If you own a vacation home and your family has not been visiting it often, selling that second home will be a good idea. Ask yourself, "Do I still like to spend my vacation here at least once a year? Do I see myself coming back regularly in the next 5-10 years?" If not, then you may need to let it go.
It is not a good real estate investment anymore because "You are not getting your money's worth", says USA Today.
Most probably, you only go there once in a while just to maintain it and leave as soon as the job's finished. It then becomes a hole in your pocket or a liability, rather than an asset.
Moreover, you start collecting stress-filled memories rather than the supposed happy ones. In essence, it defeats its purpose of having a fun vacation home.
With that, you may need these 5 tips on how to sell your vacation home.
1. Be Patient.
RISMedia cites several industry experts who provided advice on how you can let go of your vacation home.
Julie Toon Timms, a realtor of the Hilton Island Real Estate Brokers, advises that in selling a vacation home, you need patience.
The key here is to find the right family who also has the same dreams that you had before. "[Buyers] are looking to fulfill a lifelong dream," says Gayle Rich-Boxman, a Vernonia Realty & Insurance realtor in the Fishhawk Community.
You are actually offering a dream and not a need. "It's not a matter of needing a roof over one's head, " says Timms.
It is important for you to accept that. You may not be able to sell it quickly but the reward may be worth your time.
2. Try It Out Again
We recommend that you go to your vacation home, perhaps, for the last time, to get a feel of what it's like to stay there. Give yourself the chance to say goodbye to something that has been a part of your family. Use the time to talk with one another and finalize your decision.
If you do not have time to do this, just remember all the good times you spent in the vacation home so you may be able to share your stories to your prospects.
3. Research the New Development in the Area
First, go back to your own reasons of buying the property. Was it because of the mountains or the friendly locals? After writing those reasons, research on the new development in the region. Are there new points of interest such as entertainment and sports facilities? Make a list of the recommended restaurants and watering holes.
4. Find a Real Estate Agent Familiar With the Area
Look for a realtor who sells or rents several properties in the location of your vacation home.That would be a wise decision on your part because he is more knowledgeable with the surrounding market, suggests USA Today. You may talk to him easily and set a price for your property.
5. "Dress to Impress" Your Home
Prepare for your open house, make sure you have a clean and well-kept home. Check if you have done the necessary repairs. Be sure that the utilities are running and the house is in good condition, suggests Net Places.
It is a great idea to keep your home's furnishing for viewing . However, remind the viewers that it is not part of the deal. A furnished home gives a pleasant invitation for your would-be-buyers to stay. It also gives them inspiration on what to do with it once they acquire it.
Basically, it fuels their imagination. Also, it helps them remember your home---"Oh, I love that red carpet and those black kitchen countertops! Where did you buy this hand-crafted art piece?" It increases the chance of your home being picked.