I’m not sure if there’s been a post yet in which I haven’t mentioned the sheer beauty of Key West Florida. White sands and gemstone-like, aquamarine waters attract millions of visitors every year. Of those millions, some choose to make Key West their permanent home, or at least their second home.
And there’s good reason. Key West has it all: natural beauty, arts and entertainment, and perfect weather--the trio of an earthly paradise. Ask any resident and he’ll probably tell you Key West is as close to perfection as you’ll likely get.
Are you ready to live in paradise? I’m sure your answer is yes, but you may have other obligations that keep you bound to your current home for at least most of the year, such as a job or family. A possible option? Purchase a second home.
I can hear the sarcastic chuckling from you already, but don’t scoff at the idea just yet. Here are a few quick items of consideration that may put the idea of buying a vacation home within your reach.
Vacation Homes Aren’t Just for the Rich
With lower interest rates on mortgages and home equity lines of credit, buying a second home isn’t a far-off fantasy anymore. Also home prices, on average, are lower than they’ve been in years. It's a good time to look into the possibility if owning a second home is seriously something you would like to do now. For instance, in Key West the average home selling price dropped 10.2% when comparing February 2012 to February 2013.
Only Buy What You Can Afford
Those interest rates and prices might be tempting, but still keep in mind what you can afford. Consider that you will need to make a down payment that is usually somewhere between 30% and 50%. If you have around $50,000 saved, you may be able to afford a home in the neighborhood of $100,000.
Consider Rental Income
If you’ll only be in your vacation home for a few months or weeks out of the year, it may be a good move to rent it out during other times. Of course additional income means tax implications (and credits too), so be sure to consult the IRS tax code to find out what expenses may be deductible.
Do Not Buy a Timeshare
There are many a regretful soul who are trying to rid themselves of their bad investment. In a market like this, scammers abound. Timeshares have always been a bad business strategy, especially for buyers. Don’t be lured into the trap.
Think About Travel Time and Convenience
If you live in Chicago and want to purchase a home in Key West, consider the feasibility and the amount of time you are actually able to enjoy your vacation home. That’s quite a long trip to stay for a weekend, but if you have 3 or 4 weeks of vacation to spare, the airfare and length of travel may be well worth it.
Work with a Local Agent
You really want your home-away-from-home to be a true experience in paradise, and you’re not going to get that with an agent who doesn’t know anything about the area. Find an agent who is immersed in the local culture and lifestyle, and who will work in your interest to find the best home and location for your needs. Agents who are simply trying to sell a home have the potential to ruin your dreams and leave you stuck. Don’t take the chance.
As a resident of Key West, I’ve been able to experience the incredible lifestyle the area has to offer. I’m always eager to help my clients find their little slice of heaven.
Whether you’re a tourist, looking to move permanently to the Keys, or just someone who likes the beauty of nature, the great variety of amenities in the homes in our area are just more reason to want to live in beautiful Key West. If you’re interested in real estate in this attractive area contact me, Jimmy Lane, at Key West Real Estate: 305-766-0585.