How to Buy Luxury Resort Property (A Four Part Series)

How to Buy Luxury Resort Property (Part 2 of 4)
The Eight Most Important Items to Consider
By George R. Harvey, Jr.

continuing on with our blog series ...

3. Get online. The internet is a valuable tool, particularly when you´re beginning to research potential locations and types of property. It is helpful to take a trip through cyberspace before you ever contact a real estate broker or buy plane tickets. A good place to start is with chambers of commerce and real estate brokerage websites in your locations of interest. While the internet won´t allow you to experience the subtle nuances of a resort, it is an excellent way to get background information and to focus your search before you ever arrive. It is also helpful to look in the county records for the names of people who have bought homes in the area in the past two years. You might consider giving them a call to see what an objective, relatively new resident has to say about the area.

4. Select agents with care. If you´ve worked with a real estate broker in your home area, ask him or her to refer you to a broker in the resort area you´re interested in. Real estate brokers often have extensive networks and know who´s good in niche markets, such as resort properties. Generally, you want a broker with at least five years of experience, who has continuous education past basic entry level of licensing, and proven negotiating skills. For the best experience, make sure to choose a buyer´s agent who represents your interests, not a seller´s agent whose professional responsibility lies with the seller. Interview at least three brokers, checking out their references in the process. And don´t buy into the mistaken idea that negotiating a lower commission or fee will save you money. Hiring a real estate broker is just like hiring a doctor or a lawyer ? you want the best, not the cheapest. The superior negotiating skills of good brokers can save you much more money than any reduced commission that you might bargain for. (A note on buying international property. If you want to buy resort property in another country, hire a broker who has international connections. The best brokers network with the International Real Estate Federation or are a Certified International Property Specialist, meaning they are extensively trained and have developed extensive international networks with the top brokers throughout the world. The customs laws and rules vary greatly from country to country, so it is imperative that you´re working with reliable experts in your chosen country and market.)

How to Buy Luxury Resort Property (A Four Part Series)

How to Buy Luxury Resort Property (Part 1 of 4)

The Eight Most Important Items to Consider

By George R. Harvey, Jr.

The second home market is booming for many reasons, however, the primary reason is that 10,000 baby boomers are turning sixty everyday and are inheriting $9 trillion dollars over the next fifteen years. Buying luxury resort property is quite different from investing in the traditional homes and condominium market. Here are eight tips to consider when exploring this attractive market.

1. Think location. Real estate is famously about location, location, location. If luxury resort property is going to be your special getaway, get specific about where you want to buy. For convenience sake, it makes sense to consider resorts that are closer to your primary home. But keep in mind, the resorts that are easily accessible to the masses are often overrun with tourists ? and that might not fit your wants. Destination resorts, which are typically a little harder to reach, are more private and personal.

2. Consider types of property. After choosing the location, consider the kind of real estate you want: a home, a condominium, a ranch, a fractional ownership, a club membership or vacant land to build your own dream home. All possess unique advantages and disadvantages. Ask your broker which type has been the best investment in your chosen market. While resort real estate has been an exceptionally good investment for several years, potential return should not be your primary concern. Ultimately, you´re buying resort property because it and its attendant recreation and cultural offerings can bring your family pleasure. Decide what kind of experience you want, and consider it a bonus if you do well financially.