Whether you are looking to liquidate assets, or don’t need or use it anymore, it is important to choose carefully whether or not to sell your vacation home.
When to Keep
Your vacation home is a place full of happy memories, and saying goodbye to it may be harder than you think. However, it is helpful to look at the location as objectively as possible as you contemplate keeping it. Obviously, the sentimental value will play a factor in your choice to retain the house, but it shouldn’t be the sole one.
Try to decide if the home is of use and of value. If you, your children, or your grandchildren and other relatives can still make use of it, it may be worth keeping. Could you also gain a second income out of it by doing short-term leases or renting it out to friends and acquaintances for their vacations. Also consider the area in which it is located. Is the town or local area staying solid in its tourism industry, or have other factors started to lower the property’s value. If the area is still active or a new attraction is coming in the near future, it may be wise to hang on to the house for a bit.
When to Sell
On the other hand, it may be time to sell. If the vacation house has become more of a financial burden than a gain, this can be a sign that it’s time to let it go. Houses age, and as they do repairs, replacements, and other fees begin to pile up. There is also the increasingly rising rates of property taxes and insurance.
Some reasons for selling the home may not be financial. If it is becoming harder to visit the destination, the house is being used less and less often, or the area in which it is located is becoming unsafe or unfit for travel, it can be a good idea to pull up roots and invest in a vacation home elsewhere.
How to Sell
When you decide to sell it is essential that you work with Palm Beach real estate agents and those experienced in vacation home sales. Selling a vacation home is very different from selling a residential one and you will want to find an agent that knows how to properly show, list, and appraise your property.
As you work with your Palm Beach real estate agents, keep in mind that you will have to pay taxes on the income gained from the sale and budget accordingly. You will also want to time your sale right and aim for peak travel times to get the most interest in the destination.