Buying a vacation home in one of Harbor Country’s towns such as Harbert, New Buffalo, Union Pier, or any of the other charming lakeside areas is an exciting time. Chances are you’ve vacationed in Harbor Country for a few years and have decided to finally take the plunge and make this a permanent vacation destination. Or, you’ve spent a weekend with friends and family here on the Lake Michigan shoreline and fell in love with the relaxed way of life. Either way, we’re glad you’ve taken the time to stop by our blog and learn more about buying a vacation home in Harbor Country!
The home buying process, especially when buying a vacation property, can seem overwhelming at first, but armed with knowledge and an experienced Harbor Country Real Estate agent; it can be a smooth and efficient process.
If you’ve been out of the real estate market for some time, we thought it’d be helpful to point out the nine essential steps of buying a home. Take a look!
1. Check Your Credit Score- Lenders will put a lot of weight on your credit score, so you want to make sure to have your credit in order. They will determine how much you qualify for in a mortgage based heavily on your credit.
2. Set Your Housing Budget- Have a clear understanding of your budget each month. This includes your interest, principal, homeowners insurance and taxes. You’ll also want to calculate in any travel costs to your vacation home and the cost of furniture. You don’t want to put yourself in a financial bind that you are constantly struggling to maintain each month.
3. Meet with a Lender- It is easy to want to begin searching online for your Harbor Country home, but without a sense of how much you qualify for; it’s easy to waste time looking at homes you might not be able to afford. Meet with a lender before you begin looking at homes and get pre-qualified. You’ll be able to search more effectively online, as well as when you begin working with a Prudential Rubloff Real Estate agent to find a home.
4. Find a Reputable Harbor Country Real Estate Agent- You’ll want to find a real estate agent who has experience in the local market. An agent who has years of experience in the area will be a great asset in helping you find a Harbor Country town and home that best fits your needs and lifestyle.
5. Narrow Your Priorities- You’ll want to make two separate lists based on your needs and wants. Your needs should be those things you absolutely need in your vacation home. Your wants will be those items that you would prefer, but are willing to compromise on. Narrowing down and sorting out your needs and wants will help immensely when searching for a home. You’ll have a clear picture on what you are willing to compromise on, since you will most likely not find a home that has absolutely everything you would like. Know when to give and when to stand firm. You’ll quickly narrow down your home search this way!
6. Choose a Location- Each Harbor Country town does have a unique atmosphere and things to offer, so you’ll want to find the the one that suits you the best. Our team of Prudential Rubloff Real Estate agents and property advisors have years of market experience in New Buffalo, Union Pier, Lakeside, Harbert, Three Oaks, Sawyer and Grand Beach and will be able to assist you in finding your ideal location!
7. Make a Reasonable Offer- Your real estate agent will be able to give you a list of comparable homes in the area, and can help you determine an offer that is fair for the market.
8. Have a Home Inspection- This is very important! Even if the home looks perfect inside and out; there is no way of knowing what issues there may be without a home inspection. You don’t want to buy a home only to find that it needs the roof replaced or there is water damage. Having the home thoroughly inspected allows you to know exactly what you can expect in the home you buy.
9. Finalize the Details- Once the contract is signed; you’ll still want to stay in touch with your Harbor Country Real Estate agent and lender. There are always last minute finalizations that need to be made.
Hopefully reviewing these steps will be a great refresher of what it takes to buy a vacation home from the initial thoughts to after the closing.
We are always here to help and would be happy to answer any questions you have about buying a vacation home and the Harbor Country lifestyle. Please feel free to contact us today to get started!
Shoreline Property Advisors
@ Prudential Rubloff
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