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Second Home purchasing Tips

Cabo Real Estate - Second Home Purchasing Tips

Los Cabos and Cabo San Lucas Real Estate – Tips for Purchasing a second home

There are many reasons why people decide to purchase a second home in Los Cabos Mexico. For some, they are tired of the long, cold winters and come to Los Cabos to seek the warmth and sunshine filled days. Others realize that real estate is a good and profitable long-term investment, and some decide they're going to retire here. But most purchase their vacation property for the pleasure they will receive from using it. Whether you are looking for a vacation property for personal usage, rental income, or both, Los Cabos and Cabo San Lucas real estate is a great investment and one that can be enjoyed by the entire family for many years to come.
Some things to consider
1.       If you are thinking only wealthy people can afford a second home that is simply not the case. While most second home buyers are financially comfortable; you don't have to be rich. The National Association of realtors reports that the typical vacation property buyer in 2008 has a median household income of $97,200. Furthermore you can offset the cost of your vacation property by renting long term to local residents or part-time to vacationers.
2.       You don’t have to put off your purchase until you’re older. People are buying vacation homes at younger ages than ever before. The average vacation home buyer in 2008 was only forty six years old. Many people in their mid 40’s are thinking ahead to retirement and taking advantage of the current housing prices and interest rates.
3.       If you are looking for a vacation property, and want to rent to other vacationers while you’re not using it, you should look for a location that has a long high season. For example, if you purchase a second home in a popular ski resort area, there are only a few short months when your property will be in demand. On the other hand, Los Cabos and Cabo San Lucas attracts tourist through out the year. Typically the winter months are considered to be “high season”, but with an average of 340 days of sunshine per year, golfers, surfers and fisherman come to Cabo San Lucas year round. In the summer, Cabo San Lucas has become a favorite family vacation destination, and in September and October, Cabo San Lucas hosts some of the largest fishing tournaments in the world, making Los Cabos a year round tourist destination.
4.       A vacation second home should offer fun and entertainment for the entire family. You vacation property shouldprovide decades of fun and entertainment for you and your family for generations to come. To help you decide on the perfect location, you’ll want to consider what each area has to offer. This means just because dad loves to fish, there also needs to be activities for Mom and the kids as well; otherwise the vacation might not be so relaxing.
5.       If you’re on a budget, consider purchasing a fixer upper. Rather than purchasing someone else’s dream of a vacation property, create your own. Upgrading kitchens and bathrooms is a quick way to add equity, as well as enjoyment, to your second home property.
6.       Don't feel that you have to buy your vacation property close to home. The NAR survey found that 43% of the typical vacation home buyers purchased a property that was more than 500 miles from their primary residence.
When you are ready to make your second home purchase, make sure to research the Real Estate agent that you are working with.  For Los Cabos and Cabo San Lucas Real Estate, check to see if the agent is a member of the Los Cabos MLS and has taken classes offered by the Multiple Listing Service as well as A.M.P.I. Also ask your agent how long he and his broker have been selling real estate in the Los Cabos area. You'll want to make sure they are going to be around for the long haul.