Buying a Vacation Home on Maryland’s Eastern Shore: 5 Smart Tips
Thinking of buying a vacation home on Maryland’s Eastern Shore? Here are 5 tips to consider before you head out to go house-hunting.
Summertime on the Bay is like no other. Raft ups, crab feasts, fishing, exploring local shops and restaurants. Then there’s family and friends arriving for your weekend pah-tay (or friends and family left behind while you pah-tay; no judgement here!)
If you’re considering shopping for a vacation home, check out the Mid and Upper Eastern Shore area. The following are 5 things to consider while deciding…
1. Purchasing as an Investment
The housing market responds very quickly when the economy goes splat. If you enjoy the home and you’re financially able to buy it and weather a potential economic downturn, it’s a great decision. You also need to ask yourself is this a short-term, long-term or retirement home investment.
Are you looking to rent your property when you’re not using it? Prime rental season in the Mid and Upper Shore area is June – August, 3 months. There are Spring and Fall events that draw folks in for long weekends too. Yet be prepared for 12 months of expenses: taxes, maintenance, utilities, repairs, etc.
2. Affordability & Financial Planning
A vacation home is for relaxing and unwinding…that’s why you bought the place! You should not be worrying about the monthly costs or the sacrifices it takes for you to keep it.
Talk to a CPA for advice on laws regarding second home mortgage deductions; also, be prepared for mortgage and insurance rates to be higher on a second home since you’re not occupying it all the time. Flood insurance, if needed, can be a significant cost too. Consulting a professional is best.
Are you a handy? Will you drive down in the off-season to check on your home or do repairs? Will you need to hire a handyman or maintenance company to take care of odds and ends? Your choice needs to be factored into the cost equation.
3. Location, Location… Drive Time
It’s a fact: 80% of vacation homes are 1) reached by car and, 2) within three hours of the primary residence. Being close to your home adds to the enjoyment and affordability of the house, with lower fuel costs (and less Wawa pretzels consumed!) and a shorter commute to your favorite spot.
4. Amenities & Lifestyle Fit
Do you want to be in a town so you can do the Watermelon Crawl home from your favorite bar? Do you like to ride your bike to the produce stand or market? Or are wide open spaces and no neighbors for a country mile your ideal? These are huge factors to consider.
Do you plan to do a lot of entertaining? Trust me, the answer is yes! You need to make sure there is plenty of space for guests. Pull-out sofas, air mattresses and outdoor showers help out on crowded holidays like the 4th of July.
5. Don’t Let Emotion Do The Buying
Who wants a vacation home? Well, just about everybody. Don’t let want write a check that won’t clear. Suffering from buyer’s remorse is suffering indeed. Make a well-thought out decision based on the criteria above.
On a recent episode of the tv show Modern Family, Phil Dunphy the realtor, shows his client Pepper, nearly 100 homes over a 2-year timeframe. Pepper can’t decide on any one home. Turns out Pepper enjoyed hanging out with Phil so much that he didn’t want to lose the comradery.
Please don’t be my Pepper.
Let’s Find Your Perfect Eastern Shore Escape
Whether you’re searching for a quiet creek front cottage or a bustling in-town retreat, I’m here to help you find the perfect vacation home in Chestertown, Kent County, or anywhere on Maryland’s Eastern Shore. Contact me today to start your search–and yes, when you close, I’ll bring the crab cakes.
