How to Buy a Vacation Home: Introduction

As I reflect on the topic of how to buy a vacation home, I am naturally drawn back to when I bought my first vacation home. In particular, I remember how much information was thrown at me. From understanding how much I could afford to weighing the pros and cons of a vacation condo vs a vacation home, there is a lot to take in. Somehow, an experience that’s supposed to be exciting and filled with joy can quickly turn into a stressful one.

With this in mind, in this article I provide a practical guide on how to buy a vacation home. By following these steps, you will be in a better position to ensure a smooth buying experience. So let’s get started. 

For a more complete guide on everything you need to know before buying a second home, explore my article on Buying a Second Home: Everything You Need to Know Beforehand.

Determining Whether Buying a Vacation Home is Right for You

Like any big purchasing decision, you should first determine whether buying a vacation home is right for you. First, you should reflect on why you would like to own a vacation home. For instance, buying a vacation home for family use will have different considerations than buying a vacation rental property. In my case, I purchased my vacation property for both personal use and as a vacation rental. As such, I had to consider it from multiple perspectives. In particular, here are some common reasons to buy a vacation home and relevant considerations for each:

• Personal/Family use. For vacation homes that are primarily bought for personal or family use, it’s important to set reasonable expectations in terms of how much you will actually use the property. In my case, I find I use my property less often than originally expected because life gets busy. When I’m not using it, however, I’m able to rent it out. The last thing you want to do is make a significant investment in something that you won’t get your money’s worth out of. If you’re buying a vacation home with other family members, be sure you have a plan in place to deal with an eventual sale of the property. 
• Vacation rental. When buying a vacation rental, you’ll need to take into account such things as the local short-term rental regulations, the revenue potential of the property, property management, tax implications and other similar considerations. Even if short-term rentals are permitted in the area, if the property is subject to a home owners association or strata counsel, there may be further restrictions in the governing documents. 
• Retirement. Planning for retirement has its own unique set of considerations, especially from a financial planning perspective. Will buying a retirement home early set your retirement back a few years? If so, it might not be worth it. One of the obvious benefits of owning a vacation home in the interim is that you can get comfortable with your new home over time before you move into it full-time.
• Investment. Investing in real estate is often seen as a wise decision over the long term. Yet, historical returns show that real estate has been outperformed by the stock market. Still, there are other benefits to investing in real estate such as generating rental income and leveraging the bank’s money. Try our Real Estate ROI Calculator here to help you determine whether investing in a vacation home is right for you. 

Once you’ve determined that buying a vacation home is right for you, next you will need to arrange financing. 

Arranging Financing

Before arranging financing, you will need to determine how much vacation home you can afford.

How much can you afford

Here are some general affordability guidelines to follow:

• Down payment. Be prepared to come up with at least 20% or more of the purchase price as a down payment as opposed to 5-10% on a primary residence. Second home lenders will typically require larger down payments given the heightened risk of default on vacation properties. 
• Debt-to-income ratio. Your debt-to-income ratio is a measure of your gross monthly income that goes to paying your monthly debt (total monthly debt payments divided by gross monthly income). Second home lenders use this ratio to determine your ability to service another mortgage. A good rule of thumb is to ensure a debt-to-income ratio of no more than 43% overall. 
• Rental income. If you plan on renting out your vacation home while it’s not in use, you may be able to get credit for up to 70-75% of the fair market rents. By doing so, you can reduce your debt-to-income ratio to a more manageable level. Not all lenders, however, will take rental income into account. 

Be sure to also try our Can I Afford a Vacation Home Calculator to better understand how much you can afford.

Explore your financing options

Once you understand your budget, you will need to explore your financing options, which may include: 

• Second home mortgage. When I purchased my vacation home, I took out a second home mortgage. In my case, I put 20% down and my interest rate was slightly higher than an interest rate for a primary residences. In fact, you can expect to pay rates that are 0.25% to 0.5% higher than you would for a primary residence.
• HELOC. If you have equity in your home, you may be able to borrow against it at a reasonable rate by opening a home equity line of credit. A HELOC acts like a credit card where you draw down on it and only pay interest on the amount borrowed. 
• Second mortgage. This is another way to leverage the equity in your primary residence. A second mortgage is a fixed loan on your existing home, much like your first mortgage but in second position, where you pay principal and interest payments on a fixed term.
• Private lender. Where traditional bank financing is not available, private lenders may be an option but be prepared to pay higher interest rates and other fees.

Settling on a Vacation Property Type and Location

Now that you’ve arranged financing, you’re almost ready to search for your vacation home. Before doing so, however, you will need to settle on the property type and location. After all, budgetary constraints could place limitations on where and what you buy.

In my case, I opted to buy a condo given that it represented an affordable alternative to a house and offered convenience and reduced maintenance obligations. Yet others may prefer the space and privacy of a house or cabin in the woods. There’s no right or wrong answer here so you’ll need to decide what’s right for you. 

The area you purchase is also an important determination. In my case, it was important for me to be within a two hour drive of my home given that I wanted to use my vacation home on weekends. For that reason, there were only a handful of locations for me to consider. If you’re still mulling over certain locations, I recommend staying in a vacation rental in the areas you’re interested in so that you can get a better feel for each location.

For a list of some of the best places to buy a vacation property in the United States, explore our articles on the best places to buy a vacation property in California, Michigan and Pennsylvania. For a list of the best places to buy a vacation property in Canada, click here. 

Once you’ve settled on a property type and location, you can then begin searching for a property. 

Searching for a Vacation Home

With the help of a realtor, search MLS listings in the area within your price range. Attend open houses to get a better feel for what is being offered at different price points. Your realtor will also have access to recent sales history so that you know how much properties are actually selling for in your area. In hot real estate markets, you will be expected to have your financing pre-approved and you may have limited ability to include “subject clauses” in your offer. In order to conduct a property inspection, you may want to have a company lined up to do the inspection on short notice, including any relevant experts such as asbestos detection, well testing, elevation certificates for waterfront properties etc.

Submitting One or More Offers and Closing

After finding the perfect property, you will need to submit an offer and, once accepted, close the transaction. Depending upon market conditions, you may also need to submit multiple offers before one is accepted so you may need to be patient. Following acceptance, you will need to sign a bunch of documentation to finalize the mortgage and transfer title to the property. From there, you get the keys and gain possession of the property. 

And that’s how to buy a vacation home. You now have the keys to your very own vacation home!

How to Buy a Vacation Home: Other Tips

• Be sure to work with a qualified tax professional to better understand the tax implications of owning a vacation home
• If you’re buying in a foreign jurisdiction, take the appropriate time to complete necessary due diligence on the area and arrange financing (if available).
• Owning a vacation home isn’t passive and therefore be prepared to deal with annual maintenance obligations and unexpected repairs.

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Before you buy a lakefront property, consider its proximity and access to water. Lakefront sounds great, but you need to understand what that truly means. Is the water easily accessed through a private beach or dock? Is it easy to get to the water or is the area too steep? Is the area filled with swamp vegetation making it a less desirable area?

Answering these questions and considering the pros and cons of owning a lake house can help you choose the right property for you and your family.

Pros of Owning Lakefront Property

First, let’s look at the benefits of owning a lake house, including the investment potential, various activities that await, the views and quality time with friends and family. 

Lakefront properties are a strong investment

Waterfront properties typically hold high demand, which means they hold their value. If you’re investing for even a little while, you can typically expect appreciation in the value of the home and therefore profit. If you hold onto the property long-term, you’ll realize even greater returns. Additionally, if you are considering turning your lake house into a vacation rental, lakefront properties often command high rents.  

There are plenty of activities

If you’re looking for an investment that’s also a pleasure for you and your family to enjoy, nothing compares to owning lakefront property. You are steps away from activities including swimming, jet skiing, wakeboarding, boating, fishing, and swimming.

Lakefront properties have incredible views

Nothing compares to a lakefront view from waking up to a beautiful sunrise to enjoying the beautiful sunset at night, there’s nothing more relaxing and enjoyable than the views lakefront homes enjoy. This is one of the largest benefits of owning a lake house that many people don’t realize until they experience it first hand.

In addition, you don’t have to worry about new developments, homes or retail buildings taking over your view – the water is your only view and it’s not going anywhere.

Lakefront property attracts family and friends

Another one of the largest benefits of owning a lake house is the ability to entertain friends and family. You don’t have to worry about where you’ll meet nor deal with the usual stresses of organizing family getaways with multiple moving factors. Instead, you have the place and all that’s needed are the invites.

Cons of Owning Lakefront Property

Knowing both sides of the pros and cons of owning a lake house is important. The cons aren’t meant to deter you from the investment, but to open your eyes to the risks they involve.

The cost can be prohibitive

Lakefront properties typically cost more than non-lakefront properties because of the desirability of the homes and the lower supply. For example, as of the date of this post, you can buy a 3 bedroom, 2 bathrooms, 1,100 square foot home on a 5,227 square foot lot close to the water for $800,888 on Lakeview Ave, South Lake Tahoe, CA. But a waterfront home on the same street costs US$1,295,000 for a 2-bedroom, 1.5 bathrooms, 1,440 square foot home on a 5,009 square foot lot. That’s a 61% difference just for the lakefront property. Similarly, in Port Carling of the Muskoka region, you can buy a 3-bedroom, 2-bathroom, 1,400 square foot home on 14.5 acres close to the water for C$749,000. Not far away, is a vacant 7.14 acre waterfront lot for C$1,995,000. That’s a difference of over +37.5% and without a house!

Friends and family can expect use of the property

Owning lakefront property also means friends and family will expect to use it. They’ll not only ask to use it for a weekend getaway but also things like hosting weddings or other celebrations. You may find yourself dealing with ‘freeloaders’ and it could strain your relationships.

Lakefront properties require a lot of maintenance

Just like any home, lakefront properties require a lot of upkeep and it can cost much more not only because of its location, but the unique issues lakefront properties have including:

• Humidity resulting in mold – Mold can be devastating to a home’s structure and livability. It can cause health problems among you and your family members and can cause rust and rot throughout the home.
• High winds – Excessive winds in open areas can cause structural damage that can be costly to repair.
• Falling trees – Falling trees are another large risk in wide open areas, putting your home, cars, and even lives at risk.
• Floods – Since the property is located close to the water, the risk of flooding is high. Not only must you carry flood insurance, but there may be out-of-pocket expenses that are not covered.

Higher insurance costs

Home insurance on a vacation property is usually much higher than a primary residence because of the risk of vandalism and theft while it’s vacant, not to mention general maintenance issues arising when you’re not there.

Investing in a security system with remote monitoring can help reduce the risk of serious issues occurring in your absence and may help lower your insurance premiums.

Insurance costs are typically higher if you’ll use the property as a rental too. It’s important to talk to your home insurance representative to see what discounts you’d be eligible for, especially if you bundle your primary home and lakefront property home insurance together.

Mosquitos could be an issue

Mosquitos are a larger nuisance around bodies of water. They can be annoying and even cause health issues if the mosquitos in the area are carrying diseases.

To reduce the risk consider installing fans in most rooms in your lakefront home and even using fans outdoors to make it harder for mosquitos to fly in the premises of your home. Also, remove any standing water right next to your property, and make sure all screens and windows are properly fit so there aren’t tiny holes for the mosquitos to enter.

Excessive regulations on what you can do with your property

Most areas have additional regulations on what you can do with your property including the home itself and the dock. The state of Michigan, for example, has natural features setback ordinances you must follow to protect Michigan’s lakes. Setback ordinances may include restrictions on construction, earth-moving activities, storage of materials and tree, shrub, groundcover removal or mowing. In most areas in the United States and Canada, you’ll also need approval from other government departments including the U.S. Army Corps of Engineers and Department of Fisheries and Oceans (in Canada) for work in and around the water.

Final Thoughts

Owning lakefront property can be exciting, but make sure you understand the good and bad sides of it. Just because a property is on the lakefront doesn’t make it amazing automatically. Know its structure, the layout by the water, and the risks of owning the property to make sure it fits in your budget and is a sound investment that you and your family can enjoy for many years.

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The key to a well-spent stress-relieving getaway is having a beautiful and tranquil setting of both the indoors and the outdoors. So, if you’re planning to spend the next family holiday at your lake house, make sure to have the house décor ready. Here are decorating tips and lake house decorating ideas on a budget to help you achieve the perfect lake house of your dreams.

Lake House Decorating Ideas on a Budget

Repaint

Perhaps the easiest visual update you can do to a lake house is to repaint it. If you haven’t been there in a while or you just purchased the property, check for cracked or flaked paint that needs to be removed and repainted. If you wish to change the exterior and the interior appearance of the house, you can repaint it with the paint color of your choice. The ideal lake house paint colors are wood tones – a pale cream to yellowish-brown. You can also opt for calming blue and gray tones. Repainting can be an overwhelming task especially when it comes to figuring out the appropriate color scheme. It might also not be a task that you can do yourself. However, it’s definitely worth the effort and investment. Not only does repainting increase the aesthetic look of the house but it also protects the house from the elements.

Use Refinished and Reupholstered Furniture

Another budget-friendly update you can do is to refinish or reupholster your furniture pieces. If you have old furniture, don’t throw them away. Gather all the old pieces in one area and look for creative ways to add a contemporary finish and bring them back to life. Re-upholstering is a sustainable way to restore furniture and update the style. Instead of buying new ones, try researching furniture flipping ideas and grab an inspiration photo you can follow to successfully restyle your furniture upholstery. You can also dismantle and reassemble antique wooden chairs and then paint them with a paint color that compliments the color palette of the interior design. 

Budget-Friendly Décor Finds in Flea Markets

Don’t stress yourself out with buying expensive home décor items. There are a lot of thrift stores, flea markets, and even affordable online shops where you can find lovely pieces that would be absolutely perfect for your lake house. But first, you need to figure out the design style that you want to achieve before purchasing décor items. If you want to go for a rustic-chic interior, opt for wooden or vintage-style lampshades, lighting fixtures, vases, trinket bowls, and mirrors. For a warm and cozy appeal, infuse a more contemporary approach by adding wooden geometric décor pieces, handmade or woven accessories like a macramé wall hanging, candles, glass flower vases, and books.

Decorate with Art Prints from Local Artists

Of course, interior décor and accessories are not complete without artwork. Somehow, a house does not look fully furnished without framed artwork hanging on the wall – whether small or large. Artwork is a great way to add your personal touch to your space. You don’t need a million-dollar painting to create a million-dollar-lake house interior design. You just need a brilliant concept and an eye for creativity to find that great piece that would be perfect for your wall. Support the locals and purchase original paintings and sculptures from them. It’s another creative way to incorporate a little dose of culture and community into your lake house interior design.

Update the Hardware

This is probably the simplest yet most overlooked budget-friendly design hack. Updating or switching the hardware of your cabinets and drawers can make a huge difference in the overall appeal of your lake house. When it comes to decorating, little details matter. Try to check for old rusty hardware and consider replacing them. It will give your interior a more stylish and refreshing look. Check kitchen sink and bathroom fixtures as well. A well-decorated lake house needs to be functional as much as it is visually appealing.   

Incorporate the View into the Design

Lake houses typically have floor-to-ceiling glass windows. And this is because, in lake houses, it’s all about the view. Everything that you actually need to create a stunning interior design of your lake house is just right outside the window. So, if you have huge windows, leave them bare or apply little to no window treatment to maximize the view. You can also repaint the interior window trim to make a clearer outline of the window and to highlight the view. Use the outdoor scene as the primary concept of your design scheme. Frame your furniture layout in complement to the view to create a focal point.

Add Indoor Plants

Decorating with plants is by far the most cost-effective way of bringing an interior space to life. No matter what design style you want your house to look, you can almost always add plants. Plants in vases are a beautiful addition to spruce-up console tables, coffee tables, and dining tables. Whether you like small potted succulents, indoor plant cuttings, or charming florals, such greeneries are a great way to add vibrancy and a pop of color to your home. Indoor plants also purify the air. Aside from that, there are numerous studies that show the psychological health benefits of plants. It is proven to relieve stress and anxiety and keeps us healthier and happier. However, if you’re not much of a green thumb, you can always opt for faux plants that look unbelievably real so that you can’t even tell the difference. The goal here is to decorate the space and make it a beautiful and comfortable home.

Now, you’ve got no excuses. If you think lake house decorating is expensive, think again. We’ve just outlined our top lake house decorating ideas on a budget in order to make that dream getaway a possibility. So, make it happen! Start the process of decorating and don’t forget to have fun in the process.

Be sure to explore other articles on owning a vacation home, including 8 Easy and Budget-Friendly Tips on How to Decorate a Mountain Cabin.

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Funny House Rules for Guests

Cleanliness

• Please remove your shoes and don’t take a better pair on your way out
• If you have a complaint about the cleanliness, I can assure you I don’t care
• Clean up after yourself. House elves don’t work here

Guest Behavior

• No parties unless I’m invited
• Don’t be rude, unless necessary
• No fussin, no cussin, no backtalkin 
• If you are nice and polite I am more likely to say yes
• Steal my heart not my phone
• What happens here stays here…including damage to my property so please be respectful
• A smoky house is an unhappy house. Keep the house happy
• No finger painting with food
• If you watch weird stuff on my complimentary Netflix account I’ll know

Bathroom

• Wash. Brush. Always flush
• If you sprinkle when you tinkle be a sweetie and wipe the seatie 
• If you can’t get it with a flush, don’t be afraid to use the brush
• If your doodies be cray, please use the spray

Check-out Time

• Checkout time may be expedited at the owner’s discretion

Door Code

• Only gatekeepers (aka residents of [INSERT NAME OF HOME) may give out the door code. If you have the door code, you are now a key master: keep it secret, keep it safe.

Meals

• Dinner choices: take it or leave it
• Cookies for breakfast are acceptable

Mom’s Rules

• Nothing is really lost until mom can’t find it
• Remember mom is the boss
• Bedtime is negotiable 

Hosts With Pets

• The cat is not a musical instrument
• They live here. You don’t
• If you don’t want pet hair on your clothes, stay off the furniture
• I like my pets a lot more than I like most people
• To you they are just pets. To me they are adopted children who are short, furry and walk on four legs.

Rules For Adults

• Anyone in this house may be naked at any time with no notice
• If the butter leaves the kitchen, it may not be taken back into the kitchen

Cabin Rules

• Wear bug spray…and deodorant 
• Make memories and smores

Beach House Rules

• Let your cares drift away
• Seas every opportunity
• Adapt to changing tides
• Surf life’s rough waves
• Harbor strength and persevere 
• Don’t be shellfish
• Bet on a shore thing

We Hope you’ve Enjoyed our Funny House Rules for Guests

For those of you who are of a more serious disposition, be sure to check out our (less funny) vacation home rules for guests. 

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Whether you’re buying a beach house as a primary residence or a second home, you will need to take into account the unique characteristics of such properties before buying. The same is true whether you are buying a beach house in Tofino, British Columbia or Corpus Christi, Texas, although each location will have its own unique considerations. From understanding zoning restrictions as an owner of a waterfront home to considering house elevation and weather preparedness, there are many things to look into. With this in mind, we’ve outlined some of these consideration below and other useful tips for buying a beach house. Here’s how to buy a beach house in five easy steps.

1. Understand Your Finances

Understanding how much you can afford is an important first step so that you better understand your budget. If you’re buying your beach house as a vacation home, click here for a useful overview of affordability criteria. Next, you will need to secure a mortgage. Importantly, be sure to secure a mortgage before you start looking for a beach house. This is especially true in a competitive market, as sellers will want to deal with qualified buyers.

For a traditional mortgage on a primary residence, competitive rates are available given the low interest rate environment. If your beach house will be used as a vacation home, note that most lenders will have stricter lending criteria because the risk of default is higher with a second home. Mortgages for second homes are also often coupled with higher interest rates (e.g. 0.25% to 0.50% higher) and larger down payment requirements (e.g. 20-30% instead of 5-10%). 

Once you’ve secured a mortgage, prepare a detailed budget to ensure you’re comfortable with the monthly mortgage payments and beach house expenses. Try our mortgage calculator and vacation home cost calculator to help generate your budget. When preparing your budget, be mindful that waterfront properties can carry additional expenses, such as higher water and sewer rates, higher insurance fees (especially if the area is prone to flooding or hurricanes), boat dock and lift fees, as well as septic tank and well upkeep costs.

2. Settle on a Location

If you haven’t yet settled on a location, do some research of popular beach destinations in the locations you’re interested in. Narrow down locations based on real estate prices (and what you can afford), activities available in the area, climate and other relevant criteria. Once you settle on a general area (or areas) stay in a vacation rental close by to get a feel for it. If you like one particular area over others, then narrow your search accordingly. From there, find a qualified realtor that specializes in waterfront properties in the area.

3. Work With a Knowledgeable Realtor to Find the Perfect Beach House

A knowledgeable realtor that has experience buying and selling waterfront properties in the area will be an invaluable resource. They should understand the local market and know what to look out for when buying a beach house. A good realtor will not only have access to MLS listings but also properties that have not yet been listed but may be available for purchase. This may include first access to listings before they reach the general public or even properties that aren’t listed at all.  

With help from your realtor, now comes the fun part of searching for, and viewing, available properties. Remember to be patient as it can take some time to find the right property. Once you’ve found the perfect beach house, submit an offer and sign an agreement to purchase. The agreement to purchase should be subject to a satisfactory inspection and review of appropriate documentation.

4. Conduct Appropriate Due Diligence

Beach houses have their own unique set of considerations and therefore its important to conduct appropriate due diligence prior to closing the purchase and sale. In particular:

Understand zoning regulations and restrictions

First, you will need to understand what restrictions there are on what you can build on the property. Governmental regulations on waterfront properties govern such things as site density, minimum setbacks from the water, the kinds of uses that are permitted and even design and construction. Further, are you able to build a dock or maintain an existing one? Can you build or maintain a seawall? The answers to these questions will need to be understood before you purchase. Separately, if you plan on renting out your beach house, are there short term rental regulations in place in the area? Be sure to check whether short term rental restrictions currently exist and consider whether they might change in the future.  

Understand what you own

In the United States, the State owns the land below the water and the United States has an overriding interest in preserving public navigation. The waterfront property owner has the right to access and accretion (such as sand build-up over time).  

In Canada, Federal and Provincial rules dictate that you only own up to the foreshore, meaning that your property goes just to the high water mark, and you must permit access across the publicly owned land below. As an owner of a beach house in Canada, you have the right of access, the right to protect your property from erosion and the right to accretion as land builds up over time. 

Be sure to review the legal description to determine where the lot extends. In some cases, the property boundary could end well before the water’s edge. Also, it will be important to determine whether there are any additional encumbrances on title that would otherwise limit your use of, or access to, the waterfront. 

Hire a qualified home inspector and other appropriate experts

In addition to the usual house inspection touchpoints, corrosion caused by salt in the air and mildew and mold issues from higher moisture levels can all wreak havoc on a waterfront property. Boundary surveys, elevation certificates and water quality tests can also be important for a waterfront property. For instance, how far above sea level or the lake shore is the house? Is the area prone to flooding? As sea levels have been rising at a rate of 3.2 millimeters per year, and are expected to rise even more quickly by the end of the century, be sure that the beach house is built at an adequate elevation.

5. Close and Enjoy

At closing, you will sign various documents that will transfer money to the seller and transfer ownership of the beach house to you. After the transfer of ownership, you will get the keys to your beach house and you can now enjoy your home!

Other Tips on How to Buy a Beach House

Here are some other useful tips for buying a beach house:

• Confirm that reliable cell phone and internet service is available in the area as certain coastline communities may have spotty reception.
• Install a security system with remote monitoring so that you can keep tabs on the property while its vacant.
• Consider storm-proofing the beach house by adding storm shutters and stainless steel finishings to fight corrosion from salt in the air.
• If this will be owned as a second home, appropriate tax advice should be sought to better understand the tax consequences of ownership.

We hope you’ve enjoyed this article on how to buy a beach house. Be sure to explore our other articles on buying a vacation home including our checklist on buying your first vacation home.

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Achieving a gorgeous, cozy cabin retreat look does not have to be out of reach. Whether you have a mountain cabin of your own or are looking to bring that cozy style to your home, here are eight easy and budget-friendly mountain cabin decorating ideas for you!

Mountain Cabin Decorating Ideas

Focus on the view

If you want your home to feel like a mountain retreat, there is a good chance it is surrounded by a beautiful landscape or oasis of trees. Make this view outside your windows the star of the show. This mountain cabin decorating idea does not necessarily mean you need to install new, grander windows, but rather reimagine the ones you have now. Make sure there are no furniture pieces or bulky drapery hiding that beautiful exterior view. Opt for simple, sheer window treatments or leave the windows completely bare with exposed wood trim.

Bring the outside in

Once you have achieved the perfect view of the outdoors, go ahead and bring some of those outdoor elements in. The best way to do this is to add plenty of nature’s greenery to your space. Not only do plants add beautiful color and details to a mountain cabin, there are plenty of health benefits to living amongst their stems and leaves. Other outdoor elements that can be brought into your cabin design include reclaimed wood, vases of sticks and stems, or even rocks and stones.

Balance your wood tones

A main focus of mountain cabin interior design is wood elements. Layers of wood tones make a cabin feel homey and inviting. While this design aspect is certainly a main focus, it is important to not go overboard and have your space feeling dark and dreary. Balance the wood tones you use in the space by mixing up the type and shades of the wood. A good rule of thumb is to use two or three distinct wood tones, such as a light oak, dark mahogany, etc., and use them cohesively throughout the design. Make sure each tone of wood has a few separate design features, like a ceiling treatment and a coffee table, that allows them to tie together and feel intentional. Also, be sure to break up the wood tones by incorporating painted walls, stone accents, or even wallpaper.

Layer in comfort

Intentional design is all about the layers and mountain cabins are no exception. Beyond your wall treatments and furniture pieces, it is important to add those additional decor items that finish off your design. These elements should also vary in their texture and function. To keep with the warm feeling, add in throw blankets, pillows, and area rugs. Do not be afraid to layer area rugs for added warmth. Continue your layers by styling the surfaces of coffee tables, console tables, and shelving with vases, picture frames, bowls, books, and other decorative objects.

Use statement lighting

Instantly elevate your mountain cabin interior design with beautiful statement light fixtures. The most prominent location for a grandiose statement light is centered in the main gathering area. You could also add statement pendants hanging in the kitchen or sconces flanking their fireplace. Make sure your light fixtures incorporate that rustic, mountain vibe with either aged wood or distressed metal.

Disguise your storage

Achieving a high level mountain-inspired design means each and every piece in your space should add to the design. This can sometimes be tricky when you have lots of items you need for day-to-day life, but do not want on display. Use furniture pieces with built in storage to keep the focus on your natural design elements and away from your clutter. Consider a storage coffee table, storage sofa, or storage ottman to help hide away some of the items you do not want out and about. If you have open shelving, add baskets and bins to store your technology or kid’s toys.

Add a focal feature

In most mountain cabins, the main focal feature will be the fireplace. A grand, floor-to-ceiling fireplace wrapped in stone, stucco, or metal is front and center when you enter the home. If your home does not have a fireplace, do not fret! There are plenty of other ideas you can use to create a focal feature in your design. A focal feature can be something as simple as a large, unique piece of wall art. You could add a gorgeous iron railing to your main staircase. An inexpensive focal point can be crafted by creating an accent wall with paint, wallpaper, or a patterned wood treatment.

Do not be afraid of pattern and color

Often mountain cabin decorating ideas are all about using neutrals but that does not have to be the only option. A great way to add a little extra flair to your cabin design is to add pattern and color. If you are nervous about adding in color, stick with earth tone shades like green, maroon, rust, amber, and mustard yellow. If you are a little more courageous with color, keep with the earth tone palette, but add color in many of your design elements. Incorporate color and pattern in your textiles, like rugs, pillows, and blankets, and your art pieces to elevate your mountain decor. Decorating a mountain cabin should be an enjoyable experience so have fun with it!

If you plan on sharing your mountain cabin with friends and family, be sure to explore How to Manage a Family Vacation Home the Right Way as well as our additional articles on owning a vacation home, including our budget-friendly tips on decorating a lake house.

The post Mountain Cabin Decorating Ideas: 8 Easy and Budget-Friendly Tips appeared first on Vacation Property Online.

As you approach retirement, you may be considering buying a retirement home early. Whether its downsizing to more modest accommodations or moving to a sunny destination, there are many reasons for buying a retirement home. Many people, however, won’t give much consideration to retirement living until their twilight years. Naturally, it’s not high on the priority list when retirement is ten years away or more. Yet, there are many reasons why buying a retirement home before you retire may be a good idea. In this article we explore the top reasons to buy a retirement home early including, you guessed it, buying a vacation home for retirement.

Buying a Retirement Home: When, Where and What to Expect

Before buying a retirement home early, consider the following:

When to Buy a Retirement Home

If you are considering buying a retirement home early, at which point should you consider doing so? In short, you should begin looking sometime before your planned retirement, whether it be 55, 65 or 70 years old. For most retirees in the United States and Canada, this will typically happen on or before the average retirement age of 66.85 years and 64.75 years, respectively. Otherwise, timing will depend on a number of factors, including your career goals, individual financial picture and family obligations.

Where to Buy a Retirement Home

What better place to start than the top retirement destinations in North America? In the United States, top retirement destinations include Florida, California, Texas, Hawaii and Colorado. In Canada, British Columbia (the Okanagan and Vancouver Island), Alberta (Canmore and Cochrane), Ontario (Niagara on the Lake, Kingston and Stratford), Quebec (Rimouski, Joliette and Quebec City) and New Brunswick (Moncton) are all popular destinations. If you are considering retiring in Canada, be sure to check out our list of the best places to buy a vacation home in Canada.

What to Expect in Retirement

Everyone will have their own unique plans for retirement, yet patterns emerge among specific generations of retirees. For instance, Millennials may be more inclined to travel during retirement whereas Baby Boomers may be looking to spend more time with family. Anticipated retirement activities will necessarily have implications on where you retire and overall retirement spending, amongst other considerations. In terms of the latter, according to a 2018 survey average annual spending by retirees was US$49,441, compared to US$65,834 spent by workers. Broken down further, on average retirees spent US$16,681 on housing, compared to US$21,339 spent by workers. The trend is clear: retirees typically spend less overall, including on housing costs. Accordingly, you can expect to spend less on retirement housing.

Top Reasons for Buying a Retirement Home Early

With these preliminary matters out of the way, here are the top reasons for buying a retirement home before you retire.

Move at Your Own Pace

By purchasing a retirement home early, you have the time and flexibility to move at your own pace.

Rather than an abrupt transition to retirement living, you could decide to slowly move into your new home. This may entail a temporary move for a portion of the year or regular weekend use until you’re ready to move permanently. Whatever the case, this will afford you the opportunity to familiarize yourself with new surroundings and ensure a more comfortable transition.

An early purchase may also allow you to make an opportunistic purchase when prices are low. At the very least, you can avoid a rushed purchase. This has the added benefit of allowing you to sell your primary residence when you’re ready. In short, you can buy and sell when it suits you and take advantage of market opportunities.

Of course, the best laid plans are subject to change. By purchasing a retirement home early you may avoid the biggest mistake of all: moving in the first place. Perhaps, after spending some time at your new home and getting to know the area you’re no longer set on retiring there. Maybe the climate isn’t to your liking or the location is too far from the grandkids. By buying a retirement home before you retire, you have the ability to change your mind.

 It’s Vacation Time: Buying a Vacation Home for Retirement

What better way to transition to retirement than by spending vacations at your new home with friends and family? This is a great way to not only get you comfortable with your new surroundings, but also your loved ones who may be more inclined to visit after having already vacationed there.

From a financial standpoint, you have the option of renting out your home part time to cover expenses in the interim. If you’re more hands off then you can use a property manager who will take a portion of the rental fees. For those that are happy managing things themselves, there are any number of vacation rental websites including Airbnb and VRBO.

Take Advantage of Maximum Borrowing Capacity While in Prime Earning Years

With interest rates being at historical lows, now may be a good time to take advantage of your maximum borrowing capacity.

By taking out a mortgage on your retirement home now, you can borrow money while still in the workforce. This money may not otherwise be available in retirement given your reduced income level. More importantly, you can borrow now and pay-off your mortgage over time (and ideally before you retire).

This also provides a secondary benefit: forced savings. Instead of succumbing to unnecessary spending, you will be forced to exercise a certain level of fiscal discipline as you service the mortgage. Such fiscal discipline can certainly pay off over time, especially for those individuals that struggle with excess spending.

While not recommended, it may also be possible to withdraw funds from your retirement account to help with the down payment (but not without penalty).

Renovate to Suit Your Tastes

Home renovations are not only costly but also disruptive to your living conditions. For this reason, buying a retirement home early may be attractive in that it will allow you to renovate while living in the comfort of your primary residence. This is especially beneficial for larger renovation projects. Instead of living without a kitchen or bathroom for an extended period, you can live as you normally would while your contractor completes the necessary work.

By purchasing a fixer upper that requires substantial renovation, you can also save money. Instead of paying top dollar for a recently renovated home, you can potentially save tens of thousands of dollars by purchasing an older home. You then have the ability to pick and choose which renovation projects to complete and properly manage costs. To the extent there are cost overruns, its also important to have a financial safety net. By undertaking a renovation project while still in the workforce, you can at least take comfort in knowing you have another paycheck coming.

Understand Your Expenses

Admittedly there is a certain amount of guess work involved when determining how much money to save for retirement to cover necessary living expenses. What better way to understand your living expenses than owning a retirement home early? From how much it costs to maintain the house annually to how much groceries cost in the area, you will have valuable insight into your living expenses well before retirement. For instance, perhaps after owning the home for several years you realize that there are various maintenance expenses that you had not anticipated. Armed with this new information, you can adjust your retirement plan appropriately. Without this insight, it’s a bit of a guessing game.

Other Things to Consider Before Buying a Retirement Home Early

If you’re considering buying a retirement home before you retire, keep in mind the following:

• Obtain financial advice. Be sure to talk to your financial adviser to ensure that you can handle the extra financial strain. For instance, will you need to work longer in order to service another mortgage? If so, perhaps buying a retirement home early is not for you.
• Implications on asset mix. Consider the implications on your overall investment portfolio/asset mix. Owning a substantial amount of real estate may be risky depending upon how well diversified you are in other asset classes.
• Owning multiple properties. Be prepared to deal with the usual stresses of home ownership, including unexpected repairs and maintenance. If you will be renting out the property part time, who will manage the property? If you will be managing it yourself, are you prepared to deal with such a responsibility as you approach retirement?
• Changing preferences. Tastes and preferences may change over time so don’t expect everything to go according to plan. The further away from retirement you purchase your retirement home, the greater the risk is that your tastes will change.

To better understand the implications of converting a second home to a primary residence, be sure to explore our article on Buying a Second Home That Will Be Your Primary Residence.

The post Buying a Retirement Home Early: Your Chance to Own a Vacation Home? appeared first on Vacation Property Online.

Before you jump in headfirst, though, there are some considerations to make as you learn how to manage a family vacation home.

Understand your Family’s Interests

Just because you’ve always dreamt of having a family vacation home doesn’t mean your family members are on the same page. Gauge everyone’s interest before investing in the home. If your children are young, they’ll likely enjoy having another home to go to and have fun with the family.

If your children are older, though, and you envision them inheriting the home and loving it as much as you do – ask first. They may like having the freedom to come and go, but when it comes to ownership, they may not want any part of it. This is a big factor in how to manage a family vacation home.

Setting up the Rules

If you will rent the property out to others or even share it with a dedicated family, it’s important to set rules. Everyone has their own preferences, but here are a few ideas:

• Pets – Yes or no? If yes, what type of pets and what are the rules? Can they go on the furniture? What should happen if the pet ruins the carpeting or chews up the furniture?
• Cleaning – Who’s responsible for cleaning the cottage before leaving? Will you hire a cleaning service or will the renters be responsible for leaving the cottage the way they found it?
• Maintenance – Who will handle the maintenance and pay for it? If you’ll hire out, how often will they visit the property and do things like change lightbulbs and air filters, checking the AC or furnace, or clean the gutters?
• Breakage – Who is responsible for paying for broken items? Have an agreement in writing so there aren’t any arguments when it happens because it will.

Splitting up the Time

With a family vacation home, splitting up the time, especially the important dates is crucial. Go over any important holidays, birthdays, or family celebrations to determine who will have the cottage on each date. This is important when you figure out how to share a family cottage. For example, New Year’s Day, Fourth of July (United States), Canada Day (Canada) and Christmas are all popular days that vacation homeowners want to escape to their ‘paradise.’

To avoid any arguments, split up the days ahead of time and in writing. If you need to swap mid-year, you can work out an arrangement that works for both of you, but again, keep it in writing so there aren’t any misunderstandings down the road.

Taking Reservations and Collecting Payments

If you will be renting out the home to others, who will be responsible for taking reservations, confirming with renters, and following up after their visit? What about collecting the rent payment? Do some research and find a vacation rental payment service you trust. There are hundreds of options, which frees up your time in chasing rents, eliminates the worry of a bounced check, and allows renters to pay in their preferred method either credit card, Venmo, or even PayPal.

Have an Exit Strategy

Just like when you buy a primary home, you need an exit strategy. Will you put the vacation home in your will and pass it down? Will you sell it when you’re too old to take care of it?

What happens if you have a financial crisis? Do you have a fast exit plan? Also, think about what happens if you and any co-owners have a falling out. Who will buy out the other family or will you sell the property and both exit?

What Will You Do With it When You Aren’t There?

A family vacation home is typically used as a second home rather than an investment property. As such, the home can sit vacant for long periods when not in use. This does a few things:

• Leaves you with bills to maintain a home you aren’t living in
• Leaves the home open to vandalism or theft

You may consider sharing the cottage with another family (shared ownership) or renting the vacation home out to others. At a minimum, you will need to arrange for someone to check on the property regularly, whether it’s another family member or property manager.

Enjoying your Family Vacation Home

What’s most important is enjoying your time together with your family at your vacation home. If you take care of the tedious details ahead of time, you’ll avoid arguments, stress, and even financial issues.

Set up the rules, create strategies, and revisit them annually to make sure you’re still on the same page as you were before. If you need to make changes, enlist the help of your accountant or lawyer, especially if you share the cottage with other families.

Bottom Line

Knowing how to manage a family vacation home so you have the time away that you need, but still make money renting it out, is important.

Take your time when looking for the right vacation home and securing financing for it. If you take out a mortgage, make sure you can afford it along with the mortgage on your primary residence. Some people even take money out of their primary home’s equity to buy the vacation home.

You decide what’s right for you, and make sure you look at all factors before claiming ownership. When done right, owning a family vacation home can create some of the most memorable memories of your lifetime.

The post How to Manage a Family Vacation Home the Right Way appeared first on Vacation Property Online.

Included in this article are template house rules for vacation homes (in both long form and short form) that are perfect for the family cabin, beach house or other vacation property, including vacation rental. Certain vacation home rules will depend upon the property type. For this reason, the rules are meant as guidelines only and can be tailored to your specific circumstances. Further, where specific rules apply to vacation rental properties, those items appear in [square brackets]. If you’re also looking for a short term rental agreement, you can access our template here.

For those of you with a sense of humor, be sure to also check out our funny house rules for guests.

Curios to know what your vacation rental property may be worth at the end of your mortgage period? Try our Airbnb ROI calculator. 

Keys to Successful Implementation of House Rules for Vacation Homes

As you prepare your own vacation home rules for guests, consider the following guidelines:

• Everyone should read (and agree to) the rules in advance of their stay
• Don’t overdo it otherwise it may take away from the enjoyment of your vacation home
• Be sure to deal with violations fairly. For vacation rentals, the rules need to be strictly enforced whereas the rules for a family cabin can be more flexible
• For vacation rentals, be sure to collect a damage deposit in advance otherwise it may be difficult to collect
• For family vacation properties, seek input from other family members before finalizing the house rules so that everyone feels more involved. Depending upon the ownership structure, you may also want to enter into an ownership agreement establishing clearly defined roles and responsibilities and dispute resolution provisions.
• Ensure your insurance policy is up to date in case damage to your home does occur
• Review the house rules annually

VACATION HOME RULES FOR GUESTS (LONG FORM)

Dear guests,

Hello and welcome! We’re so happy to host you.

Before you settle in and get comfortable, we would like to bring to your attention the House Rules in place. Understanding and complying with our house rules will make for a comfortable and fun stay for everybody!

1. General Rules

• Please ensure you read and fully understand the house rules at the beginning of your stay. 
• All guests (and any visitors) must comply with all house rules.
• Please treat our house with the same respect as you would your own home.
• Be sure to maintain a good level of cleanliness throughout your stay.
• We hope you have lots of laughter and good times during your vacation! However, we’d really appreciate it if you’re mindful and keep noise to a minimum during nighttime hours.
• Have fun! This is your vacation time and we hope you get the opportunity to relax and visit the surrounding area.

2. Noise Levels

• Guests and visitors must keep noise to a minimum so as not to disturb the occupants of neighboring properties – especially during nighttime hours (e.g. 10pm – 8am), and upon arrival and departure; 
• Excessive noise is prohibited [and may result in termination of the vacation rental agreement, eviction and extra charges which may be deducted from the Security Deposit];

3. Visitors and Gatherings

• Guests are allowed a maximum of _______ visitors at any time during their stay. 
• Guests are responsible for ensuring maximum visitor numbers are not exceeded and that visitors comply with these house rules.
• Any additional overnight visitors must be approved in advance [and are subject to an additional fee as noted in the price].
• Parties and large gatherings are strictly prohibited. 

4. Parking

• Parking arrangements are as follows: 
  •  ____________________________________________________________
  •  ____________________________________________________________
  •  ____________________________________________________________

5. Garbage and Recycling 

• Guests and their visitors are to dispose of garbage and recycling in the allocated trash cans and recycling bins.
• Garbage and recycling arrangements are as follows: 
  • ____________________________________________________________
  • ____________________________________________________________
  • ____________________________________________________________

6. Security

• Any time guests leave the house it is their responsibility to ensure all windows and doors are properly shut and locked to maintain security and prevent weather damage. 
• Guests should turn off lights, air conditioning, fans, electronics such as televisions when not in use to promote energy saving.  

7. Outside Facilities

• Guests are responsible for the safety and security of their children at all times, as well as any disturbance caused to other residents in the neighborhood.
• Guests must supervise children at all times when using the deck area and other outside facilities. 
• Specific deck rules are as follows: 
  • ____________________________________________________________
  • ____________________________________________________________
  • ____________________________________________________________
• Specific barbecue rules are as follows:
  • ____________________________________________________________
  • ____________________________________________________________
  • ____________________________________________________________
• The hot tub/ swimming pool is only to be used between the hours of ____________ am and ____________ pm. 
• For safety reasons, it is not permitted to use any glassware in or around the pool area. [Failure to comply with this rule will result in a fine deducted from the security deposit].
• While we know there is some really cute wildlife nearby, please don’t give them any food! Its important not to disrupt the local ecosystem. 

8. Smoking and Illegal Substances

• Smoking is not permitted inside the house. 
• No illegal substances

9. Pets

• Specific rules regarding pets are as follows: 
  • ____________________________________________________________
  • ____________________________________________________________
  • ____________________________________________________________

10. Damages

• All damages must be reported as soon as reasonably practicable. [Failure to report them will likely result in a penalty deduction from the security deposit].
• No furniture or small appliances are to be moved from one room to another.
• No bathroom towels are to be removed from the property (i.e. for beach use). Separate beach towels are provided for this purpose. 

11. Checkout

• Rules for checkout are as follows: 
  • Key handover: ____________________________________________
  • Cleaning: ________________________________________________
  • Garbage: ________________________________________________
  • Security: _________________________________________________

12. Emergency Contact Details

• In the event of an emergency relating to the vacation house, your emergency contact is: 
  • ____________________________________________________________

13. Compliance

For the safety and enjoyment of all guests, it is of utmost importance to comply with the house rules. [Breach of any of these rules is a breach of the terms and conditions of occupancy as per the rental agreement. We reserve the right to terminate permission to occupy and to evict any guests or visitors who refuse to follow these house rules or who cause a nuisance to neighbors or other residents of the community].

VACATION HOME RULES FOR GUESTS (SHORT FORM)

• All guests (and any visitors) must comply with all house rules.
• Maintain a good level of cleanliness throughout your stay.
• Keep noise to a minimum during nighttime hours.
• No unregistered guests
• Parties and large gatherings are strictly prohibited. 
• Parking: __________________________________________________________
• Guests and their visitors are to dispose of garbage and recycling in the allocated trash cans and recycling bins.
• Ensure all windows and doors are properly shut and locked when you leave.

• Guests are responsible for the safety and security of their children at all times
• The hot tub/ swimming pool is only to be used between the hours of ____________ am and ____________ pm. 

• No smoking is permitted inside the house
• No illegal substances
• No pets are permitted

• Guests are responsible for any damage sustained to the house and its furnishings during their stay

• Checkout time is _________ am
• Emergency contact: __________________________________________________
• Most importantly have fun! 

The post House Rules for Vacation Homes – Template Vacation Home Rules For Guests appeared first on Vacation Property Online.

 General Requirements

While certain lenders may require a down payment of only 5% for a primary residence, many lenders in the United States and Canada will require a down payment of at least 20% for a second home. This is because second homes are inherently more risky as borrowers are more likely to default on repaying the mortgage on their second home. After all, borrowers faced with financial hardship will typically prioritize repayment of a mortgage on their primary residence as they need a place to live.

Using 20% as an example, if you’ve managed to save up $50,000, then the maximum vacation home you can afford is $250,000 ($50,000 / 20%) regardless of your overall financial picture. If you’ve managed to save up $100,000, then you can afford a vacation home with a purchase price of up to $500,000.

Yet these are just general rules of thumb and, depending upon the use of the property, there may be certain lenders willing to accept a more modest down payment. In order to provide more specific information, we have included more detailed guidelines for borrowers in the United States and Canada below.

United States Requirements

The size of your down payment will depend, in part, on the type of mortgage you choose. Each mortgage type will have its own guidelines and eligibility criteria to consider. Briefly, the following types of mortgages may be available to you:

• Veterans Affairs (VA) loans – VA direct and VA-backed Veterans home loans are only available to Veterans, service members, and their survivors, typically with no down payment.
• Federal Housing Administration (FHA) Loans – FHA loans are another government sponsored loan program that has been around since 1934, characterized by low down payments (as low as 3.5%), low closing costs and easy credit qualifying. FHA loans, however, are only available for primary residences.
• Conventional Loans – unlike VA and FHA loans, conventional loans are not guaranteed  or insured by a government agency. For conventional loans (and FHA loans), mortgage insurance may be required with a smaller down payment (i.e. less than 20%).

Conventional loans are often available for vacation homes but mortgages for such properties are typically accompanied by larger down payment requirements (at least 20%), higher interest rates and more conservative lending guidelines. If you intend on renting out your vacation home, then a lender may consider it as an “investment property” (as opposed to a “second home”), which tend to have even higher interest rates and down payment requirements (i.e. 25% or more). The reason for this is the risk profile of an investment property as owners may be more willing to walk away from their mortgage payment obligations when faced with financial hardship. To summarize, depending upon how you use your vacation home, expect to save at least 20%-25% of the purchase price as a down payment.

Fore more information on vacation home mortgages from America’s “big four” banks, click on the following:

• JPMorgan Chase
• Bank of America
• Wells Fargo
• Citigroup

Canadian Requirements

In Canada, down payment requirements for primary residences differ depending upon the purchase price of your home. Amounts range from 5% of the purchase price for homes $500,000 or less up to 20% of the purchase price for homes $1 million or more.

The rules also differ for vacation homes, in particular as between vacation homes purchased for personal use versus vacation homes used as a rental property.  As rental properties are often seen as higher risk, more stringent qualifying criteria may apply than if the vacation home is for personal use only. As outlined by National Equity Lending, you may still be able to buy a second home with as little as 5% down with the relevant insurance premium added to the mortgage. With 20% down, most lenders will finance your mortgage as a conventional loan. For rental properties, however, you will likely need at least 20% down and even then you are limited to only a few lenders who are willing to lend to you with no insurance premium added to the mortgage. In order to avoid insurance premiums and open it up to a larger pool of lenders, you will likely need at least 25% down.

Fore more information on vacation home mortgages from Canada’s “big five” banks, click on the following:

• BMO
• CIBC
• RBC
• Scotiabank
• TD

Advantages of a Higher Down Payment

A larger down payment has several advantages, including:

• More borrowing options
• Better interest rates
• Higher initial equity position
• Lower mortgage payments

Simply put, the higher the down payment the more loan options will likely be available to you at more competitive rates. By putting 30% down, for instance, lenders lower their risk profile by allocating some of the risk to you as the borrower. The thinking is that by having more “skin in the game” so to speak, you will be less likely to default on your loan. Also, your mortgage payments will be lower since you will be borrowing less money thereby paying less interest over the life of the loan. Further, if you intend on renting out your property then it will be easier to turn a profit since the cost of servicing your mortgage will be less.

Before deciding on a larger down payment, be sure to use our vacation home mortgage calculator to better understand the monthly costs of servicing your mortgage based on different down payment scenarios. It’s also a good idea to keep some savings left over as you may need funds for necessary maintenance and repairs following your purchase.

For more information on vacation home affordability, be sure you read our article on How Much Vacation Home Can I Afford?

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