It is easy to understand why anyone would be excited to have a second home in Florida. Particularly, in West Palm Beach, homes for sale are plentiful and the area has so much to offer. For example, Wellington luxury real estate is known for its stunning homes, gorgeous beaches, and world-class shopping and dining. There are also a myriad of outdoor activities to enjoy such as fishing, boating and golfing, and the weather is fabulous year-round.
However, there are also a few key matters to keep in mind when evaluating a second home purchase. By following this handy list, you can ensure you are finding a second home that will add enjoyment to your life for years to come.
#1. Location
Consider the location of the property carefully, looking at proximity to beaches, parks, shopping, and other amenities and activities that interest you.
If you are looking for convenient travel, proximity to an airport is important, particularly if your primary residence is far away. Proximity to your primary residence can also be an important factor if you are traveling within the state. If the second home is meant mainly for weekend getaways, you will want to keep travel considerations as simple as possible. If it is somewhere you visit for several months at a time, having to spend hours traveling will not be a significant issue.
Another factor to consider is recreation. Florida is known for its amazing beaches, but there are also plenty of other recreational activities to enjoy. Nature preserves, golf courses, and parks can all be minutes away. If you are more interested in cultural activities, then you may want your second home located closer to attractions that are in-town.
#2. Ongoing costs
Be sure to budget for property taxes, insurance, and maintenance fees. Also, consider whether you will need to hire a property management company or a landscaping service to help keep up with the property during your absence. Maintaining a second home should never become a burden or something you are worrying about when you are not there.
Talk with your real estate agent about trusted management companies in the area. Your agent is a fantastic resource for such local knowledge, and likely has worked with other clients who have bought or sold second homes in the area.
As for home insurance, even if you have an agency you prefer working with, it can be a good idea to contact local insurance agents to discuss the specific coverages you will need in that area. Again, your real estate agent may be able to help direct you both in terms of the types of coverage typical for the area and agencies that are able to best serve your needs.
Property tax information can usually be found by contacting the local municipality. They will be able to answer most questions regarding when payments are due and the local property tax rates. Be aware that living within a specific city or school district can significantly affect your property taxes. In addition, while they are not taxes, homeowner association (HOA) fees serve a similar purpose, and can also vary widely from location to location.
#3. Size and layout
Size and layout are two of the most important factors to consider when buying any home. Your own lifestyle goals will have significant implications for both the amount and type of space you want. Initially, you may feel that the size of the yard is unimportant, but if you find yourself hosting a large number of guests or throwing large parties, a small yard could quickly become a problem. A larger yard allows for more flexibility in terms of hosting social events and offers more opportunities for outdoor activities. This is particularly true when considering West Palm Beach homes for sale and comparing, for instance, the convenience of a condominium to the added space of a single-family home.
As for how large the interior of the home should be, that will depend on what you want to do with the space. For instance, if you plan to entertain guests, you may want a larger living area and kitchen for hosting parties. On the other hand, if you are looking for a cozy home office, then smaller rooms might be all that's necessary. Additionally, if you will have large groups of family or friends visiting you, you will want to ensure there are enough bedrooms and bathrooms to meet everyone's needs without making you feel imposed on or inconvenienced.
#4. Home condition
Evaluate the condition of the home and its design features before even considering making an offer. Pay attention to details such as flooring, appliances, windows, and fixtures that may need updating or maintenance over time.
Have a thorough inspection of the home done before signing any papers and make sure that all necessary repairs are made prior to closing on the house. If there are special considerations, such as the home being located along a waterway, ensure that your inspector is qualified to evaluate associated features of the property as well.
#5. Future plans
When you are looking at a second home in Florida, you should also consider any future plans for the property. For instance, If you plan to only ever use the home as a vacation residence, your considerations will be significantly different from someone who is eventually planning to retire to the property.
Of course, some concerns will be the same for any residence, but may take on greater importance if you plan to live in the home full-time in the future. In the case of a potential retirement home, something that may be a mild inconvenience at an earlier stage in life can become a major problem as an owner ages.
Similarly, aspects such as entertainment, recreation, and level of engagement in the community can become more important with the increased free time of retirement. On the other hand, proximity to medical facilities and doctors is significantly more important for a retirement residence than a vacation home. In this regard, transportation becomes another, more complicated concern. If you have family or friends who can assist with transportation, the presence or lack of public transportation will not have as great of an impact on your choices.
A bonus tip
Whether you are considering West Palm Beach homes for sale or looking more closely at Wellington luxury real estate, the single most important decision you will make is your choice of real estate agent. If you’re looking to purchase a second property in Palm Beach or Wellington, FL contact local expert Darlene Streit at (561) 531-2727 or [email protected]. Darlene will ensure you find that second home that meets all of your needs, both now and into the future.
