nofilter Sunday evening neighborhood stroll. ❤️reflections, water, blue skies and fluffy clouds ☁️ #lovewherewelive ...

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If you have a light fixture you want to keep and take with you to your next home, take it down and replace it before you put your house on the market. You can also leave it up and "exclude" it from the sale within your listing, but it can cause issues if a buyer sees it and wants it. Avoid problems by removing it ahead of time.

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Beautiful day at the village. I love the clouds and like to look for shapes or object -- what do you see?

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Amazing two-bedroom condo next door to Canyon Lodge! Ski all season long in this cozy mountain home!

Properties Link Below:
https://www.destinationmammoth.com/properties/

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Hope everyone is having an amazing time at the Mammoth Trail Fest! If you haven't already make sure to check out this awesome event the rest of the weekend!

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Beautifully updated two-bedroom slope side condo just listed for sale. Check it out!

Link in Bio...

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What does “Months of Supply” tell us about the market?

To break it down simply:

📊Balanced Market = 6 to 7 months of supply
There are a relatively even number of buyers and sellers.

📈Seller’s Market = Fewer than 6 months of supply
There are more buyers than homes for sale, thus sellers hold the upper hand.

📉 Buyer’s Market = More than 7 months of supply
There are more homes for sale than willing and able buyers, thus buyers have more negotiating power.

Have a question about current market trends? Reach out at any time! We’re here to help you decode the lingo and make the most of today’s market 👨‍💻

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SNEAK PEAK! This two-bedroom condo next door to Canyon Lodge will be listed for sale in the next 24 hours!

Check out an early video tour now on our YouTube!

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I love working with awesome realtors like Heidi Vetter! How thoughtful is this?!” @vetter_heidi ...

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If your agent isn't available, don't call a random agent to show you a house you're interested in seeing if you plan on having your agent write an offer if you like the house. Agents don't get paid for simply showing houses, so it's inconsiderate to ask an agent to show you a house they have no chance of selling to you.

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The Mountain & Adventure Film Festival is entering its 9th year, this 3 day, free festival celebrates the best adventure films and athletes of the year. Films are shared nightly, outdoors, in the Mammoth Mountaineering Supply parking lot. Runs Thursday September 22nd - the 24th!

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What is your favorite season in Mammoth Lakes? #destinationmammoth #visitmammoth ...

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The Destination Real Estate team will definitely volunteer for the cause.

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You know, I hear there are a lot of trees in Mammoth Lakes... hmmmm...

In a study published in July 2015, a team of psychologists concluded that "having 10 more trees in a city block, on average, improves health perception in ways comparable to an increase in annual personal income of $10,000 and being 7 years younger."

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Today is the inaugural Mammoth Tuff, a gravel ride event offering two distances to riders with unforgettable views of surrounding areas and culminating with a party in The Village!

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This single family home in Sunny Slopes received multiple offers within days of being listed. This 4 bedroom+loft home sits on 1/4 acre lot and feels so private while offering great views of Mt. Wheeler and Sierra Crest off of the front deck. I co-listed this with the amazing Heidi Vetter with June Lake properties and it was fun working as a team! Thank you to our sellers for allowing us to help you make this happen and special thanks to the listing agent, Zuleyka Farnes with Mammoth Sierra Properties, escrow company, Inyo Mono and Shelly Logeman & Toni McGraw with CrossCountry mortgage for bringing this one together! @side_realestate

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You’ve probably been hearing in the news lately that the real estate market is “shifting.” Well, according to this realtor.com article, many economists feel that we’ve moved from shifting into a “balanced” market. In other words, it’s not really a sellers’ market or a buyers’ market.

More information in my blog!
Link in Bio...

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