Cape Cod is a peninsula off the east coast of Massachusetts, boasting 550 miles of coastline, a majority of which is covered by beautiful sandy beaches and picturesque harbors. That makes Cape Cod a perfect vacation spot and an ideal location for buying a summer home. Having a second summer home in a place this beautiful is a mere dream shared by many of us, but for those who are serious, here are a few things that need to be taken into account before taking the plunge. But first, let’s discuss some of the reasons why you want to invest in a second home.
Why Buy a Summer Home in Cape Cod?
• Excellent way to accumulate wealth – For the majority of Americans, the house they purchase turns out to be their biggest asset. If your primary house might someday make you, let’s say, $500,000 then why not invest in another one and be on your way to becoming a millionaire?
• Future retirement home – Buy it today and have it paid off in the present-day cheap dollars. Years from now, when your neighbors and friends will be struggling to buy a place, you will have a completely furnished dream house, upgraded and paid for.
Buying a Summer Home in Cape Cod- Factors to Consider
Cape Cod real estate agents, can give you an idea about the dynamics of the current rental market. They will explain how often people are renting and what kind of money they are willing to pay. If the market is solid, you will have an opportunity to establish equity in the house and be able to pay it off way sooner.
If you have never really been to Cape Cod or have only visited once or twice years ago, then make it a point to take a few extended trips to the area before investing in a summer home. Remember that summer homes are long-term commitments and you want to get a proper feel for the local scene beforehand. A good tip would be to visit during the peak season, but do visit during the off-season too.
Picking the right location for your summer house can be quite overwhelming. Since your second home will be a getaway from the daily hustle bustle of life, you want to be isolated from your everyday reality to bask in the seclusion and enjoy yourself properly. However, if you pick a destination that is very far from home, you will probably not be able to get there enough for it to be worthwhile.
Once you have thoroughly thought about these factors, you will be in a much better position to buy a summer home in Cape Cod, Massachusetts.