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Feature Home |
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August Showcase Agents!!! |
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NEW SMILING FACES! |
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Market Update |
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HOME OWNERS' ADVICE |
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HOMEBUYERS' ADVICE |
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Vacation Home Sales Skyrocket
The pandemic caused many people to try to grab more enjoyment from life, as evidenced by the latest vacation home counties report from the National Association of REALTORS® (NAR). In 2020, vacation home sales rose by 16.4%, outpacing the overall growth in existing-home sales of 5.6%, and in 2021, vacation home sales increased 57.2% year-over-year compared to the 20% year-over-year growth in total existing-home sales.
Median existing-home sale prices in vacation counties, those areas where at least 20% of homes are purchased for seasonal, occasional or recreational use, increased 14.2% compared to 10.1% in non-vacation home counties.
What’s driving the trend? Many workers are able to work from home and think why not telecommute from a vacation destination? People who moved to vacation home counties increased from 78,114 in 2019 to 98,279 in 2020.
Vacation homebuyers tend to be older and have more income, according to NAR’s report on generational home buying. Buyers aged 40 to 54 had the highest household incomes with buyers aged 66-95 purchasing the most vacation homes.
If you’re planning to buy a vacation home, consider the following:
1. Can you carry mortgage payments, property taxes, utilities, etc. for two homes?
2. Do you plan to use the home exclusively or rent it out part of the time?
3. How often will you be able to use your vacation home?
4. Will you take care of the property or hire a property manager?
5. What are your long-range goals and exit plan for your second home?
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HOME OWNERS’ ADVICE |
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The Work Shed Trend
Working from home during the pandemic allowed jobs to be saved, but posed challenges in terms of productivity, and performance. Now, homeowners are building or buying work sheds to get the privacy they need to work, create, and produce.
A work shed can offer physical as well as psychological distance. If you’re at home, you’re accessible, but less so if you’re not in the house. A work shed says “Don’t bother me when I’m in the shed unless it’s really important.”
A shed can be outfitted with enough electricity, storage and furnishings for homeowners to work in comfort. They can be built or purchased in any size you want, making them ideal for telecommuting, woodworking, crafting, model-building, gaming, pen-turning, or any other “ing-ing” your heart desires. And even with the most elaborate materials and finishes, a work shed costs thousands of dollars less, are less noisy, and can be made operational more quickly than adding a room onto your home.
According to ShedKing.net, you need to know if you can build a shed, where on your property you can put it and what size you can make it. Check local building codes to get a permit to build. Check deed restrictions for easements. If you’re part of a homeowners’ association, make sure sheds are allowed and what exterior finishing may be required, and you may also need to present your building plan to the HOA board for approval.
Take your plans to the hardware store, lumber supplier, and home improvement store where they will give you an itemized estimate for all your materials and delivery charges.
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SUNSHINE KIDS |
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101 Executive Park Drive
Dothan, AL 36303
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©2024 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Information not verified or guaranteed. If your property is currently listed with a Broker, this is not intended as a solicitation. Equal Housing Opportunity.
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