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Remember this when buying a vacation home

Buying a vacation home is a luxury that few families can afford, and if you're one of the lucky ones, you could find a lifetime of enjoyment in your vacation property -- or perhaps sell it for a profit one day. However, you'll want to take great care when buying your vacation home to ensure that you've selected the right property and the right kind of deal that suits your needs and budget.

Here are a few things to keep in mind in this regard:

  • Always contact a real estate agent who specializes in working with buyers. This kind of agent will know how to get you the best kind of deal for your situation.
  • Keep an eye out for hidden negatives associated with the property that you might not notice at first. Be especially careful if the residence has been listed for many months.
  • Consider waiting to purchase a property until the end of the tourist season for the area. This could help you get the best deal possible.
  • Keep a close eye on price changes on the properties that interest you. Also, watch out for properties that show up toward the end of the tourist season.
  • Get set up with your pre-approval letter and deposit in advance so once the right home shows up, you can pounce on it immediately.
  • Finally, remember to incorporate a home inspection contingency clause in the purchase contract. This will ensure you don't get stuck with a problem-filled home unexpectedly, as it will give you time to have the home thoroughly inspected.

Are you ready to buy your dream home? By following the above advice and understanding Colorado real estate law, you can make sure the dream is real, secure and safe -- and you're not just chasing a fantasy that you'll later learn to regret.

Source: Homes.com, "What's The Best Time Of Year To Buy A Vacation Home?," Steve Cook, accessed April 26, 2018

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