It happens every year: Thousands of tourists leave the Jersey Shore a short time after Labor Day and say “I wish I had a house here” while looking longingly in their rearview mirrors. After a few years of this, many start to kick around the idea of actually indulging their wish. The Garden State is no doubt an idyllic place to spend your summer vacations and the fact that you have a place to call your home only sweetens the deal. However, there are some real issues to consider before pulling the trigger on that coveted vacation house. (And, by the way, it may be mid-summer but it’s not too late for this year!)
Can You Afford Two Homes?
Does two months out of the year warrant such a major purchase? For those house hunters who are less liquid than others, it might pay to start the rental search process early so you can save for a seasonal rental and be in your summer home by Memorial Day. Two houses will undoubtedly prove to be an enormous expense. Make sure you can afford it and that you’ve talked it over with your family.
Who’s Minding the Store?
If you’re putting thousands of dollars a year into a mortgage on your second home, you’d better make sure that the home is livable when you go to spend time in it. It’s critical that you ask yourself who will oversee the property in your absence. Prepare yourself for the worst-case scenario. If you live across the country and a pipe bursts or your roof caves in, how are you going to fix it from so far away and who are you going to call?
Is This a Dream That Can Wait?
Ask yourself if it’s really the best time while calculating how close you are to retirement. It might be worth it just to sell your current property and become a Garden Stater full-time when you’re able to do so. If, in fact, you do decide to call New Jersey your summer residence, you will need an experienced attorney who knows the state’s real estate laws and can help you get into your home as quickly as possible.
Contact Joel R. Spivack Esq. for sound legal guidance with your real estate transaction. Call him today for a free consultation.