Everyone fancies a dream vacation home to relax and have fun with their family. Nevertheless, building and financing a vacation home is not a walk in the park because it needs preparation and proper planning. If you want to build and finance a dream vacation home, here are a few tips to get you started.
1. Select a Suitable Location
Select a suitable location for your dream vacation home. The location should be convenient and easily accessible. It should be close to the attraction sites your family enjoys the most, like natural forests and beaches. Consider the location’s weather conditions to determine the kind of structures you will build. Extreme weather and corrosion can damage a sculpture’s finish, hence the need to use sculpture conservation in such environments. Visit your preferred location regularly to get familiar with it and determine its pros and cons.
2. Design the Home
After finding the right location for your home, the next step is designing your dream vacation house. Designing a house from scratch can be a daunting yet fun process. Select a design that matches your personal needs and specifications as well as your intentions for the home. Make good use of your interior and exterior spaces. About 60% of homeowners did not use their outdoor space due to a lack of shelter from the elements. It would be best to include a gazebo or a patio in your home’s exterior space to improve aesthetics and functionality.
3. Estimate the Building Costs
Estimate the cost of building your dream vacation home. The cost should comprise buying materials, paying contractors, and buying furniture, appliances, and other household items. Estimating the costs will determine how much money you will need to build your home and furnish it. It will also help you determine how to finance the entire project.
4. Look for Funds
Building a dream vacation home is a significant investment that requires substantial financing. That said, you should look for money to fund the project. You can use your personal savings to build your vacation home. You can also source money from friends and family or apply for loans and mortgages.
5. Hire a Reputable Contractor
The contractor your hire for your project can make or break your dream vacation home. Be sure to look for a reputable contractor with vast experience of building the kind of vacation home you want. Look for contractors by asking for referrals from your friends and family or looking for advertisements online. Vet the contractors on your shortlist by asking for references and evidence of previous work.
6. Take Insurance Coverage
Apply for insurance coverage to protect your home. Insurance is necessary for financing your vacation home by providing financial protection against damage and losses. It is also necessary for getting a mortgage. Mortgage and insurance companies will send underwriters to evaluate your home’s value and risk of payment before lending you money. As of 2018, 42% of 110,440 employed underwriters worked with direct insurance carriers.
7. Landscape Your Home
Add a final touch to your dream vacation home by landscaping it. Your landscape should complement your house and improve aesthetics. Plant trees, hedges, and flowers in your home. Create a flower garden and plant different varieties of plants and vegetables. Decorate your hardscapes and put some furniture in the yard. Since you won’t spend much time in your vacation home, hire a gardener to care for your landscape.
These are some tips you can use to build and finance your dream vacation home. Contact real estate experts near you if you need help or have questions about building, funding, and finding the best home insurance for your vacation home.