Thinking about upgrading your property in the new year? Since the housing market is expected to remain competitive, it’s more important than ever to consider improvements.

Read on for tips to elevate your quality of living and your home’s desirability.

1. Revamp Your Kitchen

A well-designed kitchen remains a surefire way to add value. Kitchen improvements can yield a 70 to 80% return on investment when it’s time to sell. Consider replacing old countertops with quartz or granite, updating appliances and refacing cabinetry. Even smaller upgrades like a modern backsplash can deliver great visual impact.

2. Renovate Bathrooms

Remodeled bathrooms are another biggie on a buyer’s wish list. If you go the total renovation route, think about incorporating the latest trends, such as luxurious finishes and spa-like walk-in showers. More affordable options include replacing faucet fixtures, retiling the shower or upgrading lighting.

3. Update Flooring

Outdated flooring is an eyesore for potential buyers. Replace older carpeting or tile with hardwood, engineered wood or luxury vinyl planks. Look for durable, low-maintenance options in neutral tones that will hold their value for many years to come.

4. Extend Living Space With Outdoor Amenities

Outdoor living continues to be a popular choice for increasing your property’s appeal. Whether you take on a DIY project or hire a contractor, adding a patio or deck will extend your living space. Other sought-after amenities include built-in grills, fire pits, pergolas – and for the ultimate upgrade, an outdoor kitchen.

5. Get Smart With New Technology

It’s never been easier or more affordable to incorporate smart technology into your home. Choose from a variety of upgrades that include tech-advanced thermostats, lighting, video doorbells and security systems. These devices provide comfort, peace of mind and can be easily controlled remotely through apps.

6. Invest in Energy Efficiency

Make your home more energy efficient, which not only boosts your property’s appeal but also reduces your bills over the long haul. Consider updating appliances like refrigerators, washers and HVAC systems that meet Energy Star® standards. Other ideas include improving insulation, adding solar panels or replacing old drafty windows.

7. Modernize Your Lighting

Well-placed lighting enhances your property’s ambiance and functionality. Replace outdated fixtures like fluorescent box-style lights or those that don’t provide adequate lighting. Other updates include recessed lighting, dimmers on switches, pendant lights and wall sconces. As a statement piece, consider adding a high-quality fixture above your island or in your main living space.

Enhancing your home’s worth doesn’t require dramatic changes. Whether you’re selling soon or simply want to enjoy a more modern and efficient dwelling, these practical tips will ensure your property remains marketable. Connect with a local real estate professional to learn more.

Discover ways to make your host feel special and leave a lasting impression – without stressing yourself out.

The Beauty of Flowers and Plants

A classic hostess gift, flowers are always a safe bet. If you happen to know your host’s favorite variety or color scheme, all the better. A twist on the flower option: A living plant is a gift that keeps on giving. Many floral shops have beautiful, ready-to-go seasonal plants like poinsettias and miniature evergreens. Home chefs would appreciate potted herbs like rosemary or thyme. Good choices for newbie houseplant owners include the heartleaf philodendron or low-maintenance succulents, which come in a variety of textures, shapes and sizes.

Can’t-Miss Consumables

Does your hostess already seem to have everything and you’re at a loss? When in doubt, edible and drinkable gifts are always welcome and may be especially appreciated by a clutter-adverse host. Fail-safe options include wine, non-alcoholic sparkling cider, coffee, teas, artisanal treats or a locally sourced jam. You also could arrange several items in a decorative box or in a pinch, purchase a prepackaged food basket. Besides food, other nice consumable items include scented candles, soaps and lotions.

Homemade and From the Heart

Are you the crafty sort or do you love mixing it up in the kitchen? From sugar scrubs and potpourri mixes to a seasonal wreath, something homemade is a thoughtful way to say thank you. Try your hand at some holiday-themed treats like peppermint bark, hot chocolate mixes or an addictively munchable party mix. Package them in a glass mason jar with a ribbon. Other easy ideas include decorative containers of spiced nuts, infused olive oil or decadent cookies.

Treating the Whole Family

If your host has a family, bring a present that everyone can enjoy, such as a board game, a basket of movie night snacks, a cozy blanket or a puzzle. If you’re short on time, gift cards to restaurants, local coffee shops or a gourmet grocery store would also offer a welcome reprieve from all the hustle and bustle.

Finding a hostess gift doesn’t have to be daunting. With these creative options, you can head to your next gathering with a present that expresses your gratitude and spreads holiday cheer.  Remember, it really is the thought that counts!

With a little inspiration, turn them into something new that even the I-don’t-eat-leftovers crowd will enjoy.

Transform Ham and Turkey Into Hearty Meals

It’s one-dish pot pies and casseroles to the rescue! Use leftovers to make this comforting Turkey Pot Pie with just a few additional ingredients. For a cozy meal, a Deluxe Ham Casserole comes together quickly and is topped with French-fried onions.

Or how about a satisfying soup? This Turkey Noodle Soup gets its flavor from a bounty of fresh herbs, including thyme and rosemary. Looking for a game-day crowd pleaser? This Ham Chowder is loaded with bacon, potatoes and cheese.

It doesn’t get much simpler than using your extra meat in sandwiches. These Turkey Sliders get their zip from apple slaw and a barbecue-cranberry sauce. Your leftover naysayers will love these Ham and Swiss Sliders with pickled jalapenos and honey.

Reimagine Uses for Hardworking Veggies

Whether you have mashed, baked or roasted potatoes on hand, there are endless possibilities for your surplus spuds. Served with tangy sour cream, these crispy and cheesy Mashed Potato Pancakes make an excellent side dish. This diner-style Home Fries recipe calls for crisping up your taters and is a perfect accompaniment to eggs for breakfast.

If you have a mix of veggies left over, you can whip up a frittata for a quick and comforting brunch, lunch or dinner with just some eggs and cheese. This Brussels Sprout Frittata is a wintery rendition that includes smoked gouda. Or try this Roasted Vegetable Frittata with peppers, onions and zucchini.

Feast on These Options for Cookies and Candies

Mounds of holiday cookies and chocolates are all-too tempting! Tuck them out of sight in the freezer – then pull them out later for a new post-holiday concoction. These Chocolate-Peppermint Brownies are a good way to use up extra candy canes. And here’s a blank-canvas Fudgy Brownie recipe that can be gussied up with any type of chopped candies.

Your cookie stash can serve as yummy ice cream toppers, either broken up or pulsed in a food processor. They can also serve as the basis for a decadent treat like this Cookie Pudding featuring a lemony pudding. Or layer cookies in a Trifle recipe for an indulgent retro dessert.

Give your leftovers a second chance to shine. From savory to sweet, enjoy every last bite with these tasty options.

We’ve rounded up some tips on how to keep your home in peak condition and prevent costly problems down the road.

Test Smoke and Carbon Monoxide Detectors

Safety first! With wintery winds come more closed windows and indoor heating, so it’s a good time to ensure that your smoke and carbon monoxide detectors are functioning properly. Even if you live in a warmer climate, use this season to serve as your annual reminder to check your detectors or see if they need replacing. According to the National Fire Protection Association, it’s best to install a new smoke detector every 10 years.

Service Heating System

Clogged filters force your unit to work harder, which leads to higher energy bills. The difference in consumption between a well-maintained heat pump and a neglected one is 10% to 25%. Schedule a professional cleaning and inspection of your furnace – and be sure to replace your filters every one to three months during colder months.

Clean Air Ducts and Vents

Dust and debris accumulate and block vents, which can negatively impact your home’s indoor air quality. You can remove vents to wash them and use a vacuum to clean accessible areas. If you’re hiring a professional cleaning service, review the Environmental Protection Agency’s guide on duct cleaning to learn more.

Conduct a Roof Inspection

In colder areas, checking your roof can prevent leaks or ice from accumulating. If you live in a warmer region, an inspection can help you prepare for seasonal rains and wind. Determine if you have any damaged shingles and remove leaves, moss or other debris that can retain moisture. For a more thorough inspection, consider hiring a roofing professional who is trained in safety and can also address any problems.

Protect Outdoor Spaces

To prevent damage from snow and ice, cover your furniture or store it inside if possible. If you’re in a milder climate, make this the season to give everything a spruce-up. Wash cushions and clean or treat furniture. Don’t forget about your irrigation system. Check for leaks or clogs and if you’re not using it for a few months, drain it and shut off the valves.

By investing time every winter for routine maintenance, you’ll prepare your home for the months ahead and prevent bigger issues.

Whether you’re interested in donating time, resources or simply spreading joy, get energized with these ideas.

Volunteer Your Time

Your time is a powerful gift. With just a few hours, you can make an impact by serving meals at a homeless shelter, organizing donations at a food pantry or caring for animals at a rescue center. If you have skills to share, consider mentoring young students, teaching a language class or offering other professional guidance at a community center. During the holiday season, nonprofits are especially busy and in need of extra helping hands. Not sure where to start? Check out Volunteer Match, which can help you find a local charity based on your interests and schedule.

Donate Resources

Nonprofit organizations rely on financial and in-kind gifts to advance their mission. If you’re short on time, consider giving to a group that supports causes you care about, whether it’s pediatric cancer research or disaster relief services. You can also donate blood at your local American Red Cross branch or bring clothes, food and other items to shelters, schools and refugee centers. If you’d like to make your contributions go further, look for business partners or retailers willing to match your donation on Giving Tuesday. To better understand how funds are used, Charity Navigator offers free access to data and resources to help guide your philanthropic decision-making.

Organize a Group Effort

Make your give-back initiative even more meaningful by involving family, friends and neighbors. You could include your children in adopting a local family through a nonprofit or church to supply food and other essential items. Provide holiday gifts to children in need by joining or starting a toy drive. Combine fitness with your charitable endeavor by rounding up friends to participate in a walk/run fundraiser as a team. Feeling extra ambitious? If you have a cause near and dear to your heart, consider organizing your own community service project or fundraising event.

Reward yourself and others by embracing the season’s spirit! Visit the Giving Tuesday website for more creative and inspiring ideas on how people around the world are making a lasting difference.

If you’re looking for a place to call home that comes with built-in benefits for enriching your life, a planned community might be right for you. From making new friends to staying active, these developments are thoughtfully designed to help residents live their best lives. Here are just a few of the perks!

1. The Gift of Friendship

With plenty of shared common spaces like clubhouses, pools and courtyards, planned living areas encourage engagement. Residents can jump right in on a range of activities or special events, from yoga classes and book clubs to happy hours and themed holiday gatherings. Living in a close-knit neighborhood – where you can easily socialize and forge friendships – is good for your overall well-being, no matter your age and stage of life.

2. A Bounty of Amenities

In a planned community, you don’t have to travel far to stay active or find a new adventure. In most cases, a short walk will lead you to a host of options, including parks, nature trails and recreational spaces. If you’re a sports enthusiast, common amenities include golf courses, tennis and pickleball courts, and fitness studios with group classes. Outdoor gathering spaces make it easy to relax or entertain with grills, firepits and plenty of seating. Some communities even feature clubhouses with food service or on-site restaurants. Other benefits might include specialized offerings like spas, movie theaters, bowling alleys or craft rooms.

3. Secure Living Spaces and Surroundings

Planned living neighborhoods incorporate several security measures to provide peace of mind for residents. Most are designed with well-lit streets, surveillance systems, gated access points and may even employ 24/7 security personnel. Apartment-style buildings are outfitted with automated electronic keypads to limit entry to only residents. In newer developments, homes are increasingly equipped with the latest security technology such as video doorbells, smart locks and integrated security cameras that can be monitored remotely through apps.

4. Easy Access to Services

Along with on-site amenities, these developments are often located near essential needs like medical facilities, schools and major transportation. Developers also take into consideration easy access to retail complexes, restaurants, entertainment and shops. When integrated into the community at large, these neighborhoods help build a sense of connectedness for its residents.

Planned living areas offer a convenient way to pursue an engaging, fulfilling lifestyle. Ready to explore the possibilities? Coldwell Banker Realty affiliated agents are well-versed in what to look for in a master-plan development. Connect with a local real estate professional to learn more.

This is not your average monthly Around the World, this is a very special edition: we are welcoming our first office for a whole new region, Tanzania & Zanzibar! Located on the beautiful archipelago of Zanzibar, Coldwell Banker Isemark Realty is the first brokerage office of Coldwell Banker Tanzania & Zanzibar, operated by CEO Gina Washington. Gina is extremely proud to be launching the Coldwell Banker brand in the country and she had so much to share about what makes Zanzibar, and Stone Town specifically, such a special place to visit. The semi-autonomous island is culturally rich, thanks in part to its treasure trove of spices that has made it a destination for centuries for explorers and visitors alike, and the cuisine reflects that as well. Not to mention, it’s the birthplace of the spiciest of all iconic frontmen, Queen’s Freddie Mercury.

Recent years have seen it become more and more of a destination for tourists, with gorgeous beaches that make for perfect relaxing vacations. I should know, Gina has teased me more than once by taking our video calls with the beautiful turquoise waters sparkling in the background.  The timing for opening our first East African office could not be better, as Gina opines, “África is the thriving hub of the world’s economy with Zanzibar at its heart, pulsating as the epicenter of unprecedented growth.” Indeed, there is much to look forward to from the island, and the Coldwell Banker network should read on to understand you’re hearing more and more about Zanzibar becoming an ultra-cool vacation destination and seeing it on your savvy traveler friends’ Instagram feeds.

Where do you live? I reside in Zanzibar, a beautiful archipelago off the coast of Tanzania that has a rich history and vibrant culture. I also live in Dar es Salaam, the bustling metropolitan capital of Tanzania, known for its dynamic economic growth and cultural diversity. Both locations offer a unique blend of urban and island lifestyles, making them ideal for both work and relaxation, only 15 minutes away from each other by flight.

What is the perfect weekend day like? In Zanzibar, the ideal weekend involves a day at the stunning ”Shamba” beaches, known for their white sands and clear blue waters, bustling with tourists. There, one can enjoy a variety of activities such as kite surfing, swimming, kayaking, and diving. The beach is lined with diverse restaurants and vibrant nightlife, offering everything from local to international cuisines and lively parties.

What are the common modes of transportation there? In Zanzibar, transportation varies between tourists and locals. Tourists commonly travel in eight-passenger vans called Alphards, which are well-known in the area. Locals, on the other hand, often prefer using scooters or simply walking for very short distances. For public transport between villages, the most distinctive method involves using small, uniquely adapted trucks known locally as Chai Maharage. These trucks have an open space at the back, partly covered with wood, featuring benches along the sides for seating. This type of transportation is prevalent on village roads, with people frequently seen sitting or even standing during their journeys.

Tell us about the foods your area is known for. The local cuisine is richly influenced by its seaside location and cultural history, predominantly featuring seafood. The island is famous for the Zanzibar Mix, also known as Urojo. Due to Arab and Indian influences Zanzibar is well-known for its flavorful biryani and pilau. A unique local specialty is the Zanzibar pizza, an inventive take on traditional pizza, crafted with minced meat, eggs, onions, and a blend of local spices, making it a must-try for visitors.

What is your favourite meal, at home or at a restaurant? My favorite meal here in Zanzibar definitely has to be seafood when I’m dining out; I simply can’t resist it. However, at home, I often find myself preparing traditional dishes like pilau or biryani, which are my go-to comfort foods. When it comes to restaurant choices, I invariably opt for curry. The curry here is incomparable—richly spiced and usually made with fresh coconut cream, making it a culinary highlight of the region. Whether it’s seafood, chicken, or vegetable curry, it’s a dish I would happily enjoy any day. There’s truly nothing like a Zanzibar curry!

Where do you recommend someone vacation in your region and why? If you’re heading to Zanzibar, oh, you’re in for a treat! Starting off at Stone Town right after you land is a must. It’s not just any old town; it’s a UNESCO World Heritage site buzzing with stories. And it’s got this incredible mix of Arab-inspired architecture with a history that goes way back. Fun fact: the first house in East Africa to get electricity was right here in Stone Town!

Now, if you’re all about the beaches, deciding between the north and the east of the island can be tricky. The north is your go-to for a splashy, fun-filled holiday—think skydiving, horse riding along the shore, and partying on a catamaran. It’s all about living it up and soaking in those beach vibes. And then there’s Paje on the east coast, absolute paradise for kite surfers! It’s ranked among the top ten spots in the world for kite surfing. Not just that, the nightlife is buzzing, and the beaches are perfect for long walks. Whether you’re catching the sunrise or sunset, it’s all stunning. Honestly, every corner of Zanzibar has something unique to offer. So, it really depends on what you’re looking to do. But one thing’s for sure, you’re going to love discovering all its wonders!

What is your favourite recreational or leisure time activity? My absolute favorite way to unwind here in Zanzibar is just strolling along the beach. It’s breathtakingly beautiful, and there’s nothing quite like walking on the soft white sand with the ocean beside you. I love watching the sunrise in the mornings and catching the sunset in the evenings—it’s just magical and never gets old!

While there are tons of activities like kite surfing on the East Coast, checking out cool spots to eat, or exploring the lush Jozani Forest, one of my top joys is also visiting the smaller islands of the archipelago. We have these gorgeous sandbanks perfect for a picnic day out. And of course, the vibrant music and film festivals here add so much life to our cultural scene. But honestly, those long, peaceful walks along the beach, especially during a sunset cruise, just give me goosebumps and make me super happy every single time. It’s the simplest pleasures here that really are the best!

Is there a specialty your area is known for? Zanzibar is famously known as the “Island of Spices” due to its rich array of spices like cardamom, cinnamon, saffron, and clove, which are a big part of our heritage and draw visitors from all over. Beyond spices, we’re also celebrated for our stunning white sandy beaches and the clear turquoise blue waters that make this place a little slice of paradise. And, of course, the warmth and hospitality of the people here truly make Zanzibar stand out—it’s something we’re incredibly proud of!

Share a little known but interesting fact about the area/region: A fascinating tidbit about Zanzibar is that it’s the birthplace of Freddie Mercury, the legendary frontman of the band Queen. What many might not know is that despite its distinct identity, Zanzibar isn’t a country but an island part of Tanzania. This common misconception adds a unique twist to Zanzibar’s rich historical tapestry.

If you were to live in any other region where we have a Coldwell Banker presence, where would it be and why? Zanzibar and Tanzania mainland are more than just places I live; they are parts of me. I love everything here, the genuine kindness of the people, our rich culture, and the stunning natural beauty from our serene beaches to lush national parks. This is my home, where my heart truly belongs, and I can’t imagine living anywhere else.

But if I were to ever live somewhere else, Italy would be my top choice. There’s something about Italy that just clicks with me. Maybe it’s the friendly locals or the way life seems to dance through the streets, from the stylish outfits to the irresistible smells wafting from kitchens. I’ve visited once and fell in love with their vibrant lifestyle, especially their food culture. Oh, and the bread! There’s nothing like Italian bread. Living in Italy, surrounded by such beauty and passion, would be a dream like finding a second home where I already belong.

Territory Summary:

Zanzibar is a semi-autonomous archipelago off the coast of Tanzania in East Africa. It is composed of the main islands of Unguja (commonly referred to as Zanzibar Island) and Pemba, along with several smaller isles. Zanzibar City, located on Unguja, is the archipelago’s capital and largest city, with its historic center known as Stone Town, a UNESCO World Heritage site.

Zanzibar is situated in the Indian Ocean, about 25-50 kilometers off the mainland coast of Tanzania. The island’s topography features beautiful sandy beaches that border its edges and a lush, fertile interior that supports a variety of flora and fauna. The climate is typically warm and tropical, moderated by sea breezes.

Historically, Zanzibar was a base for traders from the African Great Lakes, the Arabian Peninsula, Persia, and India. It became a powerful city-state known for the spice trade in the 19th century and also played a significant role in the slave trade. In the mid-20th century, Zanzibar gained independence from British rule in 1963, only to merge with Tanganyika to form Tanzania in 1964, following a revolution that overthrew the Arab dynasty.

The economy of Zanzibar is predominantly based on agriculture, with cloves, nutmeg, cinnamon, and black pepper being the major crops, earning it the nickname “the Spice Island.” Tourism also plays a crucial role, driven by its rich cultural heritage and stunning natural landscapes. In recent years, efforts to expand sectors like manufacturing and services are evident, aiming to diversify its economic base further.

Zanzibar is culturally rich, influenced by a blend of Arab, Persian, Indian, and African heritages. Stone Town, with its narrow alleyways and historic architecture, exemplifies this cultural fusion. The annual Zanzibar International Film Festival and Sauti za Busara Music Festival are significant cultural events that attract international visitors.

Key Facts:

Population: 1.89 Million

Language(s) Spoken: Swahili

Climate: Warm and tropical

Currency: Tanzanian Shilling

Industry Facts:

Types of Architecture: Omani Arab architecture, Colonial (British, German), Indian and swahili.

Average Sales Price: $100,000

It’s that time of year when you have free reign to frighten family and friends with yummy little concoctions. We’ve rounded up some favorites, listed here from easiest to more complicated, to spook your guests in a good way!

Mummy Hot Dogs

First up are some adorable mummified hot dogs. Simply wrap store-bought crescent rolls around hot dogs and add mustard or ketchup to create mummy eyes after baking. It’s an easy-to-grab appetizer that’s also kid-friendly and can be prepped in advance.

Frankenguac

This is the mad scientist project you’ve been waiting for – and it’s a fun one to have kids help customize. Blue tortilla chips arranged as monster hair? Yes! It’s a Frankenstein twist on classic guacamole that’s elevated with fresh cilantro and lime juice.

Spider Deviled Eggs

In this Halloween take on the retro appetizer, black and green olives become tiny spiders perching spookily atop each egg. Bonus: All your goblins get a healthy dose of protein with this snack.

Candy Corn Crispies

A fun twist on the popular marshmallow and rice cereal dessert. This version is layered with orange and yellow food coloring to resemble the iconic candy. These treats are an ooey-gooey addition to any Halloween gathering.

Halloween Candy Bark

Who doesn’t love an easy bark recipe? This one features white chocolate and is packed with Halloween-themed candies, sprinkles and pretzels for some crunch. It’s also customizable and perfect for sharing with a large crowd.

Ghost Cupcakes

These spooktacular cupcakes are rich and chocolatey, getting a flavor boost from brewed coffee. White frosting is piped on and adorned with mini chocolate chips to resemble ghost eyes.

Jack O’ Lantern Cake

It’s a showstopper dessert with a toothy grin! You’ll save some time by starting with a cake mix. The layered cake is shaped and decorated to resemble a jack o’ lantern, and then topped with an orange marshmallow cream frosting.

Brain-Shaped Gelatin Mold

Get the attention of your guests with this realistic brain-shaped gelatin. The gross factor will be off the charts! While this version contains alcohol, you can easily trade out the peach schnapps for juice or water.

Ready to scare up some goodies? Try out one of these Halloween treats – whether you’re looking for something easy and fun or something more complex and hauntingly impressive.

Ah, the power of an inviting outdoor facade! If you’re selling your home, it’s important to set the right tone outside so shoppers know to expect a fantastic interior. But it’s also just fun to enjoy the warm fall fuzzies when pulling in your own driveway. Here are some fall curb appeal ideas that are easy to pull off – and best yet, won’t break the bank.

Visit the Pumpkin Patch

Head to the nearest pumpkin patch and choose your favorites!  You can flank your doorway with a few or get creative arranging clusters of pumpkins and gourds in various shapes, sizes and colors. You can dress up the display and add height by mixing in hay bales, crates or decorative baskets. For more bursts of fall color, you can also add gourds to other landscape areas such as gateways and gardens.

Plant Autumn Flowers

Mums, pansies and asters are excellent choices for fall. They can be planted in the front areas of plant beds for instant fall interest. You can also display them in pots or window boxes to add vibrant touches. While technically not flowers, other striking options include ornamental kale and cabbage.

Add Hardy Grasses

Along with annual plants, fall is a great time to incorporate switchgrass, fountain grass or blue fescue into your landscaping. These additions introduce texture and movement to your garden and can withstand cooler temperatures.

Highlight the Front Door

With cooler temperatures, fall is an ideal time to give your front door a fresh coat of paint. Choose a bold color to make a statement. Create a warm welcome by hanging a seasonal wreath made of natural materials like berries and twigs, along with touches of autumn foliage. You can also swap out your summer doormat for one with a fall theme or greeting.

Illuminate Your Landscape

Fall brings shorter daylight hours, so why not brighten up your landscape and highlight your home’s best features. Guests will appreciate the glowing welcome! Use spotlights to accentuate specific areas, such as driveways or large trees. Solar stakes are a good way to illuminate a walkway and come in a variety of styles and price ranges. As a bonus: Landscape lighting enhances security.

Welcome fall with open arms and enjoy the year’s most colorful season. Try one or all of these affordable ways to make the most of autumn and showcase your home.

Picture yourself escaping reality now and then? Whether you’re just dreaming about a vacation home or ready to start shopping, it’s crucial to consider a variety of factors before jumping into such a big investment of your time and resources.

Weigh Financial Implications

Be clear on your why. Are you searching for a personal retreat, strictly an investment property, or will it be a mix of both? Once you know your goal, establish a realistic budget that takes into consideration ALL the expenses of owning a second property. For example, your quaint seaside property might come with hefty insurance costs if there are higher risks of natural disasters like flooding or hurricanes. If you’re counting on rental income, plan for a reduction in that income stream to cover the costs of a property management company, unless you’ll manage it yourself. Also set aside funds for property taxes and ongoing maintenance costs. Finally, check with your accountant about the tax ramifications, especially if you’re receiving rental income.

Assess the Location

Location is paramount when it comes to purchasing a vacation property. If you’ve only visited during peak tourist times, will you enjoy going there as much when things have quieted down? Will all your favorite hotspots be closed in the offseason? Also consider seasonal weather changes. If you’d like to use your retreat all year, will you embrace the fall and winter as much as the summer? Distance is also a factor. If you plan on visiting frequently, is a long drive realistic with your schedule or will you need to build in even more time and money for airfare?

Consider Long-Term Needs

Most likely you’re thinking of a vacation property as a longer-term investment. If it’s mainly for personal use, consider your changing needs over the years. If your children are grade-school age now, will you still have open weekends for traveling when their schedules become busier? As your family grows, will there be enough activities at the vacation home to accommodate everyone’s evolving interests? Finally, zoom out 20 or 30 years. Will you mind scaling stairs to get to the master bedroom or navigating a dirt road to reach your cabin tucked deep in the woods?

A vacation home is an exciting endeavor! Before getting too far along in the dreaming, reach out to a local real estate agent who can offer you a detailed market analysis to find the right property for you.