After months of being at home, many people in California and the rest of the United States have decided to make their vacation homes their everyday homes. If you can work from anywhere, why not take a staycation where you can ski or kayak at the end of your workday (weather permitting)? Finding and moving into your dream vacation home is definitely possible, and while it may be slightly more difficult than moving into a “primary residence,” with some advance planning, in no time, you’ll be on your way to a permanent vacation.
Hire the right agent
It’s possible that you’ve previously worked with a real estate agent who helped you find your current home, but it’s important to remember that if you want to buy a vacation home, you’ll need to find an agent who understands your target market.
If your ideal vacation home is in an area that isn’t close to your current residence, you’ll need to plan a trip to find it. Keep in mind that it may take some time before you find the perfect place to live full-time.
Decide if you are going to keep your primary residence
If you love your current home but want a change of scenery, you may want to consider moving into a vacation home while keeping your primary residence. For example, you could relocate to the mountains full-time but return to the city once a month — especially if you need to work in an office. Alternatively, you could leave your primary residence and relocate to vacationland full-time.
Lenders divide homes into three categories: primary residences, vacation homes, and investment properties. Mortgage loans for primary residences typically have lower interest rates, but if you can demonstrate that you will be living in the vacation home year-round, you may be able to refinance it as a primary residence after you make the purchase.
Plan for some extra paperwork
Because you’ll need to prove that you really are planning to live in that vacation home full-time (with or without a second home), you’ll need to get prepared for some extra paperwork. Along with tax documents and utility bills, you’ll also need to change your address on your government IDs, voting registration, and car insurance and registration.
Just as you would when moving to a new home, you’ll need to update your address, but also be ready to show the documentation when refinancing.
Think about condos versus single family homes
Because you’ll need to demonstrate that you intend to live in that vacation home full-time (with or without a second home), you’ll need to prepare some additional paperwork. Along with tax returns and utility bills, you’ll need to update your address on government IDs, voter registration, and car insurance and registration. You’ll need to update your address, just as you would when moving to a new home, but you’ll also need to be prepared to show the documentation when refinancing.
Final words
With the ability to work from anywhere, many people have decided that they would prefer to be closer to nature and open spaces. Moving into a vacation home that doubles as your primary residence could be the answer to your perpetual dream vacation.
