Vacation homes have accounted for roughly 5%–8% of all home sales purchases in recent years, according to the National Association of REALTORS’® (NAR) Confidence Index. Here on the Eastern Shore, we know that paradise doesn’t just happen naturally—it requires preventive maintenance and care. Here are excerpts on the top considerations from the NAR Consumer Guide on how second home buyers can plan and gain maximum enjoyment in owning a vacation house.
1. Weather: Have service professionals in the area who can check on your home, especially during times of inclement weather. For example, your property on the coast may be prone to hurricane winds and rain, so having someone close shutters or bring in outdoor furniture is of key importance.
2. Maintenance To-Dos: Second homeowners should consider the essential items that require due diligence, such as mechanical systems, roofing, pipes, trees, lawn and gardens, and pests. A checklist like one that owners would follow to manage a primary residence works well for vacation property systems and appliances. Vacation homeowners may want to pay special attention to matters that might arise when they’re not present. Consider items like the need for water to be turned off if the homeowner leaves for an extended period.
3. Tech Hacks: Homeowners might use smart technology to monitor systems for safety. When connected to the right smart-home devices, apps like Nest and Arlo make it easy to check everything from room temperature to whoever left a package at the door.
4. Property Management: To ensure routine maintenance and more targeted checks, especially before and after a storm, vacation homeowners can hire a property manager or a watch service. Most companies offering property management services provide customized plans based on frequency of use, services rendered and square footage.
5. Insurance: Because vacation homes are often left vacant for extended periods, there’s a greater risk of an insurance claim. Physical damage may occur without anyone knowing for some time what occurred, which could worsen the issue. There’s also more possibility of vandalism and break-ins. Because of these factors, most companies require a larger mandatory deductible for the home. Coverage for a second home in a hazardous weather area may be hard to come by or be limited. And some also require a higher wind and hail deductible or exclude it completely.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
