Tips for Finding Your Ideal Summer Home for Purchase

Taylor Yates  |  June 1, 2023

Tips for Finding Your Ideal Summer Home for Purchase

Are you ready to embrace the summer with a second home? Summers can be an exciting and fun-filled time for families to take a break and find ways to relax and enjoy the sunny days together.

Whatever your definition of enjoyment is, be it enjoying the waves at the Cape Cod beaches or sipping wine at Martha’s Vineyard, find your ideal summer home with The Yates Team.

Let’s get into it!

Establish Your Budget

First things first – you need to finalize a budget range before you can consider any other parameters. All your decisions moving forward will depend on your budget. Home in Cape Cod, Nantucket Island, and Martha’s Vineyard are quite high, so you need to be realistic about what you can afford and what you’re looking for in a property.

Plan ahead, and factor in other costs like insurance, repairs, and recurring maintenance costs in your overall budget. We always recommend a property inspection to help avoid major unexpected expenses.

Set your Priorities

What is the most important thing for you and your family to consider before you buy a summer home? Think – proximity to amenities, number of bedrooms, features, and location. 

When making your must-have list, focus on how you like to enjoy your summer getaways and what your deal-breakers are. If you’re a beach person, then a pool might not be your priority, but walking distance to the beach will be a big selling point. 

However, it can be easy to go overboard here with expectations, ensure your priority list can be accomplished within your budget.

Location, Location, Location

The location of your summer home can make or break your holiday experience and your investment. Boston offers the perfect blend of urban and waterfront views, while Cape Cod delivers stunning beaches and a tranquil lifestyle. Just make sure your location fits with your budget. When in doubt, revisit your priority list.

Make a list of 2-3 options and begin your research!

Research the Market

Researching the real estate market in your desired location is crucial. Look into property values, historical price trends, and projected future growth. You'll also want to understand the area's off-season dynamics – some summer locales can feel very different when the tourists leave.

Consider Rental Potential

Investing in a summer home comes with added benefits. You can choose to list your property as a summer rental home and create a fun place for other families to enjoy their summers. Plus, you’ll make extra income that will at least help cover the expenses of your second home. Rental properties in popular places like Cape Cod, Nantucket Island, and Martha’s Vineyard fetch lucrative prices. 

 

Although renting your summer home can be a great way to generate passive income, it comes with added responsibilities, so make sure you’re ready for that commitment.

Buying a summer rental property is an important investment, and its benefits can last generations. The Yates Team is dedicated to helping you navigate the real estate market. Connect with The Yates Team today to make your summer home dreams a reality!


Work With Us

We bring decades of experience to transactions large and small and treat every client with the high level of service they deserve. Whether your goal is to build, buy, or sell a home, I would be honored to serve and help you with your real estate needs!