Vacation homes present a unique challenge when it comes time to sell. If you are planning to sell a vacation home, there are some important differences to consider.
Selling a vacation home comes with some unique challenges. However, by working with a local real estate agent while you are away from the area, you can increase the odds that you can sell quickly and at a reasonable selling price. Planning and knowing what to expect can dramatically reduce the worries and stress that come along with selling a vacation home.
If you are considering selling your vacation home because of changes in your lifestyle, it is important to consider why others might be interested in your home. In addition, the location of your vacation home may only be favorable to visit at certain times of the year, which means the number of visitors to open house events may be limited. Selling a vacation home is not like selling a primary residence because you are selling a dream and not a need.
If you are planning to sell a vacation home, it is extremely important that you work with a real estate agent that is local to the area of your home. If you live hundreds or thousands of miles away from the property, it will be very difficult for you to stay on top of everything that is involved in the sale of the home from a distance.
Here are some tips for selling a vacation home that can help you to quickly find a buyer for your home.
Get the Home Ready for Sale
The first step to selling your vacation home is to get the property ready for sale. Start by cleaning up the clutter. Pack up your personal items and get the home in a condition that would make it suitable for open house showings.
Staging the home in a manner that is appropriate for the region is a good idea to get potential homebuyers interested in the property. However, there are differences when it comes to staging a vacation home that do not necessarily apply to regular homes.
If the property has generated income as a rental property, you may want to consider maintaining the original decor that attracted guests. “Whatever a potential guest sees on a listing, they will expect to find when they arrive for their holiday. So, the fancy bed linens, interesting artwork and lush greenery that sold them on the property must remain.” says Heather Bayer of CottageBlogger.com. “This makes vacation rental staging an important and integral part of a marketing strategy.”
As you stage the home, you should put particular emphasis on the bedrooms. Choose bed linens carefully and opt for high thread-count sheets, thick comforters and neutral patterns. Luxurious bedrooms are especially important for vacation homes because buyers want to enjoy the luxury of a home while vacationing.
Check With the Owner of the Property
If you have purchased your home via a timeshare or other community that allows you to share your property with other individuals, you need to check with this company first. In many cases, there are restrictions on when you are allowed to sell or who you can work with in order to sell the property.
If you are the direct owner of the property, you won’t have to worry about such restrictions. However, you should still be aware of the other homes in the neighborhood that are in the ‘for sale’ inventory where your home is located. Your real estate agent can advise you on how to effectively price your home so that it can compete against other homes in with comparable attributes in the area.
Hire a Local Real Estate Agent
Working with a local real estate agent offers you the best opportunity of selling the property. “Local agents may have more connections and stronger insight into that particular market.” says Lindsay Listanski of coldwellbanker.com. “This can be especially useful in a high-traffic tourist area, because potential buyers will likely have several questions about what to expect during the tourist season.”
Your local real estate agent can also handle all of the aspects of the sale while you are physically unavailable to travel to the location. It is important that you establish a good line of communication with the real estate agent early on so that he or she can communicate with you on a regular basis. With good communication, you won’t have to worry about not being in the area while the home is on the market.
Discuss Best Time to Sell With Your Agent
Your real estate agent knows the local market better than anyone and can advise you on the best time of the year to list your vacation home on the market. You may actually opt to sell later if you find out that the property will not bring in the returns that you are looking for under current conditions. As you await the time when your home will go on the market, you should begin preparations for the process by making repairs, staging the home, and cleaning out your personal effects.
If there are other factors that are forcing you to sell the property, such as financial issues, a Realtor can also advise you on the best options to improve your financial outlook. The Realtor may recommend that you to keep the home and will help you to find tenants or may suggest that you unload the property to a real estate investor. Finding the right Realtor to help sell your vacation home will ensure that your interests are put first and that the sale of your vacation home will be handled professionally.