It should be your Haven of Peace, Enjoyment and Relaxation. De-frazzle your Nerves and Rejuvenate. In other words, Your very Own, personalized Vacation Home. What type of property should you buy?

A Vacation Home or an Investment?

Ideally your second home should be both! You need a property that will give you joy and a getaway, while it increases in value. According to a study done by the national Association of Realtors, 78 % of second homes are purchased strictly for Recreational Use. Of those, 84 % of owners have no interest in renting. The 2000 U.S. Census says 3 % of all housing is used for seasonal or recreational use. That is close to a whopping 3.8 million second homes.

What You Want

First, decide what it is you actually want. A chalet in the mountains? A Lake Front or Lake View setting? A cabin hidden in the woods? Once you decide what you want, decide the geographical area in the Ozarks you would like. Now you can start looking in earnest.

Whom to Contact

There are many ways to go about looking for property. The Best and Easiest for most people is to contact a Real Estate Professional who is extremely Knowledgeable about the area you are interested in. A survey taken from the National Association of Realtors found that a Referral by Your Friends, Neighbors, or Relatives is the single most important factor. Second is Reputation. Thirdly, many use Online References through various Search Engines. Others use the Internet to find the local or regional papers in the desired area, and visit their classified section. Fourth, if you have visited your area of interest, ask people you come in contact with, for an agent recommendation. It will save you time and money if you seek out agents with the REALTOR, and other Designations. They have undergone special training and adhere to a strict Code of Ethics. Then check out their areas of Specialties, Years of Experience and Service.

Amenities

Next consider what amenities are in, or near any properties you select as possibilities, and consider of course the location, for now and for future re-sale.

Location, Location, Location

Sure, it overstated and overused, BUT it is true! What do you want to do when you are on vacation? If you want to sit on your front porch, listening to the crickets and tree frogs, watching the setting sun, surrounded by vacant land and no neighbors, then the woods might be your ticket!

If you want to be able to shop, catch a movie, have an elegant meal out, and take the grandkids to the ice cream parlor, you might want something closer to civilization. If you add world-class shows, family theme parks, water sports, discount mall shopping, all types of outdoors activities, in a well known family area, then TABLE ROCK LAKE AND THE BRANSON AREA just might be for you!!

Renting It Out?

Most owners of cherished vacation home use it exclusively for themselves, their families and perhaps a few friends, and don’t rent them out. There are some vacations homes, or condos that can be rented out, if they are in a popular area. If you take out a mortgage, don’t expect to have rental income to cover your payments. And if you plan to rent it out and use it personally, be sure to check with the IRS rules of personal time use of investment property. Mortgage Interest on a second mortgage now is tax deductible.

Keep the Future in Mind

Remember when finalizing the purchase of your new vacation home to consider the “what if’s”. You are planning to keep this home for hopefully a long time, but what if you needed to sell it? Have you chosen a property that would be desirable and enjoyable for future buyers too? So choose carefully, all the amenities, locations and options (such as a boat slip if a lake property) available to you. Above all have some Fun! This is what vacations are all about!

CHECK LIST

• How will you use your second home? Do you want a recreational, educational-cultural, or future retirement use?
• When researching location, choose one with features that interest you the most. Do you like the water? Do you golf or snow or water ski? Do you want access to shopping?
• Determine your travel distance. Can you drive or afford to fly every time?
• Contact a knowledgeable REALTOR who knows the market in their locale.
• Make inquires with local Residents, Visitors Centers, or Chambers of Commerce. Check Display Ads in the local and regional Newspapers. Search areas for properties on the Internet.
• Visit the desired areas. Spend time vacationing there.
• Review various financing options while rates are so reasonable. Check rates with local and mortgage lenders. Your selected, experienced REALTOR can recommend many that have low rates and give great service.
• Of course, purchase your Vacation Home through a REALTOR who specializes in the kind of property you seek.
• Remember, have Fun!! This home will be your perfect environment for all those future vacations and the great memories they will make for you and your family and friends.